The chapter discusses how to manage different business models at various stages in a portfolio. It emphasizes starting with customer needs and turning them into business opportunities. The process involves four stages: identifying the business model, creating it, initiating it, and implementing it. The authors introduce a 'business portfolio map' that includes an 'explore' portfolio to track business model creations focusing on design versus test. Once a business model is initiated, it should be monitored alongside other running models to understand its implementation progress.