This article suggests a refreshed approach to industrial strategy by drawing on principles from business strategy. Recognizing the disruptive shifts in geopolitics, global trade and technology, it lays out ways that government can act more like a strategic business—focusing on areas of long-term attractiveness and competitive advantage, making deliberate trade-offs, and aligning actions across policy levers. The article is structured around the core questions central to both business and industrial strategy: What is our ambition?, Where to play?, How to win?, and What capabilities must be in place? The article applies these questions to the context of the UK and EU, arguing that their industrial strategies must now meet the dual objectives of raising economic growth through raising productivity, and strengthening economic resilience against foreign sovereign or monopoly intervention. Taking the UK as a live example, it encourages a more purposeful, yet disciplined, industrial strategy that leverages competition and trade rather than distorts them. Emphasis is placed on making clearer strategic choices, strengthening competition and competitive alternatives in strategic sectors, greater coherence across policy levers, and regulatory reform. Ultimately, the article advocates for a pragmatic, evidence-led approach – one where industrial strategy supports, rather than undermines, a competitive, innovative, and resilient economy.