Identifying and incorporating business requirements into the business model

Abstract

A business model by definition is an abstract representation of the business logic of a firm and as such encapsulates the core aspects of a firm. Business model ideation is a sequential process composed of three precursors - surveying the technological landscape, identifying and incorporating customer outcomes, identifying and incorporating business requirements. These precursors serve as key inputs to the final business model ideation phase. This paper focuses onthe third precursor, identifying and incorporating business requirements into the business model,and this is termed as developing the business perspective.The paper consists of three sections. The first section explores the concept of business requirements - what it is and how to identify business requirements. The second section explores the concept of business model. Specifically, it will focus upon the concept of business model as defined in the Business Model Ontology. The final section details out how to develop the business perspective i.e. explicates methodology by which business requirements can be incorporated into the business model of a firm using Solution Summary matrix, Solution Comparison matrix and the Solution Canvas.