The article "The Business Model in Practice and Its Implications for Entrepreneurship Research" by Gerard George and Adam J. Bock explores the concept of business models from an entrepreneurial perspective. The authors review prior research and conduct a discourse analysis of 151 surveys from practicing managers to understand their conceptualization of business models. They find that the underlying dimensions of a business model are resource structure, transactive structure, and value structure. The study highlights the importance of these dimensions for firm characteristics and behavior, providing new directions for theory development and empirical studies in entrepreneurship. The authors argue that business models are not just about organizational design or strategy but are closely linked to opportunity creation and exploitation. They propose a reconceptualization of business models as opportunity-centric designs, emphasizing the role of resource and transactive structures in creating and capturing value. This framework offers a more accurate reflection of business models in practice and aligns with the entrepreneurial context, particularly for small and medium-sized enterprises (SMEs).The article "The Business Model in Practice and Its Implications for Entrepreneurship Research" by Gerard George and Adam J. Bock explores the concept of business models from an entrepreneurial perspective. The authors review prior research and conduct a discourse analysis of 151 surveys from practicing managers to understand their conceptualization of business models. They find that the underlying dimensions of a business model are resource structure, transactive structure, and value structure. The study highlights the importance of these dimensions for firm characteristics and behavior, providing new directions for theory development and empirical studies in entrepreneurship. The authors argue that business models are not just about organizational design or strategy but are closely linked to opportunity creation and exploitation. They propose a reconceptualization of business models as opportunity-centric designs, emphasizing the role of resource and transactive structures in creating and capturing value. This framework offers a more accurate reflection of business models in practice and aligns with the entrepreneurial context, particularly for small and medium-sized enterprises (SMEs).