New framework revolutionizes understanding of business models for entrepreneurs.
Business models are important in business, but not well understood by researchers. This article aims to clarify what a business model is and how it can help in studying entrepreneurship. The researchers suggest a framework with six components to describe any business model, regardless of the type of business. They also show how these components can be applied at different levels. By looking at a successful company, they demonstrate how business models can change and improve over time.