Business Model- A Meaning to your Endeavor

The business model is like a blue print, for a strategy to be implemented through organizational structures, processes and systems. It is an outline of specific processes, functions or activities a company uses to produce consumer goods and services in the business environment. Organizations typically create a business model to ensure that they can produce goods and services in the most efficient and effective manner possible. It is the firms answer to the question- what to produce, for whom to produce and how to make money doing so. It can also be called as “The Business Recipe” We are living at the turning point of history. In business the only viable response to the challenge of our transition times is to launch new business models and leverage their potential through bold entrepreneurial strategies. The idea behind business modeling is to see if we can proactively create a model around the business, rather than just accept the model that gets created. This paper aims to highlight the concept, components of a business model and the different types of business models that one can consider