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A start-up business is generally developed in a limited financial so that they grow slowly. It is also happened on the cassava meatball start up business run by Madrasah Al Binaa, one of an Islamic non-formal boarding school. Therefore, it is required some alternative tactics to manage funds in order to provide the availability of cash and get profits that will encourage the start-up business to grow, develop and sustain. The growth and development of the start-up business contains some trade-offs, so that this study uses Dynamic System approach to simulate the interrelationships among the variables. This study aims to develop a conceptual model of start-up business run by the Madrasah. It is expected that the conceptual model can represent the real system of the Madrasah start-up business. The conceptual model development is begun by observing the phenomena of the existing start-up business process, and then a causal loop diagram and their equations are built. The structure of the developed conceptual model consists of the main elements of a start-up business, i.e. customers, products, liquidity, debt, reputation, assets and workers. The developed conceptual model is then analyzed by comparing it with the reference generic model of start-up business.