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The key to develop maintainable and extensible e-business applications is adequate engineering method. For e-business engineering, no full-blown method currently exists. The development of e-business applications lacks high level software engineering abstractions. This paper presents a component oriented development approach to e-business applications that is strongly architecture-centric. The whole development process is centered on the various levels of granularity of components. The component oriented architecture provides a set of rules and structure for managing complexity which provides flexibility and a framework for reuse and integration of components to support e-business evolution. Architectural patterns are used to organize e-business plan and service model that facilitate mapping from business components to service components, which makes the development processes more manageable. The semantics based component specifications support semantics based service discovery and service composition.