Abstract

This research focuses on the influence of COVID-19 on entrepreneurs' psychological well-being in China. A start-up's performance is believed to play an important moderating role. This study uses 2 years of tracking data of 303 entrepreneurs from Shandong Providence, China. Based on conservation of resources theory, this study found that COVID-19 will significantly decrease entrepreneurs' PWB. A start-up's past performance will enhance the negative influence of COVID-19 on entrepreneurs' PWB. This study contributes to the literature on entrepreneurship, COR, and PWB. The findings can also guide entrepreneurs to maintain well-being during the pandemic and post-pandemic era.