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 Österwalder’s 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.