The cancer stem cell hypothesis has evolved to one of the most important paradigms inbiomedical research. During recent years evidence has been accumulating for the existenceof stem cell-like populations in different cancers, especially in leukemias. In thecurrent work we propose a mathematical model of cancer stem cell dynamics in leukemias. Weapply the model to compare cellular properties of leukemic stem cells to those of theirbenign counterparts. Using linear stability analysis we derive conditions necessary andsufficient for expansion of malignant cell clones, based on fundamental cellularproperties. This approach reveals different scenarios of cancer initiation and providesqualitative hints to possible treatment strategies.