This article presents a comprehensive investigation on the practices of the software industry in Chile, aimed at gaining a deep understanding of its processes, tools, and methods, as well as the factors influencing success, risk, and failure in software product development. In response to the scarcity of detailed studies in this field, the study employs an ethnographic approach, gathering first-hand data through a series of short stays in various software development companies across the country. The findings show that companies apply a set of best practices in their projects, with active client involvement highlighted as a critical factor for successful development. Additionally, common practices are identified, such as project estimation based on expert judgment, development teams generally consisting only of project managers and developers, and the use of meetings as the primary method for requirements gathering. The study also reveals the adoption of agile methodologies and the implementation of various tools to optimize product development. This empirical analysis provides a solid foundation for the development of future methodological strategies in the software industry in Chile, with implications that promote continuous improvement and an increase in project success rates.