Entrepreneurship in developed countries has been the focus of research in countless studies but very few studies have been dedicated to entrepreneurship in developing countries. Within an analysis of entrepreneurship in Latin America, this work focuses on Ecuador and its economic figures, along with the current situation in terms of research on entrepreneurship in the country. It was impossible for us to find nationwide studies about firm creation which have current Ecuadorean entrepreneurs as their direct target population. Hence our decision to collect the opinions of 132 entrepreneurs from all over Ecuador and ask them about the advantages and disadvantages of being an entrepreneur, both qualitatively and quantitatively. Their answers provided us not only with the basis to carry out descriptive statistics, correlation, factor, and cluster identification analyses but also to develop an explanatory model for the potential reduction of unemployment thanks to entrepreneurs' characteristics.