Although recent evidence suggests that the development of dynamic capabilities (DC) is a key factor to gain and sustain competitive advantages to promote firm´s growth, the question of how SMEs create, identify, and seize opportunities for growth have not been fully explored, particularly in developing countries with scarce resources. The aim of this study is to shed light on how SMEs develop capabilities to grow in the specific context of developing countries with resources constraints. To achieve a detailed description of the processes involved, this study applies a qualitative methodology based on a comparative case study of eight SMEs within the software and tourism industries in Argentine, which have been previously identified as dynamic sectors with high growth potential. Our findings suggest that SMEs develop DC mainly through an emerging process of iterative experimentation rather than through strategic planning. This process involves the coordination of organizational actions and resources, with managers playing a key role.

Los estudios sobre Emprendimiento han realizado importantes esfuerzos por determinar el éxito empresarial, estigmatizando bajo la connotación negativa de fracaso la discontinuidad de iniciativas empresariales. A partir de la literatura del fracaso, que identifica factores determinantes, síntomas y efectos, el presente trabajo busca comprender cómo enfrentan y perciben los emprendedores la discontinuidad de iniciativas empresariales en etapas tempranas y cómo afecta sus trayectorias. Se presenta un estudio de casos múltiples basado en historias empresariales de emprendedores de un Polo Informático en Argentina. Los resultados demuestran que los individuos transforman lo sucedido en experiencia, absorbiendo aprendizajes útiles para su desarrollo personal y profesional, aunque continúen o no emprendiendo. Se pretende contribuir a la desestigmatización del fracaso, entendiéndolo como parte del proceso empresarial.