Challenges and barriers in transition to circular economy business models

¹ Batumi Shota Rustaveli State University, 6000 Batumi, Georgia
² Georgian National University, 0144 Tbilisi, Georgia
³ Iv. Javakhishvili Tbilisi State University, 0186 Tbilisi, Georgia
⁴ Batumi Navigation Teaching University, 6000 Batumi, Georgia

^* Corresponding author: t.maisuradze1@seu.edu.ge

Abstract

Circular Economy (EC) is a term that has not been studied fully yet and is attracting the growing interest of scholars. It is vital for our planet and each of our lives to take care of EC principles. In this process, the business sector plays a leading role. This process is challenging and requires understanding circular economy principles first, after analyzing linear business models and comparing them to the CBM (Circular Economy Business Model). Based on these, it will be easier for businesses to adopt any of them. The aim of the paper is to discuss these and give recommendations based on the literature, research papers, and publications available at this moment. Key Findings: The barriers to moving from BM to CBM are still strong, but business behavior shows that there are already some signs of a circular economy, which can be considered an important step for the planet and people’s lives; recommendations are given on how to help businesses to overcome obstacles on this difficult path.