Analysis of Business Model Definitions and Proposal of a New Definition of Socially Responsible Business Model

Purpose –The purpose of the research paper is to analyze collected ‘business model‘ definitions (according to 'Oxford Dictionary of English word 'Definition' means: an exact statement or description of the nature, scope, or meaning of something') and identify the key words that describe this concept. As well as propose our own definition of ‘Business Model‘ in the one of the spheres of management field. Design/methodology/approach -We have gathered a literature review of the business model concept. To analyze the definitions we have used the 'Leximancer', 'Voyant' and 'Checktext' software. In addition to make better visual presentation we have used 'Wordle' application. Findings -There are different business model definitions that might encumber the understanding of main message. A critical challenge to business model research is its lack of coherence. Practical implications -Collected data could be used in further research and development of rapidly developing concept of 'Business Model'. Originality/value -The article explored the roots of the concept, presented the evidence of popularity it has achieved as well as highlighted confusion in academic literature concerning this term. And finally showed the correlation between key words that define the business model.