New ventures need to become resilient to adversity to overcome threats to growth, profitability, and survival. Particularly, social ventures need to continue fulfilling their social mission. Resilience research focuses on the positive side of resilience––the anticipation of, response, and adaptation to adversity. However, it has neglected its dark side, that is, the potential of resilience to obstruct learning from and intensify the level of adversity. The findings of this inductive study provide insights into how ventures learn from adversity to develop different paths of resilience––one more virtuous, the other more vicious.