A new business model for small food business in Thailand

Abstract

This research aims to investigate the core components of the food business and to develop the food business model for the small food firm. The study is conducting by using a mix-method approach. The finding shows that the food business model constellates six core components, which are innovation, value proposition, value delivery, revenue model, compelling strategy, and the firm's performance. The six components are statistically validated the model relationship by using a correlation coefficient. The correlation indicates that a change of a component affects all the other components in the model as a whole. This study complementarity extends the contribution to the literature of the entrepreneurship and the business model aspects in a selected segment. The small food firm can apply the new food business model as a primal tool to assess the food business readiness.