1. A method of creating a catalog stored in a service database for enabling creation of value networks, said method comprising the steps of: a. creating one or more 5 primary entities; b. creating one or more component entities for each primary entity, each component is one of sub-component and supporting component; c. creating sub-component or supporting component for each of the sub-component and supporting component thus created in step (b); d. repeating step (c) for each of the sub-component or supporting component, wherein each of the primary entity, sub-component and supporting component is created based on predetermined conditions.