The practice of implementing a business model (BM) is at the corporate level of larger firms mostly in a developed economy, and there is a doubt whether the practice of BM existed among small firms of developing economies. There is also a lack of clarity in its contribution to the growth of the small venture in low‐income markets. Therefore, this study tries to uncover the relationship between the subject of integrative BM and venture growth, with an emphasis on strategic decisions. To achieve this, we analyzed data collected from 215 small manufacturing firms in Addis Ababa using structural equation modeling (SEM). The model integrates the internal aspects of BM development with the external aspects and the strategic decisions in determining their direct and indirect contribution to the venture's growth and unlock the aid of integrative BM to small venture growth. The study also links the strategic decisions from the perspective of strategic flexibility, strategic alliance, and competitive advantage and the exercise of firms networking to value creation, proposition, and capturing. To the end, we forwarded implications for practitioners and future research.

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