<![CDATA[Background: The transition from a linear to a circular economy requires organizations to combine business practices with entrepreneurial capabilities and a sustainability-oriented mindset. However, little research has explained how Entrepreneurial Orientation (EO) and Circular Economy Mindset (CEM) interact to foster Sustainable Business Models (SBM) and business success. Objective: This study explores the mechanisms through which entrepreneurial orientation and a circular economy mindset enable sustainable business model development in circular enterprises. Methods: A qualitative multiple-case study involved five founders and executives of Indonesian circular economy enterprises selected through purposive sampling. Data were collected through semi-structured interviews and examined using thematic analysis to identify patterns across cases. Results: Entrepreneurial Orientation was reflected in three themes: Commitment to Novel Solutions, Anticipation of Future Opportunities, and Strategic Resource Commitment to Uncertainty. Circular Economy Mindset was characterized by Perception of Waste as a Design Flaw, Holistic View of Product Lifecycle and Value Chains, and Emphasis on Regenerative and Long-Term Value. These capabilities were translated into Sustainable Business Models through Non-Linear Revenue Models, Brand Value and Market Differentiation, and Resource Resilience and Efficiency. Sustainable business success emerged from the sequential interaction of entrepreneurial capability, cognitive transformation, and business model innovation, rather than from adopting circular practices alone. Conclusion: The study provides a framework explaining how entrepreneurial orientation and a circular economy mindset jointly shape sustainable business model development. It offers guidance for leaders and policymakers seeking to strengthen circular entrepreneurship, stimulate business model innovation, improve resource resilience, and accelerate the transition toward a sustainable circular economy.]]>
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