What is a business strategy and why is it important?

This is the third paper in a set of five papers devoted to business strategy. This paper deals with definitions of business strategy, its origin and importance for every business and non-business entity. Referring to Živojin Mišić, General staff colonel, professor on High school of Military Academy whose preface to the military strategy was translated and modified into the preface to the business strategy, it was pointed out that many directors are not adequately prepared for their important and very difficult task of leading the organization towards success and sustainable business in a hostile environment of global competition.