Mobile business is a young promising industry created by the emergence of wireless data networks. Similar to other emerging industries, it is characterized by a large number of uncertainties at different levels, in particular concerning technology, business strategy and consumer demand. This paper focuses on the strategic uncertainties, where a large number of actors are trying a number of strategic approaches to position themselves in the most favourable position in the value system. This paper intends to apply a business model analysis methodology in order to better understand the strategic approaches of these actors. We argue that successful business models are likely to be the ones that best address the economic peculiarities underlying this industry, like mobility, network effects and natural monopolies.