Abstract
Business models are often challenged by lack of external and internal legitimacy at the initial stages of their creation. In this proposal, I focus on entrepreneurial ventures due to their transformative dynamic capabilities. I conceptualize business models as a combination of calculation and narrative. Both calculative and narrative aspects are essential for entrepreneurs aiming to gain legitimacy for their ventures and cope with uncertainty about venture outcomes. I develop propositions linking the role of business model calculative and narrative forms and exploration/exploitation type of entrepreneurial learning, as well as level of uncertainty within the activity system. Propositions are supported with exemplary evidence and call for further empirical investigation.
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