Strategic planning continues to be a necessary but often ineffective process for preserving and adapting competitive advantage in these volatile, unstable, complex, ambiguous (‘VUCA’) times. What is needed more than ever is strategic thinking—which should inform formal periodic processes such as strategic planning and also infuse everyday strategic management and strategic adaptation. This is especially critical for entrepreneurial family enterprises. This article defines strategic thinking and clarifies how strategic thinking is distinct from, but highly complementary to, both strategic planning and strategic management. It identifies examples of strategic and unstrategic thinking in entrepreneurial businesses and corporations, highlights barriers and provides practical guidelines for leaders to practice and amplify strategic thinking and doing throughout their enterprise, to create value, balancing entrepreneurial drive with legacy and values.
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