The studies about dynamic capabilities approach have been focused on how the combination of the resources enable organizations to deal with the environment. However, important considerations about the role played by entrepreneurs in the inception of these capabilities have been put aside. Therefore, we propose in this paper to analyze the role of the entrepreneur in creating dynamic capabilities for small businesses over time. To do so, a qualitative research was made and data were collected ranging from 1977 to 2016 in a small business. The results show that the resources were used to master three periods in the organizational life and they were sustained by the entrepreneur’s learning process. As a conclusion, it can be said that the entrepreneur’s learning process cannot be dissociated from the learning of the organization itself and in the case of SMEs this may be the primary resource.