As Ubiquitous Technology is emerging as a new paradigm of information technology industry, business environment has been more complicated. According to this change, many enterprises have focused establishing a Business Model (BM) for creating a new value. Therefore, the importance of developing a suitable Business Model has been increasing more and more. In this research, we suggested the Business Model Feasibility Analysis (BMFA) framework for evaluating a BM. Also, in order to suggest methodology applications, it was applied to portable internet, called Wibro business model. This study is meaningful in suggesting integrated perspective analyzing business model in technology, strategy and market view in ubiquitous technology environments and concretizing the application of framework by case study for portable internet business models.