Business Model Innovation as a path to overcoming entrepreneurial challenges

Abstract

Business model innovation (BMI) refers to the process of developing and implementing new, unique, and creative ways of creating, delivering, and capturing value. It involves rethinking and re-engineering the underlying logic and structure of a business, with the aim of unlocking new sources of revenue, reducing costs, and improving customer experiences. With the rapidly changing business landscape and increased competition, business model innovation has become a critical component of corporate strategy, allowing companies to stay ahead of the curve and achieve sustainable growth. In this regard, the article aims to present business model innovation as a way to deal with the problems faced by entrepreneurs and their enterprises in the conditions of an increasingly dynamic and uncertain environment. Several challenges facing modern business are indicated. The framework of business model innovation is outlined and the logic of their creation is traced. Finally, various methods and tools for developing original business models are suggested. Whether it involves introducing new products or services, exploring new markets, or leveraging technology to transform existing business processes, the goal of business model innovation is to create value for customers and stakeholders, while differentiating the company from its competitors. CZU: 334.722:001.895. JEL: L26, O21, O31. DOI: https://doi.org/10.53486/icspm2023.48