This article attempts to move the needle on extant inclusive business discourse by delineating, conceptually, what it means to be(come) an inclusive business. By drawing on the rich literature on inclusive growth, sustainable business models, social enterprise and hybrid organizations, it offers revised definitions of inclusive businesses and inclusive business models. The article argues, amongst others, that inclusive businesses necessarily prioritize value creation over value capture and should be judged based on the net value they create for ‘income-constrained’ groups. It furthermore proposes how the boundaries of entrepreneurial responsibility can be delimited, with implications for how sustainable business models more generally should be designed.