This book is aimed at aspiring entrepreneurs and practicing
managers who want to create, identify, or articulate business
models that will serve as the foundation for success for their
businesses, as well as refine and even re-invent those models. It
is based on the premise that the fundamental purpose of any
business model is to create, deliver, and capture value. More
specifically, business models describe the value proposition to the
customer, the system that must be in place to create that value,
and the logics needed to capture a reasonable share of that value
for the firm. In addition, business models are viewed as boundary
spanning entities that interact over time to transform industries.
To explore and illustrate these ideas, business models are compared
to maps, hypotheses, recipes, designs, stories, and agreements.
Business examples will be used to anchor each chapter and
perspective. The book will proceed as follows. First, the basic
definition of a business model will be developed by drawing on and
distilling key ideas from published research. It will be argued
that the heart of the model is a value exchange agreement between
the organization and the customer. To sustain this exchange, both
parties must be able to extract their desired value, whether
economic or social or both. Next, an illustrated business model
framework will be provided and its components will be discussed.
Third, a set of business model types will be explored and it will
be shown how these models can interact to re-shape industries. As
the book proceeds, the five ways of looking at business models will
be explored with emphasis on the ways that adopting each
perspective can stimulate entrepreneurs and managers to understand
or create their business model, increase its performance potential,
re-invent it, or develop a strategy to support it. The way that
business models shape industry change will be explored from each
perspective. Key considerations and questions to be asked by
business leaders in formulating or assessing their business model
will be provided.
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