ABSTRACT
This chapter examines business model innovation approaches and the application of technology into the business model innovation. Specifically, it identifies and describes the following stages in that lifecycle: business opportunities, ideation and testing, business model generation, resource acquisition, management and execution. Some entrepreneurs focus on solving people's needs whilst others create new opportunities from unseen possibilities. These different kinds of entrepreneurial action, amongst the finders and the makers, characterize the study of entrepreneurship. Examples of both types of entrepreneurs are given and analyzed. Once the entrepreneur has defined his or her hypothesis and is ready for the execution of the journey, he faces one of the most critical challenges: the acquisition of the resources needed for the startup and early stages of this journey. Entrepreneurs can map their business hypotheses through the Business Model Canvas that comprises nine building blocks: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partners and cost structures.
