This study explores how guanxi networks affect entrepreneurial orientation (EO) as well as how the benefits of social capital accumulated from guanxi networks translate into business performance through EO over different critical events in China's micro-sized enterprises. By collecting data from 119 entrepreneurs of micro-sized enterprises in China with an event network questionnaire, the research findings show that tie strength is negatively related to EO only at the founding event, and the impact of structural holes on EO is inverted U-shaped. In terms of the impact on financial performance, the impact of trust is U-shaped. However, the impact of tie strength on financial performance is inverted U-shaped. Moreover, network density only positively affects the performance in the founding event, and then this effect disappears. EO has an inverted U-shaped effect on financial performance. In terms of product performance impact, the effect of structural holes is inverted U-shaped. EO only positively affects product performance in the first event after the founding event. Only at the first event, structural holes translate a mediating effect into product performance through EO. These results contribute to the literature on social capital, EO and performance in a dynamic and process perspective. Besides, it provides entrepreneurs at the Bottom of Pyramid some understanding on business survival and development over critical events.