All enterprises, develop a business model in which they state assumptions about what customers want, how they want it, and how the enterprise can be organized to meet the customer’s needs while making a profit. A business model is an enterprise’s plan or a diagram showing how it will compete, use its resources, structure relationships, treat its customers, and create value to stay in business. This paper consists of a theoretical and an empirical part. The theoretical part presents the relevant bibliography and a cross-section of the different authors’ interpretations of the business model. Furthermore, it explains the importance of the business model, the importance of innovating the business model, and the value chain as a basis for developing and understanding the business model. In the empirical part, three business models of enterprises from different industries were analyzed based on essential components: customer segments, value proposition, channels, customer relations, revenue sources, key resources, key activities, key partnerships and cost structure, through the canvas of the business model by Osterwalder and Pigneur (2014). Based on the analysis of enterprises from different industries, it can be concluded which elements are critical for an efficient business model in that industries. The empirical part also showes that an efficient business model focuses on one of the three primary value propositions, which is the basis for creating a competitive, advantage and successful business of the company.