Well, did you Google it?
Definition of 'Business Model'
The plan implemented by a company to generate revenue and make a profit from operations. The model includes the components and functions of the business, as well as the revenues it generates and the expenses it incurs.
Definition of 'Exit Strategy'
The method by which a venture capitalist or business owner intends to get out of an investment that he or she has made in the past. In other words, the exit strategy is a way of "cashing out" an investment. Examples include an initial public offering (IPO) or being bought out by a larger player in the industry. Also referred to as a "harvest strategy" or "liquidity event."
My philosophy: You MUST have a business model. An exit strategy is OPTIONAL.
Cartoon: Book by Sramana Mitra and Irina Patterson. Art by Mike Varouhas.