The world of business is undergoing a time of considerable stress, change and in some sectors unprecedented growth. Much of the conventional wisdom concerning business education and theory is being challenged and thus it is all the more important to endeavour to elucidate what is taking place. Economic certainties look increasingly vulnerable and existing formulas appear jaded and in some cases moribund. Where once academics were fixated with global brands and multi-nationals increasingly the role of SMEs is coming to the fore. Governments from Armenia to Somaliland are keen to find ways to stimulate business and thus create local employment.