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The COVID-19 pandemic created unprecedented challenges for businesses globally, particularly affecting Small and Medium-sized Enterprises (SMEs). Although SMEs often demonstrate remarkable resilience, a lack of comprehensive understanding of coping with highly disruptive crises still needs to be addressed. Through 34 semi-structured interviews with SMEs in Germany, this exploratory qualitative study addresses epistemological gaps in SME resilience research, offering insights into why some individuals and companies exhibit exceptional resilience. Building on previous research highlighting optimism, flexibility, perseverance and motivation as crucial resilience factors, it links traits and behaviours of entrepreneurs at the individual level to firm-level measures and strategy alterations. Our findings point to internationalisation as a further resilience factor, suggesting that exploring new markets and embracing diverse business environments can enhance entrepreneurial resilience. Furthermore, the observed duality of motivation and internationalisation underscores that, at the micro-level, internationalisation has positive implications for organisational decision-making and outcomes during crises.

COVID-19, crisis, international entrepreneurship, migrant entrepreneurs, entrepreneurial resilience, organisational resilience, SME, knowledge-intensive services, retail