The term business model is widely used in research and in practice, mostly referring to a representation of the logic behind a certain firm’s value creation. Researchers have so far concentrated on clarifying what the business model concept actually means and what it can be useful for. This paper will instead focus on the role of entrepreneurial behavior for the development of business models, by looking into the practices connected to the marketing related components of business models. Results from an explorative study of three Swedish magazine publishers show that entrepreneurial behavior is a driving force for business model development.