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In order to respond to the call for a broader perspective on the internationalization of entrepreneurial firms, this study aims to bring the business model concept to the context of international entrepreneurship, with special emphasis on the notion of value formation and value exchange at company interfaces.

This is a cross‐case study based on qualitative data from business model workshops with key company informants in each case firm.

The findings of the study indicate that, although the business models of firms with comparable positions may appear similar, there are fine‐grained differences both in their activities and in their value formation. In addition, the data collection workshops revealed that firms tend to neglect the inspection of their incentives to their partners, as they concentrate on value formation to end‐customers.

From the managerial point of view, the study shows how the managers of international entrepreneurial firms may describe and analyze their business model, including the whole value chain, systematically from the perspective of value exchange. Firms may gain insights from examining the business models of similar organizations.

Even though the role of the business model has also been discussed in previous studies, it has not been so explicitly pronounced in the domain of international entrepreneurship. The paper contributes to previous business model conceptualizations by adding the notion of value exchange at the company interfaces.

Bruce Lloyd in discussion with Roger Trapp, author of Blunder Boss: How Britain’s Bosses are Failing You. In his book the author argues that there is too often a serious mismatch between what executives say and what they do. This is particularly relevant when those at the top maintain “people are our most important asset”. As a result, not only do we need to consider redefining “professionalism” but new attitudes are needed to passion and commitment, within the overall context of work providing meaning to people in their lives. These issues require greater focus on the long term, within a broader sense of social responsibility, rather than the tendency to be more and more pre‐occupied with the short term.