Generative AI (GenAI) is transforming business activities, processes and outcomes across the industries. However, business leaders are at a crossroads, dazzled by its potential but uncertain about its real value. In this article, we explore how business leaders can create and capture value from GenAI. Our findings yielded a comprehensive guide to creating and capturing value from generative AI and aligning initiatives with organizational goals. We present the Generative AI Strategic Framework, based on two key dimensions: AI adoption strategy and AI customization level. By evaluating these dimensions, organizations can create strategies aligned with their goals and market position.