Exploring how entrepreneurs and managers connect the dots of the business model canvas,

A review of literature suggests that the nature of business models is not clear. This paper explores the dimensionality of the nine-element business model canvas (BMC) conceptualised by Österwalder (2004) as having four components. By adding a cognitive process dimension to the BMC, a self-efficacy scale with nine 6-item subscales was developed and tested on 108 entrepreneurs and 63 managers. Principal components analysis was conducted on the nine total subscale scores of each group separately; two components emerged for entrepreneurs, and a different two components surfaced for managers. The results are compared with Österwalders conceptualisation in terms of both the number and interpretation of the components obtained. The results suggest that the BMC can be viewed as two-dimensional, but for each of the two groups, these two components seem to measure different aspects of venturing. The study contributes to business model and business efficacy research on both entrepreneurs and managers.