Navigating Financial Constraints: A Qualitative Study of Startup Survival Strategies in Makassar

Abstract

This study aims to explore how startup founders in Makassar navigate financial constraints and develop survival strategies during the early stages of business development. Financial limitations remain one of the most critical challenges faced by startups, particularly in emerging regional ecosystems where access to venture capital, bank financing, and institutional support is still uneven. This study employed a qualitative descriptive approach using semi-structured interviews with startup founders, co-founders, and key decision-makers operating in Makassar. Data were analyzed using thematic analysis to identify recurring patterns related to financial challenges, resource mobilization, and business survival practices. The findings indicate that startups in Makassar survive financial constraints through four main strategies: bootstrapping and strict cost control, revenue-first business models, network-based resource mobilization, and adaptive business model adjustment. These strategies enable founders to maintain operational continuity, reduce dependency on external investors, and strengthen business resilience in uncertain market conditions. The study contributes to the literature on entrepreneurial finance and startup survival by providing contextual insights from Makassar as an emerging entrepreneurial ecosystem in Eastern Indonesia.