The rise of business schools around the globe has been a success story. However, paradigmatic changes in technology, fundamental shifts in values and major demographic developments have put business schools on the defensive. Students question whether business schools still adequately prepare them for their future careers, managers are concerned about the relevance of business schools' research output, and some stakeholders even debate whether business schools prioritize profit and neoliberal values over societal needs. Consequently, there is an urgent need for business schools to enhance their legitimacy. This article offers a pathway to the strategic renewal of business schools. Using a Socratic questioning approach, we propose a guide to review a business school's key strategic decisions. This offers insights on selecting a competitive positioning that aligns external stakeholder demands with the resources and capabilities of a business school.