<p>Regenerative business has emerged as a transformative paradigm that moves beyond sustainability, focusing on creating net-positive impacts on ecological, social, and economic systems. Grounded in systems thinking, this study conceptualizes regenerative business through the perspectives of Southeast Asian youth. Using a mixed-methods design, the research first engaged 28 business-oriented university students in a structured concept mapping workshop to generate and cluster perceptions of regenerative business. This was followed by a survey of 238 university students, whose responses provided statistical validation through exploratory factor analysis. Systems thinking offers a holistic framework to understand the interconnections between regenerative business practices and broader socio-ecological systems, emphasizing adaptability, resilience, and feedback loops. The final analysis identified four primary clusters: Impact to Environment, Impact to Society, Innovation Practices, and Regenerative Business Models. Key findings highlight how regenerative businesses operate as adaptive systems that co-evolve with their environments, integrating circular economy principles, social equity, and systemic innovation to drive long-term transformation. This research contributes to the empirical literature on regenerative business by advancing a framework that balances stakeholder needs, fosters collaboration, and embeds regenerative principles within self-sustaining, interdependent systems. By applying systems thinking, this study underscores the necessity of dynamic, multi-layered interventions that ensure businesses transition from harm reduction to active ecological and social regeneration. The findings offer valuable insights for educators, policymakers, and businesses seeking to embed regenerative principles into management practices, fostering resilience and innovation in an increasingly complex global landscape.</p>