The goal of this chapter is to advance the understanding of the business model and entrepreneurial strategies within the field of strategic entrepreneurship. This theory-building study explores the relationship between the business model and entrepreneurial strategies in a mature industry setting. On the basis of a longitudinal case study of two different value chains, the chapter presents a set of propositions that outline (1) how the business model develops from a value chain to a value network configuration by establishing linkages and relationships to other parts within the same value chain and/or to other value chains and systems and (2) how the value network configuration enables different types of entrepreneurial strategies. The scholarly implications of the study suggest that the value chain and value network are important aspects of the business model concept and we propose that the strategy is closely related to the business model, but is not two sides of the same story. The practical implications relate to the business model as an important concept for firms in mature industries seeking new opportunities for competitive advantage.