Diary of Business Research
Record of Business Research 54.99 (2005) 726 – 735
The entrepreneur's business model: toward a specific perspective Michael Morrisa, 5., Minet Schindehutteb, Jeffrey Allenc
Witting Chair in Entrepreneurship, Syracuse University, Syracuse, NY 13244, USA b Miami School, Oxford, OH 45056, USA c College or university of Central Florida, Orlando, FL 32816, UNITED STATES Received up to 29 September 2002; accepted six November the year 2003
Abstract Very emphasized in entrepreneurial practice, business versions have received limited attention via researchers. Simply no consensus is present regarding the definition, nature, composition, and progression of organization models. Still, the business version holds assurance as a unifying unit of research that can assist in theory creation in entrepreneurship. This article synthesizes the literature and takes in conclusions relating to a number of these primary issues. Assumptive underpinnings of a firm's business design are looked into. A six-component framework is proposed to get characterizing a company model, regardless of venture type. These parts are used at three different amounts. The framework is illustrated using a effective mainstream organization. Suggestions are produced regarding the way business models might be expected to emerge and evolve as time passes. D 2003 Elsevier Incorporation. All legal rights reserved. Keywords: Activity pieces; Architecture; Business model; Strategy; Style dynamics
1 ) Introduction Projects fail despite the presence of market chances, novel businesses, adequate resources, and gifted entrepreneurs. A possible cause is a underlying version driving the organization. Surprisingly, very little attention has been given to organization models by simply researchers, with much of the published work centering on Internet-based versions. The obtainable research is usually descriptive in nature, examining approaches to model construction, remembering standard unit types, citing examples of failed and good models, and discussing the need for new versions as circumstances change. Yet, no general opinion exists about the definition or nature of any model, and there has been no attempt to prioritize critical analysis questions or perhaps establish analysis streams relating to models. The purpose of this study is to assessment existing views and recommend an integrative framework intended for characterizing the entrepreneur's business model.
2 . Literature review 2 . 1 . Just what ‘business model'? No generally accepted definition of the term ‘‘business model'' offers emerged. Range in the offered definitions positions substantive difficulties for delimiting the nature and components of a model and deciding what creates a good model. It also causes confusion in terminology, while business model, strategy, business principle, revenue model, and monetary model tend to be used reciprocally. Moreover, the business enterprise model continues to be referred to as buildings, design, routine, plan, technique, assumption, and statement. It is possible to bring in an attempt to the various points of views. A articles analysis of key words in 30 meanings led the authors to identify three basic categories of explanations based on their very own principal emphasis. These groups can be branded economic, operational, and strategic, with each comprised of a distinctive set of decision variables. That they represent a hierarchy for the reason that the perspective becomes more extensive as one slowly moves in the economic towards the operational for the strategic levels. At the most basic level, the organization model is defined exclusively in terms of the firm's financial model. The
* Matching author. Tel.: +1-315-443-3164. E-mail address: [email protected] edu (M. Morris). 0148-2963/$ – discover front subject D 2003 Elsevier Incorporation. All privileges reserved. doi: 10. 1016/j. jbusres. 2003. 11. 001
M. Morris et al. / Diary of Business Research 54.99 (2005) 726–735
matter is with the logic of profit era. Relevant decision variables incorporate revenue resources, pricing strategies, cost constructions, margins, and expected...
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