Entrepreneurship out of necessity or opportunity? Comparative analysis of microbusinesses in theColombian Caribbean 2022–2024

Abstract

Introduction: Entrepreneurship in Latin American emerging markets has been widely documented as a phenomenon driven more by economic necessity than by the identification of business opportunities. Objective: The objective of this study is to characterize the dynamics of entrepreneurship in the Colombian Caribbean region during the 2022–2024 period, identifying the motivations driving the creation of microbusinesses, the sources of financing used, and the age of these businesses, with a comparative analysis among the region’s major cities. Methodology: Methodologically, the study adopts a quantitative approach with a descriptive–comparative scope, using microdata from the Microbusiness Survey (EMICRON) of the National Administrative Department of Statistics (DANE) for the years 2022, 2023, and 2024, including a time-series analysis for the period studied. Results: The findings show that 71.4% of entrepreneurs in the Caribbean region started their business out of economic necessity, that 64% financed their ventures with their own savings, and that access to formal bank credit barely reaches 4%, being surpassed by informal credit. However, a positive trend is identified in the period studied: opportunity-driven entrepreneurship nearly doubled, rising from 9.6% to 14.3%. Conclusions: It is concluded that, although structural fragility persists in the region’s entrepreneurial ecosystem, there are signs of gradual improvement that require public support policies tailored to each territory.