The process of shaping an entrepreneurial identity is emerging as a focal point in the field of entrepreneurship. Scholarly efforts to date have turned attention to what happens during the process of identity creation, how, and why. In this article, we seek to extend the current literature by examining how entrepreneurs mold their entrepreneurial identities while enacting circular business models. Specifically, identity construction under circular business modeling is proposed as a negotiation process whereby the conflict mechanisms by which entrepreneurs construct their entrepreneurial identities are highly influenced by stakeholders’ interests. Propositions regarding the inherence of stakeholders are presented and discussed.