Leadership is a key ingredient in the ultimate success or failure of any organization. In this article the authors review the research on leadership in general and then focus on how leadership in the academic world is similar to, yet distinct from, leadership in the private sector. Included in this discussion are a description of how leadership in colleges and universities has evolved, the characteristics that are unique to higher education together with their implications for effective leadership, and consideration of the immense challenges academic leaders face as they attempt to keep higher education responsive to the needs of business and industry. The authors also address the emergence of student affairs administration and the current crisis in academic leadership.