Business model is an institution.

One of very important understandings on business model is that “business model is an  institution”.

When you develop a business model, you should behave as you deal with a new institution.

Therefore, the study on institution so far contributes to the theory on business models.

By Kyoung Jun Lee (Quoted from his lecture)

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About Kyoung Jun Lee
Professor of Kyung Hee Univ.

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