Theoretical aspects of business models and the challenges of their Innovative transformation under the current conditions

Abstract

The present article presents the analysis of a number of relevant sources for a better understanding of the business model concept, its evolution, prior to describing the major trends that affect the theory and practice of the concept. We approach the business model as a simplified description of how a company does business and earns money without having to go into the complex details of all strategies, processes, units, rules, hierarchies, work flows and corresponding systems. For a better conceptual perception of the business model, we considered it important to highlight its components. In this line of thinking, we analyse various opinions on the business model components. Worth mentioning is the fact that business models are constantly evolving as companies react to changes.