Ask any executive what he or she considers the most important skills for team members who aspire to leadership roles, and you will get answers ranging from clear communication to collaboration to adaptability.

During my career, especially as the president of New York Life Insurance, I found that many executives and aspiring leaders wanted the experience of running a business, often stated as “running a P&L” (profit and loss statement).

Even in a large company, there are typically fewer positions than there are team members who are eager to run a business or department with P&L responsibility. I believe the most important criterion for moving into these roles is the ability to think strategically. Yet strategic thinking isn’t a skill that’s traditionally taught in universities or management training programs.

Throughout my career, I mentored many employees at all levels in the organization. Over time, more than 10 of them ultimately became CEOs or presidents of their organizations. A key factor in their success was developing a capability for strategic thinking.

So, what is strategy, exactly?

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