Entrepreneurial Mind

Entrepreneur

An individual who seeks opportunities, takes risks beyond their security, and has the drive to turn ideas into reality.

Enterprise

Identifying, developing, and bringing vision to life, be it an innovative idea or a better way of understanding.

Enterprising

Marked by imagination, initiative, and readiness to undertake new projects.

Entrepreneurial

Willing to take risks to create value.

Entrepreneurs create new businesses

New businesses can boost the economy by creating demand in related industries.

Entrepreneurs contributing greatly to national development

New businesses create wealth by opening up new markets, while existing companies often stick to current markets.

Entrepreneurs create social change

The transformation brought about by entrepreneurs through innovative goods and services that improve quality of life and reduce dependence on outdated systems.

Triple Bottom Line (TBL)

A framework for measuring business performance based on economic, social, and environmental lines.

John Elkington

The phrase “Triple Bottom Line” was coined by 1994, the founder of a British consultancy called Sustainability.

Industrial Age System

This view places the economy as the largest domain, with society and environment as smaller subsets within it. It prioritizes economic growth over social and environmental concerns, often leading to ecological damage and social inequalities

Modern Age System

The most important is the environment; within that is society. The economy, industries, and individual businesses are just a small scale within society and environment.

Profit

The “bottom line” of the profit and loss account.

People Account

A measure in some shape or form of how socially responsible an organization throughout its operation.

Planet Account

The responsible management of resources to minimize ecological impact, emphasized in the Modern Age perspective.

Starting business from scratch

Entrepreneurs often start businesses with a clear vision. Building from scratch allows them to work efficiently and set their own standards.

Family Business

A business owned and operated by family members, focusing on long-term growth and well-being for future generations.

Partnership

A business arrangement where two or more individuals share resources and risks, enhancing creativity and expanding customer bases.

Buying an Existing Business

Acquiring a business that is already generating cash flow, which is often seen as less risky than starting from scratch.

Profit

The real economic value created by a business, including income, expenditures, and its impact on society.

People

Refer to a business’s impact on employees and people outside the business (community). A business that promotes triple bottom line addresses the well-being of and benefits the people in which the business operates.

Planet

Refers to environmental stewardship. Entrepreneurs enhance the natural order and minimize their ecological impact in a wide variety of ways that are cost-effective and easy to implement and adopt.