Final answer:
The concept described is known as social entrepreneurship, which aligns traditional business goals with a mission to address societal issues. For Berkeley's business, choices like sole proprietorship, partnership, or corporation depend on her goals and the scale of her retail business.
Step-by-step explanation:
The phrase that combines creativity, business smarts, passion, and hard work of the traditional entrepreneur with a mission to change the world for the better refers to a concept commonly known as social entrepreneurship. This approach to business goes beyond profit, integrating solutions to social, cultural, or environmental issues into its core objectives. Social entrepreneurs are known for their innovative and sustainable approaches to addressing challenges within society, harnessing entrepreneurship to create positive change.
For someone like Berkeley, who is opening a new retail business targeting tourist sales with locally sourced products, the most suitable business structure could vary based on her specific goals, resources, and the scale of operation she anticipates. She could opt for a sole proprietorship if she intends to own and manage the business alone, or she might consider a partnership if she plans to work with others. If she's looking to expand and attract investors, a corporation might be more appropriate. Her choice will impact various aspects of her business, such as liability, taxes, and her capacity to scale her impact.