Abstract
A business model by definition is an abstract representation of the business logic of a firm and as such encapsulates the core aspects of a firm. Business model ideation is a sequential process composed of three precursors - surveying the technological landscape, identifying and incorporating customer outcomes, identifying and incorporating business requirements. These precursors serve as key inputs to the final business model ideation phase. This paper focuses onthe third precursor, identifying and incorporating business requirements into the business model,and this is termed as developing the business perspective.The paper consists of three sections. The first section explores the concept of business requirements - what it is and how to identify business requirements. The second section explores the concept of business model. Specifically, it will focus upon the concept of business model as defined in the Business Model Ontology. The final section details out how to develop the business perspective i.e. explicates methodology by which business requirements can be incorporated into the business model of a firm using Solution Summary matrix, Solution Comparison matrix and the Solution Canvas.
Highlights
All businesses follow a model which may be explicitly stated or implicitly followed. [1] Today business models are a prerequisite to ensure a successful enterprise
The mapping exercise will infinitely ease the business model ideation process by specifying how each and every solution fits into the business model
Above all a business model serves as an excellent tool in ensuring that business requirements of a firm are being supported
Summary
All businesses follow a model which may be explicitly stated or implicitly followed. [1] Today business models are a prerequisite to ensure a successful enterprise. [1] Today business models are a prerequisite to ensure a successful enterprise. It is standard for all start ups to define their business model along with their business plan to secure any kind of funding. One extremely important prerequisite is identifying and incorporating business requirements into the business model after all a business model must meet the business requirements of an organization else it is of little value. Even for existing businesses it is crucial to ensure that their current business model continues to meet and support their business requirements. [5] [6] Figure 1 provides an overview of how to develop the business perspective concerned mainly with identification and incorporation of business requirements into the business model. The following section discusses in detail what business requirements are
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