An important element of business launch is a business model, which particularly in the modern times of fast paced technological, economic, market and social changes is a prerequisite for the success of an enterprise. Unfortunately, not many entrepreneurs-to-be realise the power of business models and seem not to pay enough attention to this stage of company creation. It is estimated that the percentage of people who wish to be self-employed is still significantly lower in Europe than in the US and China (European Commission, 2013), and only 50% of European start-ups survive the first five years (EIM Business and Policy Research, 2011). A common reason for that, apart from insufficient funding and support, is the lack of a well-designed business model, or sticking to the same business model for too long, which makes it impossible to adjust to the changes coming with market globalisation. Therefore, it is important to provide future entrepreneurs with an easy and helpful business models compendium. And that is where the “Developing and understanding business models” (ProBM) project comes in handy. The project is conducted in KA2 Strategic Partnerships: Exchange of good practices, and strives to provide a common ground for the exchange of experience and know-how between different types of organisations involved in adult and entrepreneurship education, and develop a network for transnational cooperation. The project focuses on entrepreneurship education, and thus addresses one of the eight key competences as specified in European Council Recommendation no 2006/962/EC, that is sense of initiative and entrepreneurship. The ProBM project assumes greater focus on encouraging people to become entrepreneurs and making it easier for them to start a business, which is directly related to the provisions of the Entrepreneurship Action Plan of 2013. The objective of the project is to analyze adults’ actual knowledge and skills in the field of business model design and implementation, learn from the experience and good practices from partner countries and design a business models compendium, which being a kind of an informal educational toolkit, will be helpful for future entrepreneurs. The compendium will give the reader examples of business models in practice, but also a useful word bank and a bank of exercises concerning business model design and implementation. The project will likely bring added value to the EU entrepreneurial ecosystem, through the following planned detailed objectives:(1) Creating a transnational project consortium and developing a network for transnational cooperation facilitating the exchange of experience and know-how between different types of organisations involved in adult and entrepreneurship education;(2) Facilitating the exchange of good practices in the field of business model design and implementation;(3) Helping target groups increase sense of initiative and entrepreneurship and increase opportunities for professional development by boosting business model development and implementation knowledge and skills.