Challenges in building innovative business models

Innovation in business models has emerged as a critical factor for achieving competitive advantage in the digital economy as markets become more dynamic and customer preferences evolve rapidly traditional business models often fail to keep pace while the rewards of innovating business models can be substantial including first-mover advantage operational efficiency and market disruption the process is complex multidimensional and fraught with challenges this paper provides a comprehensive analysis of the core barriers to business model innovation bmi including organizational financial technological strategic and regulatory obstacles each challenge is analysed in depth supported by real-world examples and case studies the paper also suggests practical frameworks and mitigation strategies for overcoming these barriers.