A business model describes how a company operates, involving market participation, value proposition, supply-chain infrastructure, and management. Factors of production include raw materials, labor, capital, and entrepreneurship. The economic process of a business model includes ideation, development, planning, scaling up, commercialization, and assessment.
A business model is a description of how a company does business, consisting of market participation, value proposition, supply-chain infrastructure, and management model.
Factors of production involved in a business model include raw materials, labor, capital, and entrepreneurship, contributing to the production process.
The phases of the economic process of a business model involve ideation, product development, production planning, scaling up, commercialization, and reflection on market reception and improvements.
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