The classification and intension of "business model" are viewed differently and motivate the researcher to integrate a set of systematic framework of the "business model". This research widely analyzes framework of entrepreneurial management and business model, recombine the new key elements from different views. Through iterative process of induction and deduction from grounded data of deep interview, we establish a framework of "business model". The framework is divided into the core element and the execution element. The former includes the environment and value proposition. The constant dynamic changes and interaction between them is the source of sustainable innovation. The latter consists of resource and capability, corporate structure, execution of value chain, value network, customer's real value and financial structure, which is the action and result of embodying the core element. These two are concrete connotation with systematic business model after combination.