Abstract
This study examines how entrepreneurial resilience shapes venture success during the uncertain phases of venture creation. Drawing on Liminality Theory, resilience is conceptualized as a transitional capacity influencing how entrepreneurs move through ambiguity toward venture viability. Using longitudinal data from the Second Panel Study of Entrepreneurial Dynamics (PSED II), we analyze 867 nascent U.S. entrepreneurs (2,533 observations) tracked from 2005 to 2011. Cox proportional-hazards models estimate linear and nonlinear effects of resilience on the likelihood of reaching positive cash flow while accounting for funding and key controls. Results show a negative linear association between resilience and success. When nonlinearity is considered, resilience exhibits a significant U-shaped relationship, indicating that moderate resilience is associated with the lowest probability of profitability, whereas both low and high levels are more favorable. Funding shows a positive main effect but does not moderate the nonlinear pattern. These findings challenge the assumption that resilience is uniformly beneficial for entrepreneurial success.