The concept of business model is generally treated in the literature as a static representation or architecture of value creation and value capture logic. However, in today's turbulent and global business environment, viewing business models merely as static descriptions is insufficient. Successful business models are dynamic processes that bridge abstract strategies and practical actions, shaped by continuous experimentation, trial and error, and experiential learning.

• . Discovery of Opportunities and Competitive Advantage

The fundamental purpose of a business model is to exploit a business opportunity and transform it into a sustainable competitive advantage.

• Two opposing but complementary processes based on organizational learning operate in shaping the business model: Exploration and Exploitation
• The exploration process is the act of searching for new ideas and opportunities that could form the basis of future competitive advantage
• The exploitation process is the application of existing competencies to increase efficiency and monetize current advantage

2. The Business Model Cycle as a Managerial Practice

According to the experiential learning perspective, the creation and transformation of business models is based on four fundamental managerial practices that progress in parallel:

Visioning: Deals with the long-term intentions, purposes, and future goals of the enterprise; questions whether the organization has an opportunity or competitive advantage.

Strategizing: The stage where the chosen business opportunity is converted into a real business model definition and implementation processes are planned.

Performing: The selected business model is tested in the real market context, put into action, and actual business is conducted.

Assessing: The results of actions carried out with the business model and the competitive advantage obtained are measured against alternative market opportunities.

3. The Critical Distinction Between Creation and Transformation

Although frequently confused in the business world, creating a business model from scratch and transforming an existing model involve completely different contexts and challenges for managers.

Business Model Creation Dynamics

The creation process begins with future-oriented Visioning practice and ends with Performing. When creating a model for a new venture or product, there are no burdens or constraints from an existing business; therefore, the process exhibits more opportunity-seeking entrepreneurial behavior.

Business Model Transformation Dynamics

The transformation process is triggered by Performing practice due to the obligations created by the existing model and market pressures. For established companies, transforming the business model is extremely complex because:

• Conflicts can arise between old and new ways of doing business
• The risk of the new model cannibalizing the company's existing business is always on the table
• Legacy systems and processes create inertia

Strategic Conclusion

Managers and entrepreneurs must accept that the relationship between business models and market context is extremely dynamic. Sustainable competitive advantage requires:

• Finding the right fit between business opportunities and company competencies
• Continuously passing the business model through the Assessment filter against changing market context
• Following a proactive transformation strategy based on experiential learning

The companies that thrive are those that view their business model not as a fixed blueprint, but as a living system that continuously adapts through disciplined cycles of visioning, strategizing, performing, and assessing.