COVID-19 is unique in the severity of its impact as it is a humanitarian disaster that has caused both a supply and a demand shock to the global economic system. It has disproportionately affected women entrepreneurs as their firms are younger and smaller. In this commentary, we contend that while all businesses must pivot their business models in times of tumultuous change, simultaneously reducing risk and seizing new opportunities, this is particularly difficult for women entrepreneurs, whose businesses are concentrated in the industry sectors most severely affected by the economic shutdown. We draw on recent survey data from the Diana International Research Institute (DIRI) to identify business model pivots in women-owned businesses, and conclude by offering a set of gendered future research questions.

Women are the majority owners of 30% (6.7 million) of all privately held firms in the US. The vast majority of these firms, however, are smaller than average with only 16% achieving annual revenues of more than $500,000. This suggests that women may have different expectations for the growth of their ventures than men. Using the US Panel Study of Entrepreneurial Dynamics dataset, this paper utilizes an expectancy theory perspective to propose differences in growth expectancies of nascent men and women entrepreneurs. Specifically, we conceptualize new venture creation as a process based on the effort–performance–outcome model of entrepreneurial expectancies and propose that differences in motivations towards growth may mediate those relationships. Our findings indicate that while men want to grow their new ventures to achieve financial success, for women, financial success is just one of many reasons to achieve growth. Implications are discussed.