This special issue contributes to the debate on business models by discussing major critical issues facing this field of research and practice. In fact, extant literature reports that the answers to some of the core questions on the topic are deemed to be considered partial and unsatisfactory. In the remainder of this paper we will discuss a number of such issues, describing shortly some of their related theoretical implications. The purpose being to recognize current research limitations without getting thoroughly into the academic debate addressing such little guidance in the field nor to reconstruct how the literature failed in providing satisfactory answers to the core questions of the topic.