4. Applicability of Business Model Canvas in the Context of Entrepreneurship in Asia: A Systematic Literature Review

Since entrepreneurship plays an important part in the business world and economic development, there have been efforts to develop theories for the success of entrepreneurship. Business Model Canvas (BMC), one of the most successful and widely adopted business model archetypes, helps validate a start-up business idea. However, this powerful tool was developed and tested in the context of western world businesses, primarily in USA and Europe. Its popularity and adoption in the context of Chinese and Asian businesses are not clear. To discover the actual adoption situation from an academic perspective and figure out the gaps in this topic, a systematic literature review (SLR) was carried out. By going through the main idea of each short-listed article in the content analysis, some gaps are figured out. Considering the applicability and effectiveness of BMC in analyzing existing businesses, there exist gaps in assessing the efficiency and effectiveness of Chinese and Asian businesses. Current literature lacks studies on the validations of a startup idea using BMC and other BMC-adopted new models, especially from the perspectives of social businesses and the cultural context in regions, such as Asia.