The economic collapse of 2008 was devastating for the small nation of Iceland. This report is focused on the effect the collapse had on domestic entrepreneurship. An analyses of how leaders of entrepreneurial firms estimated the complexity and uncertainty of and before the economic collapse is conducted. How, if and when the firms responded to the changing environment is investigated with respect to the firms’ development. Interviews with a group of entrepreneurs are conducted for information gathering. The importance of a misfit between the macro level and micro level in a time of crisis is underlined along with the importance of operating globally. Based on the results from the analysis, five operating recommendations are presented. These are aimed at entrepreneurs, managing under uncertain and complex circumstances in a time of economic crisis.