How should graduates and universities approach
For budding leaders I would recommend to use the strategy of situational leadership since initially they will be in a learning stage.
As per me an effective leader is one who adjusts their leadership style to the situation as well as to the people being led, I think an effective leader is one who takes the people in a team along with him/her and gives everyone an open free chance to share their ideas.
Strategic thinking as a leader is all about anticipating changes in the business environment, calculating contingency, scenarios, setting goals, determining what additional resources might be needed, taking advice from consultants if the in-house expertise in the relevant field is lacking.
Implementing a strategic vision cannot be done by a single person it will require people with multi-disciplinary skills, essential leadership is all about taking people with all the skills along with you, which would range from identifying the right kind of people and hiring them to something like inspiring those around you, creating an environment where their individual creativity can be expressed while at the same time adhering to performance standards and the organization's vision.