Even though the extant literature on business models acknowledges the importance of the surrounding context and involved actors, as well as recognizes the need to elaborate on the dynamic nature of the business model concept, there is no coherent approach that would allow doing so. By utilizing the action perspective, this conceptual paper aims to refine and expand the notion of business model so as to account for the conceptual dynamism, role of actors and surrounding context. This approach enlarges our understanding of the business model concept by not only accounting for the “what” and “why” sides of business but also by unveiling the management side of the concept, i.e. the “how” side of business.
Petri Ahokangas, Irina Atkova (University of Oulu): Unveiling the Janus face of the business model