The Practice of Creating and Transforming a Business Model

Purpose: The paper explores the dynamics of business model creation and transformation as practices. Design/methodology/approach: The paper is conceptual and exploratory in nature and builds on the practice / action learning approach. Findings: The paper presents an action research based framework for approaching and understanding business model creation and transformation as practices. These practices are rooted in managerial and entrepreneurial experience through the exploration and exploitation of business opportunities and competitive advantages. Practical implications: From a managerial and entrepreneurial perspective, the findings of the paper highlight the role and dynamism of the business context and of continuous assessment of the business model in business model creation and transformation. Originality/value: The paper proposes a novel framework for business model creation and transformation and sees them as practices. It also connects business models to opportunity and advantage exploration and exploitation.