The business model has become a popular concept in business and management fields. Yet, it is suffering from a paradox between outstanding popularity and severe criticism, which appears to impede the positive development of the scholarly discourse on the business model concept. Against this background, the purpose of this study is to provide insight into the antecedents of this paradox and to understand their implications for the future development of the concept. The following contributions are made. First, the authors apply a narrative approach to recognizing and interpreting the paradox, and introduce the analysis of syntactics of scholarly discourse as a novel method of investigating management concepts. Second, as a result of elaborating on recurrent themes and tensions in scholarly discourse, the authors extend the literature on business models through theorizing on the core of the concept along the dimensions of classification, constitution and configuration. In particular, they identify the simultaneity of separation and attachment as the main antecedent of the business model paradox. Third, the authors offer implications for further advancing the development of this management concept, and highlight the need for spurring integrative research while at the same time maintaining a plurality of perspectives.