Imagine it this way: a planetary object soars by the Sun at a high speed; at this point, it only has its own velocity that it gained during the explosion when it was first created. As it passes near the sun, a new force i.e. the gravitational force of the sun acts on the object and starts to pull it in its direction. But as it falls towards the sun, a new component gets added; this is the velocity because of acceleration due to gravity. This component, combined with the initial velocity that a planet has, keep it from falling into the sun and give rise to an elliptical orbit.
In short, a planet’s path and speed continue to be effected due to the gravitational force of the sun, and eventually, the planet will be pulled back; that return journey begins at the end of a parabolic path. This parabolic shape, once completed, forms an elliptical orbit.
Inertia and gravity must combine in impressive fashion for any orbit to occur, and given how many other factors can affect the velocity and path of an orbiting object (e.g., other sources of mass/gravity), a circular orbit is just highly unlikely.