Because of their vital role that private companies play in the global economy, it is important to understand the issues they face and how to overcome them. One issue they face to a greater extent is resource scarcity, such as financing, employees, stakeholders, knowledge, and technology, which causes issues and affects their ability to grow. Overall, this thesis seeks to contribute to the existing body of knowledge in entrepreneurship by providing insights into the factors that drive the success of entrepreneurial firms. The purpose of this thesis is to investigate how private firms can survive in a resource-scarce environment by highlighting factors beneficial to their continued growth. To meet the purpose, an inductive approach using semi-structured interviews and a thematic analysis were used in order to come to a conclusion. It is concluded that firms must find effective strategies to allocate their resources to get the most use out of them and embrace innovation and technology, as well as to have close relationships with their stakeholders, as they can be of great help both during easy and hard times.