We developed beginnings of a theory of entrepreneurial resilience that incorporates concepts of resourcefulness, adaptive aspirations and entrepreneurial identity, ideology and values. We developed this work through the discovery of grounded theory based on cross-case analysis of eleven survivors and startups in the US fabric and apparel industry as it experienced the gale of creative destruction. Our theory is built on the foundation of long-standing behavioral theories of the firm and opens frontiers for research about entrepreneurship that incorporates values, identity, ideology and variations in entrepreneurs’ moral ways of being in the world.