The circular economy, which takes inspiration from the ‘waste not’ functioning of the ecosystem to propose more resource efficient production and consumption patterns, has attracted the interest of different stakeholders recently. Yet very little is known about the companies that put circular principles at the heart of doing business and their ecological and social sustainability outcomes. Circular entrepreneurship, conceptualised as the processes of exploration and exploitation of opportunities in the circular economy domain, is just emerging in the circular economy literature and the empirical evidence about how it is implemented through innovative business models is still limited. Our research illustrates and describes the entrepreneurial process and orientation from a business model perspective of a circular firm - Wasted Apple - in the British drinks and beverage industry. We find that entrepreneurial value proposition, value creation and delivery and value capture define our case circular business model. Entrepreneurial orientation is also characterised by embeddedness: being entrepreneurial in the circular economy means to create value for the broader system an organisation is part of. Furthermore, the pursuit of ecological and social value is central to the logic of value creation and typifies the entrepreneurial process.

循环经济从生态系统的“不浪费”功能中获得启发，提出了更加资源有效的生产和消费方式，最近引起了不同利益相关者的兴趣。但是，对于将循环原则置于业务核心地位及其生态和社会可持续发展成果的公司知之甚少。循环企业家精神，概念化为循环经济领域中探索和利用机会的过程，它只是在循环经济文献中崭露头角，有关如何通过创新商业模式实施的经验证据仍然有限。我们的研究从英国饮料和饮料行业中的一家循环公司-废苹果公司的商业模型角度说明和描述了创业过程和方向。我们发现，企业价值主张，价值创造和交付以及价值获取定义了我们的案例循环业务模型。创业导向的特征还在于嵌入性：在循环经济中成为企业家意味着为组织所隶属的更广泛的系统创造价值。此外，对生态和社会价值的追求是价值创造逻辑的核心，并代表了创业过程。