The crux of strategic management is evidently about doing the right strategic choices. From a large set of different possible choices the top management team must select the one(s) that give competitive advantage for a company. However, many research results show that managers tend to select strategies they are familiar with, regardless of the strategic optimality. We construct and present a Strategic Choices Set model which is able to identify the available and implementable choices for top management. The model is based on well established and empirically validated theories of Upper Echelons, Industry Strategies, and Capital Structure. The ideal strategic choice should fulfill three simultaneous conditions: i) it belongs to the top management’s expertise, ii) it has recognizable and proven value in the industry, and iii) the company has financial resources to implement it. The model is tested in the ICT industry, concentrating on two companies that operate also in smart phone sector, namely Nokia and Apple. The main contributions are the presented model and the pondering of strategic options in ICT industry based on emergence of cloud computing technology.