In this article, the authors begin by examining the current position of the Greek economy, its business environment and firms, noting a duality of extremes between family-owned firms and the subsidiaries of multinationals. They then report the results of a large survey of Greek executive officers seeking their views on the current and future state of Greek management. Comparisons are made with characteristics of CEOs in advanced economies. Finally, they discuss the future of Greek firms in the 21st century and propose strategic alternatives such as niche marketing, strategic alliances and abandoning products to move into services. They make a special plea for greater research into the management of business firms in advancing countries like Greece, as well as for more tailor-made management education.