Consider the following: eBay was the ﬁrst online auction ﬁrm and went on to dominate its industry. However, Google was not the ﬁrst search engine company but went on to also dominate its own industry. Coca-Cola invented the classic coke and went on to dominate the market for colas, with some help and challenges from Pepsi. However, neither Coke nor Pepsi invented diet cola even though they dominate that market. Apple did not invent the MP3 player and yet its iPod went on to dominate the market for MP3 players. The question is, why is it that sometimes ﬁrst-movers go on to dominate their markets, but at other times followers (second-movers) are the ones that go on to dominate their markets? In this chapter, we look deeper into the advantages and disadvantages of moving ﬁrst. We start the chapter by exploring what ﬁrst-mover advantages are all about. Next, we explore ﬁrst-mover disadvantage-also known as followers’ or second-mover advantages. In doing so, we are reminded that ﬁrst-mover advantages and disadvantages are not automatically bestowed on any ﬁrst mover. Rather, ﬁrst-mover advantages have to be earned and disadvantages can be minimized. We conclude the chapter by exploring why it is that sometimes ﬁrst movers win and sometimes followers win.