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SMEs are significant job creators, and drivers of innovation, and competition in most economic sectors. Furthermore, the traditional constraints of small and medium enterprises, such as geographic operations, are now being dissolved by technological developments. All of this means that there are new opportunities ready to be explored and the fundamental principles of SMEs are being redefined: the aims, competencies, strategy, management, practice, and scope of these businesses are changing, with wide-ranging implications. This is the first part of a two volume work that incorporates scientific chapters on SME business theory and practice. Authors provide a balanced perspective of the present and future of SMEs across all business disciplines, including management, strategy, marketing, economics, and finance. While Volume II explores external issues such as contextual forces, the effects of the financial crisis, and macro-economic effects, this first volume focuses on the individual SME and internal issues such as innovation, quality, and digitization.