The article discusses the business model in practice and its implications for entrepreneurship research. It reviews prior research and reframes the business model through an entrepreneurial lens. A discourse analysis of 151 surveys of practicing managers is conducted to better understand their conceptualization of a business model. The underlying dimensions of the business model are identified as resource structure, transactive structure, and value structure. The study highlights the nature and implications of dimensional dominance for firm characteristics and behavior. The findings provide new directions for theory development and empirical studies in entrepreneurship by linking the business model to entrepreneurial cognition, opportunity co-creation, and organizational outcomes. The article explores the concept of business models and how practitioners use them. It combines organizational design and strategy perspectives with a view towards implications for entrepreneurship studies. The formation, growth potential, and success of new organizational forms are often credited to the development of novel business models, especially in turbulent industries. Researchers suggest that business models are critical constructs for understanding value creation, while others note the lack of construct clarity and comingling with business strategy. The article presents a systematic review and findings from an inductive study of practitioner perspectives to reconstruct the business model and identify its underlying structures using an entrepreneurship lens. The study of business models is pertinent to entrepreneurship research as it often examines new ventures or innovation-driven industries. Business models may represent a form of entrepreneurial opportunity creation, explicitly initiated by market imperfections. However, the lack of a consistent framework has resulted in fragmented research questions and findings, especially within an entrepreneurial context. Studies ask whether a business model should be focused and formalized, adapted to environmental circumstances, or specific to the entrepreneurial mode. The article discusses the business model as organizational design, resource-based view, organizational narrative, innovation form, opportunity facilitator, and transactive structure. It highlights the importance of business models in entrepreneurship research and their implications for theory development and empirical studies. The study concludes that the business model is a relevant construct despite concerns expressed by managers about defining it. The findings suggest that the business model is an organization-level phenomenon, an architecture or design that incorporates subsystems and processes to accomplish a specific purpose. The business model is not equivalent to that purpose, nor is it the reason that the organization exists. It is not a process. The business model is not fully explained by a firm's revenue model, though aspects overlap. Practitioners apply both resource-based and transactive elements to the business model. Finally, the business model does not subsume nor is it subsumed by corporate strategy. The article concludes that the business model is an opportunity-centric design, emphasizing the importance of opportunity in the business model construct. The study provides new directions for theory development and empirical studies in entrepreneurship.The article discusses the business model in practice and its implications for entrepreneurship research. It reviews prior research and reframes the business model through an entrepreneurial lens. A discourse analysis of 151 surveys of practicing managers is conducted to better understand their conceptualization of a business model. The underlying dimensions of the business model are identified as resource structure, transactive structure, and value structure. The study highlights the nature and implications of dimensional dominance for firm characteristics and behavior. The findings provide new directions for theory development and empirical studies in entrepreneurship by linking the business model to entrepreneurial cognition, opportunity co-creation, and organizational outcomes. The article explores the concept of business models and how practitioners use them. It combines organizational design and strategy perspectives with a view towards implications for entrepreneurship studies. The formation, growth potential, and success of new organizational forms are often credited to the development of novel business models, especially in turbulent industries. Researchers suggest that business models are critical constructs for understanding value creation, while others note the lack of construct clarity and comingling with business strategy. The article presents a systematic review and findings from an inductive study of practitioner perspectives to reconstruct the business model and identify its underlying structures using an entrepreneurship lens. The study of business models is pertinent to entrepreneurship research as it often examines new ventures or innovation-driven industries. Business models may represent a form of entrepreneurial opportunity creation, explicitly initiated by market imperfections. However, the lack of a consistent framework has resulted in fragmented research questions and findings, especially within an entrepreneurial context. Studies ask whether a business model should be focused and formalized, adapted to environmental circumstances, or specific to the entrepreneurial mode. The article discusses the business model as organizational design, resource-based view, organizational narrative, innovation form, opportunity facilitator, and transactive structure. It highlights the importance of business models in entrepreneurship research and their implications for theory development and empirical studies. The study concludes that the business model is a relevant construct despite concerns expressed by managers about defining it. The findings suggest that the business model is an organization-level phenomenon, an architecture or design that incorporates subsystems and processes to accomplish a specific purpose. The business model is not equivalent to that purpose, nor is it the reason that the organization exists. It is not a process. The business model is not fully explained by a firm's revenue model, though aspects overlap. Practitioners apply both resource-based and transactive elements to the business model. Finally, the business model does not subsume nor is it subsumed by corporate strategy. The article concludes that the business model is an opportunity-centric design, emphasizing the importance of opportunity in the business model construct. The study provides new directions for theory development and empirical studies in entrepreneurship.