THE ROLE OF BUSINESS MODEL FROM ITS INTERPRETATION FOR ENTREPRENEURSHIP: A REVIEW

The business model definition is no longer defined as how an entrepreneur generates revenues or attracts clients. An in-depth understanding of the role of business models is required to understand the role of business models in running a business. This article aims to understand the interpretation of the business model and the business model role of entrepreneurship. This article explores the business model’s role; a comprehensive literature review was used by identifying, critically evaluating, and integrating the findings of all relevant literature review of the business model definition. The results reveal that the business model is about value creation, value capture, engaging customer, customer satisfaction, deliver value, competitive advantage, and opportunity identification. This article shows that the business model establishes how the entrepreneurs should start and run the business and gain a competitive advantage in increasing the market share. The findings point to how the interpretation of the business model provides a better understanding of an entrepreneur to start or implement the business model to start or operate the businesses. This article offers a conceptualisation of how the theory corresponds with business practice and provides benefits for entrepreneurs to understand better how to start or operate their businesses.