This paper explores the entrepreneurship and entrepreneurial philanthropy of Jonghwan Lee, who founded the Kwanjeong Educational Foundation (KEF). We examine his business philosophy encompassing creativity, challenge, and contribution by focusing on its linkage to entrepreneurial opportunity, entrepreneurial motivation, and entrepreneurial philanthropy, which are core elements of entrepreneurship. We then suggest that his entrepreneurial mindset and entrepreneurial philanthropy underpin the value transformation of KEF from economic value to social value during its formation. They also play critical roles in understanding the motive and background of KEF. Overall, this paper contributes to the literature on sustainable entrepreneurial philanthropy and value transformation by highlighting Jonghwan Lee's entrepreneurship.