Purpose – The objective of this paper is to synthesize taxonomical criteria that can be used for assessing research constructs and assess current business model conceptualizations. The paper attempts to show how the criticism plaguing current business model conceptualizations could be removed with future conceptual development against these taxonomical criteria. Methodology/Approach – The paper synthesizes taxonomical criteria and assesses current business model conceptualizations. Findings – The results of the paper revealed that the current business model concepts poorly comply with the taxonomical criteria. The assessment of taxonomical compliance in this paper exposed major opportunities for enhancements in the existing conceptualizations of business model. Research limitations/implications – The findings of the paper outline novel avenues for future research in developing more coherent and rigorous business model conceptualizations. Practical implications – The practical implications of the paper are that current conceptualizations of a business model are incommensurate at best and even misleading at worst. This paper presents criteria that may be used in guiding the needed caution and careful deliberation when practical application of the current business model conceptualizations is enforced. Originality/value of the paper – The paper is original in that it establishes the taxonomical criteria, which may be used in research seeking to develop more sound and rigorous business model conceptualizations. To advance this new field the paper concludes that the taxonomical criteria can aid in the future research endeavors to design relevant business model conceptualizations.