The aim of the study is to obtain the most-fit business models for the industries, as well as companies and small medium enterprises, which is relevant with recent environmental and social issues. The business models constructed based on circular economy concept. Moreover, it is to observes that the circular economy supports the industries transformation in managing resources and creating value. Economic growth in Indonesia over the last few decades has not been supported by natural resource governance practices, especially those based on industry. Exploitation of natural resources has caused environmental damage and economic losses. Indonesia’s government together with supported institutions have started implementing circular economy in Indonesia, but it still more efforts to create a better environment. The study involves companies and small medium enterprises as research sample, and using a set of experimental method; design a circular business model, iteration processes, exploration and conduct participation of external parties (competitors, local government, or local communities). The study expected to provide recommendations of an appropriate circular business model for entrepreneurs. There are several crucial things to consider in implementing a circular economy, such as resources, revenues and costs related to model’s implementation, environmental and social aspects.