The article presents the analysis of primary sources on the concepts of business models and business modeling. The mainstream types of approaches to the process of business modeling and their fundamental differences from each other are identified and described. Furthermore, the article describes a situation in which business modeling is used in business practice, such as attracting financial capital and the creation of new activities. In particular, the relationship between necessity for the business modeling with the stages of the emergence and development of the product market is discussed.

Article recalls the history of appearance and development of the “business model” concept since the 50s of the last century. Separately is presented classification of the “business model” concepts existing today among foreign management theorists. Based on the analysis of the comprehension varieties of this term the definition that transmits its fundamental meaning is set forth.