A business model outlines the structure of a company, explaining how it creates, delivers, and captures value. It’s a crucial roadmap for business owners and entrepreneurs, guiding their decision-making and overall strategy.
Developing a business model offers numerous advantages. It clarifies the company’s purpose, identifies revenue streams, optimizes operations, and minimizes risks. Historically, business models have evolved in tandem with technological advancements, adapting to meet the changing needs of the market.