Synonyms
Definition
A business model is the representation of a given firm’s competitive strategy which, in the image of a sketch, determines how the firm organizes its human, physical, and financial resources to create, capture, and share value. As to the “how to’s” of organizing, a consensus emerges toward identifying four elements or specific logics to be considered: “customers,” “expertise,” “network,” and “revenues, economic value-added.”
The Concept
During the financial bubble of 2000, a proliferation of the term “business model” as symbolized by “start-ups.com” first found its origins within an accounting dissertation published by Bellman in 1957 (Bellman et al. 1957). This up-until-recently forgotten or orphaned notion is best characterized by its conspicuous absence within the classical literature, or as Teece (2010) recently stated, “The concept of Business Model has no established theoretical grounding in economics or in business studies.”...
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Desmarteau, R.H., Saives, AL., Holford, W.D. (2013). Business Model. In: Carayannis, E.G. (eds) Encyclopedia of Creativity, Invention, Innovation and Entrepreneurship. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-3858-8_197
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