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Stimulating Components For Business Development In Lat-In American Smes
This study aims to analyze the stimulating components for business devel-opment in Latin American SMEs (case: Colombia). For this purpose, the unit of analysis was the companies listed in the Legiscomex database (trade intel-ligence) as of December 31, 2019, which integrates the national databases of companies registered and validated by the National Tax and Customs Ad-ministration the Confederation of Chambers of Commerce of Colombia. For this exercise of the impact of the four components of business development, 100,000 iterations were defined (Monte Carlo method), which represents a large amount of random data on the information parameters collected and accumulated to estimate a probability distribution of the success that the companies would have in real life, having as input the specific information of financial management, knowledge management, innovation processes and marketing. The results reflect that business development is influenced by four components in the following proportion: Financial Management (30%), Knowledge Management (25%), Innovation Processes (25%) and Marketing (20%).