Most companies think they have a strategy. What they actually have is a wish list.

Strategy isn't about dreaming up the perfect future. It's about making the hard choices that create it. And here's the uncomfortable part – real strategy is as much about choosing what NOT to do as it is about choosing what to do.

Think about it this way: A chef doesn't become Michelin-starred by cooking everything well. They become legendary by cooking specific things better than anyone else – and saying no to everything else.

This is where most strategies fail. They try to be everything to everyone, which ultimately means being nothing special to anyone.

Real strategy comes down to two ruthless choices:

1. Where to Play

This isn't just picking a market. It's choosing:

• Which customers to disappoint
• Which opportunities to ignore
• Which competencies to let go
• Which "good ideas" to sacrifice

The power isn't in what you choose – it's in what you have the courage to refuse.

2. How to Win

This isn't about being "better." It's about being different in ways that matter:

• What unique value will you create?
• What conventional wisdom will you defy?
• What trade-offs are you willing to embrace?
• What uncomfortable position will you stake out?

The magic happens when these choices align. When your "where to play" and "how to win" decisions reinforce each other, you create a strategic sweet spot that competitors can't easily copy.

Consider Five Guys' early strategy:

• Where to Play: Burger lovers who care about quality over speed
• How to Win: No freezers, no delivery, limited menu, extra fries

They didn't just pick a market – they deliberately chose to upset fast food conventions. They said no to drive-thrus, no to delivery (initially), no to breakfast, no to cheap ingredients. They even said no to letting fries be a profit center by famously overfilling every order. Each "no" made their "yes" to quality more powerful.

Your strategy needs this same clarity of choice. Ask yourself:

• What are you willing to be bad at?
• Who are you willing to lose?
• What conventional wisdom are you ready to challenge?

Remember: Strategy isn't about being the best. It's about being the only one who does what you do, the way you do it, for the specific customers you choose to serve.

If your strategy isn't making you at least a little uncomfortable with its choices, it's probably not a strategy at all.