Acharya Prashant begins by defining the terms Ishwar, Bhagwan, and Atma, explaining their differences and commonalities. In common parlance, Bhagwan often refers to a person or a saguna (with attributes) form like Shri Rama or Shri Krishna, while Ishwar is typically conceived as the formless, nirguna (without attributes) controller of the universe. He explains that Bhagwan signifies abundance and perfection, often attributed to those possessing divine qualities, whereas Ishwar represents the supreme master who governs the material world from a position beyond it. However, he notes that in common language, these terms are often used interchangeably.