Over the last two decades entrepreneurship and small and medium enter prises (SMEs) have emerged as the engines of economic and social development throughout the world. SMEs are now considered as important drivers behind the growth and creation of employment, economic growth and increased national and regional competitiveness in a globalised economy. Within the European Union the SME sector is seen as a major feature of the economy. SMEs are key to entrepreneurial spirit and innovation, and therefore crucial to ensuring EU competitiveness.