“If we were building this business today, where would we choose to compete, and how would we win?”

For many leadership teams, wrestling with a question this fundamental requires exercising long-dormant strategic muscles that have not been used at full strength in years.

For the last decade, markets rewarded companies for extraordinary execution: operational rigor, resilience, digitization, and scaling proven models consistently. In many cases, this operational discipline created enormous value. The challenge now is that the environment has shifted rapidly, and is now demanding new leadership capabilities faster than teams can adapt.

Geopolitical fragmentation, industrial policy, infrastructure constraints, and AI are all reshaping markets at the same time. While many senior leaders came of age in this era focused on operating the current business, fewer have been trained to challenge the beliefs underneath it — or to use creativity and bold thinking to rethink what their companies could become.

Which business models remain defensible and structurally advantaged as technology and economics shift simultaneously? Where will value actually accrue in this new world? What capabilities or positions could suddenly become far more valuable? What inherited assumptions are we still defending simply because they made us successful in the last era?

These strategic questions are becoming harder to avoid because market dynamics that once felt relatively stable are now shifting simultaneously across multiple dimensions. In many sectors, value pools are moving faster than leadership teams are accustomed to navigating. In some industries, investors are already repricing future advantage faster than leadership teams are reassessing the foundations underneath their own business models.

Execution discipline still matters enormously. But you cannot OKR your way out of a moment that requires fundamental strategic rethinking.

Leaders need to articulate a direction that employees, investors, and customers believe in, for this new future. The most common blind spot: staying too committed to assumptions embedded in yesterday’s success formula.

The leaders navigating this best are going back to first principles: reassessing what customer problems they are uniquely positioned to solve, where meaningful friction still exists, and what new possibilities technology suddenly makes achievable. They are asking what they would build differently if they were solving the customer problem from scratch today. And importantly, they are putting their strongest operators and leaders on these questions — rather than treating them as side projects delegated elsewhere in the organization.

The day-to-day business, for the most part, can continue running in the near term. It is the job of senior leadership to lift their heads up and wrestle directly with the future business as a team, especially when the answers are uncertain and the implications are uncomfortable.

A final challenge is emerging underneath all of this. The traditional way many organizations approached strategy — annual planning cycles and three-year strategic roadmaps — increasingly feels disconnected from the pace and scale of change in the world. For years, leadership teams could operate within planning horizons long enough to execute against with confidence. Today, they are being asked to make bigger strategic decisions quickly, under far greater uncertainty, while the environment itself continues shifting beneath them.

The leaders navigating this best are not treating strategy as a periodic exercise. They are creating real time for strategic debate, continuously pressure-testing assumptions, revisiting where value is moving, and making consequential decisions before the full picture is clear. Because increasingly, waiting for certainty is itself becoming a strategic risk.

The hardest strategic decisions increasingly involve clean sheet thinking, founder-mentality vision, portfolio choices and reallocating capital, talent, and leadership attention away from businesses or advantages that may no longer compound value in the same way. Making such bold changes are uncomfortable precisely because it requires new muscles — different from the execution-oriented ones the last era rewarded most.

Judgment. Imagination. Strategic courage under uncertainty. These are deeply human leadership capabilities. And they suddenly matter again.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.