The concept of business model is perhaps one of the most misunderstood topics in Business and Management. Even amongst the experts consensus is difficult to come by. Yet business model as a concept is considered today to be extremely important as it concerns, sustainability, profitability and scalability of businesses. Aimed at novice as well as seasoned experts, my book gradually leads the reader into a journey of Business Modelling. We start by exploring the concept of what constitutes a Business Model - its definition, component parts, and its role in the organization. Next comes how business models are created. Two approaches are highlighted – ontological approach vs non ontological approach. Readers are now introduced to the Business Model Ontology (BMO) (developed by Alexander Osterwalder). The BMO is the root ontology upon which the Business Model Canvas (BMC) is based and is perhaps the gold standard when it comes to business modelling. Finally, the readers are introduced to the Business Model Development (BMD) Framework. Above all else, a business model must support the business requirements, meet customer outcomes, and incorporate emerging technological innovations – core strengths of the BMD framework. The framework provides step by step guide on how to develop a business model. A number of templates and tools have been developed to ease the development process. A case study is used to demonstrate and highlight how the tools are to be used and for what purpose. As a whole the book is aimed at beginners new to the concept of business modelling as well as seasoned practitioners seeking more insightful ways for developing innovative business models.
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