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Business models as outcomes for entrepreneurship are increasing in prevalence in pedagogy and practice. Instructors and entrepreneurs are focusing efforts on iterating potential ideas through a process of trial and error in hopes to produce working business models. However, such practices need to be better underpinned by theory so we can develop an understanding of how to identify more valuable opportunity ideas and how to progress them towards working business models with fewer trials and errors. This conceptual paper focuses on integrating extant conceptualisations of business models as interdependent activities with research on identifying opportunities as problem-solution pairings. While integrating those literatures, the present framework also details how reliance on constrained, systematic search—with its resource-based view underpinnings—can help individuals with entrepreneurial aspirations identify more valuable opportunities and progress them faster and with fewer trials and errors into working business models.

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This is an author-produced, peer-reviewed version of this article. The final, definitive version of this document can be found online at International Journal of Entrepreneurship and Small Business, published by Inderscience Publishers. Copyright restrictions may apply.