This study proposes that business model of the firm is composed of knowledge structures that are built on knowledge of market and technologies. It has been said that market and technological knowledge are complementary resources. This study found that, two mechanisms of “knowledge about” and “knowledge from” can illuminate some aspects of this complementary relationship. These two themes suggest that executives can learn about technologies from their market knowledge and vice versa. They can also lean from technologies about their markets and vice versa. Given the nature of executives’ knowledge as a tacit, fungible, and non-rivalrous resource these two mechanisms help clarify how executives cognitively construct and adjust their business models by managing their knowledge, knowing what they need to know using what they know in order to develop knowledge structures that enable them to manage their resources in competitive ways. Theoretical and practical implications of these findings were discussed and few directions for future research were proposed hoping that they inspire additional research to improve our understanding of the mechanisms through which executives’ knowledge is used in cognitive construction and adjustment of business models.