This chapter explores various aspects that might be associated with entrepreneurial activity and non-entrepreneurial engagement in Colombia between 2010 and 2012. These ratios were calculated from the GEM-Colombia report between 2010 and 2012. Aspects were obtained from the National Expert Survey (NES) of the GEM project and from the Doing Business Study. Sommer's d correlation was used to test significant association. Results show that in general, context conditions in Colombia are adequate to start a business. Positive aspects include public policies to stimulate business creation, skilled specialist teams and reduction in processes required to formally establish an SME. Yet further substantial advance need to be made in terms of access to financial resources, access to technology that is relevant for microbusinesses, implementation of innovation policies and education in entrepreneurship. This is required to enhance the creation of high growth businesses that result in a knowledge-based economy in contrast with a prevalent traditional economy as is the case at present.