This study is a longitudinal examination of how business models evolve and get translated into organizational routines and processes. I simultaneously explore the processes that go into constructing business models with those concerning their implementation and adaptation. Since business model formulation is merely a hypothesis on how the business assumes it will make money, and its execution often comes with several explicit and implicit, perceived and latent mutations that determine the real business model, it is important to understand its evolution over an extended period of time.