Timing can be everything in business. When a firm moves first—building a factory, setting a price, or launching a new product—it can shape the whole market to its advantage. But moving first is not always best, and in the long run, the number of firms that survive depends on how deep their pockets need to be just to stay in the game. In this chapter we explore how the sequence of decisions, the commitment behind them, and the forces of entry determine who wins, who loses, and what an industry looks like.