Access to quality early childhood education is a sustainable development goal towards empowering people in an emerging economy. The purpose of this study is to examine how the coronavirus disease impacted a small early childhood business in Vietnam, which experienced two waves of attacks. Previous studies have examined mainly the impact of various factors under stable environments. This study differs in that COVID-19 brought sudden, lasting, and impactful changes to the business environment. The study uses a case-study research approach that invited a small business owner to write and share the biography of the business from the start to the date of the research study and analysed the content using the theory of planned behaviour. The shared belief systems of a business to succeed led the owner to invest loan funds and join the company that became successful with planned actions. Dependence on a rental property later stalled the business growth. The owners settled into a stable way of business thinking. The two waves of coronavirus pandemic in Vietnam that affected their business location dried up cash, forcing the business into voluntary liquidation. The impact of coronavirus disease on small business in an emerging nation, Vietnam, can bring out lessons of business survival and ways policymakers can assist companies in surviving considering their capital structures under destabilising business environments. The qualitative causes found for the theory of planned behaviour can become useful for a later quantitative investigation.