The present paper examines COVID-19 impediments and business start-ups in Pakistan when the country entered the second wave of the COVID-19 pandemic. This study selected entrepreneurs in Pakistan to explore the effects of the second wave. The study findings highlight the significant negative impacts of fear of COVID-19 ( FC ), COVID-19 stress and anxiety ( SA ), and perceptions of the arrival of COVID-19's second wave ( ASW ) on business start-ups ( BS ). The findings may support policy makers in diminishing the fear, anxiety, and negative perceptions of the arrival of COVID-19 waves.