Progress in science and technology, the behavior of the consumers, legal regulations and the focus of investors are continuously reshaping the rules of the game. As a result, we encounter new business models with each passing day and I believe that this creates unnecessary chaos. Therefore, I will examine the business models under four main topics. While doing this, I will add another dimension to our analysis, which is time. Thus, we will observe which business models are “in” during which period and which developments have triggered these changes. While discussing the business models, our reference point will be the “Created Value” or more precisely, the method of value creation. Which business model focuses on the creation of which value? How did “value” and perception evolve in markets and the business world? What was the reaction of the investors? We will see that changes in business models are in parallel with the changes in the method of value creation. Before going into the details of the four different models, I have to emphasize that the values created by “Tangible Assets” since 1980 gave their place to the values created by “Intangible Assets”. Once, factories, lands, plots, machinery and financial assets in the bank used to come to mind when talking about values. Now Intangible Assets are in Demand: Human capital, intellectual capital and network capital etc. The new favorite of the investors is digital technologies: Social media, cloud, big data, “Internet of Everything”, mobile, business analytics etc. Market values and stock market performances of the companies clearly corroborate this fact. So, what are these four famous categories? Here, the main factor creating a difference among the models is definitely the technologies that are used. Technology came into our lives when the “Industrial Revolution” started in the middle of the 18th century and ensured that people progressed as an “Industrial Society” for two centuries. During this period, companies which were smaller than today’s small-scale companies were established and created value as “Asset Creators”. In the course of time, companies and also their assets got bigger. In the 1970s, providing service became important for the companies. Companies started to complement their products with services provided. Through the progress of time, service became the only thing that the companies sold. To tell the truth, services were not newly discovered in commercial life. However this concept has never been so popular. Transition to a Service Society meant that the age of “Service Providers” began. This was also a development which would lead to important changes in the balance between blue-collar and white-collar employees in the labor market. Since the information revolution began as of the 1990s and the rules of the game were reshaped, the Service Providers were deposed from the throne of investors within a short time. Nothing would be the same after the Internet, personal computers and mobile phones came into our lives. Following the transition into Information Society, “Technology Developers” took the stage. The importance of mobile and digital applications both continued to support these companies and enabled the companies creating the value in a different way to be established: “Network Managers”. After the Millennium, these companies took the stage. Data showing that the performance of each model increases when approaching the present time compared to the previous model considering efficiency and profitability oriented financial rates such as EBIT Multiplier, ROCE and ROA is important in this regard. The picture becomes clearer when the income multiplier is considered. The rates are as follows: Asset Creators: 1 / Service Providers: 2 / Technology Developers: 4 / Network Managers: 8. Changing technologies, business models and profitability... Investors are well aware of this situation. This is also reflected in the market values of the companies. Intangible assets come into prominence regarding value creation rather than the tangible assets. This naturally unsettles a fundamental belief. Therefore, the companies review the balance of their investment portfolios continuously and restructure them when necessary. They use their capitals to create a sizeable and extendible intellectual asset and build up customer, commercial and financial networks which will create assets. So, are there companies which adopt more than one business model and apply them at the same time even if not with a balanced rate? Actually, we are not faced with such a situation apart from the holdings operating in various sectors. In general, most companies focus on only one business model. Or at least they adopt a single model to a large extent. We cannot say that these kind of radical transformations are easy to realize in business models. It is not enough to follow trends and technology closely or have a vision alone. The main thing to be done is to perform this transformation and be open to it mentally. At this point, business leaders have an important role. In particular, the truths that up to a certain point we believed in in family businesses and the applications which enabled us to be successful may sometimes confront us as obstacles. I believe that our nurture and generation have an important role in this regard. Generations changed as follows: For example, the “Baby Boomers” generation grew with the legacy of the industrial revolution adopted the “Asset Creator” business model naturally. We can even make this presumption for a large part of Generation X. The most interesting characteristics of Generation X are that they experienced the four different business models. Today, the importance of Baby Boomers in business life is decreasing. Generation Y has just entered the game. Generation Z is still sitting at school desks. As the age of management and entrepreneurship falls day by day, Generation X mainly leads the world today. In particular, young managers lean towards the “Network Managers” business model. They focus on building up social and commercial networks encouraging the creation, production, management and gaining of customers, suppliers, subcontractors and partners as a whole. The belief creating the value determines the business model to be selected by generations. Sometimes, the picture becomes more complicated. In family businesses, the first generation, whose appetite for physical assets is high, the second generation, who uses service and technology together, and that third generation, who strengthens the technological transformation with digitalization work together. After all, the sources are not limitless. Capital should be canalized wherever value is created. However, these decisions are not taken as easily as they are written here. Although cultural and technological transformations have taken place intensely during the recent period, ordinary behavior trends or high appetite for transformation on the axis of risk and return can result in irrational movements in business model changes. The biggest trap here is to continue measuring the performance using old methods. This is because it is not enough to measure and interpret created value with financial data only. It is not possible to make the right decision regarding something that we could not manage to measure accurately. If we look from the point of view of investor relations, as the value creation method changes due to the business model, the method that the companies follow when measuring and managing the value and introducing this outside the company changes. We see this situation especially in companies exceeding the digital threshold. Different performance indicators fed with big data and a brand new language are in place. Yes... The age of the Network Creators has begun. All their efforts go towards generating different information and making stakeholders a part of this information network; to make maximum return based on minimum capital and innovativeness using the relations, funds and information of others... So what is your business model?