What lies beneath the business model?

Below the business model: the hidden structure that decides outcomes, and why similar companies with similar models end up in different places.

What lies beneath the business model?

A business model is the visible part. Beneath it sits the structure that decides outcomes: how value is created and captured, what holds the company together, and what quietly limits it. This section looks below the canvas and the pitch deck, at the layers that explain why similar companies with similar models end up in very different places.