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. This means that there are new opportunities for SMEs, and their fundamental principles 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.

1. Introduction: The Changing Opportunities and Challenges of SMEs in Contemporary Business

2. Exploring SMEs Risk Management in Southern Germany
3. The Medical Clinic of Proximity: Business Controversies and Medical Challenges
4. The Role of Digitalization in SMEs' Strategy Development: The Case of Sweden
5. EU Public Procurement - The SME Perspective
6. The Impact of Economic Austerity Measures on Corporate Performance: The Case of an SME-Dominated Construction Industry
7. Digital Transformation as a Source of Innovative Growth for Small and Medium Enterprises in Russia
8. Critical Success Factors for SMEs in the UK Chemical Distribution Industry: The 'Brexit' Effect
9. Integrating Business Model Innovation and Corporate Governance in Family-Owned SMEs: A Dynamic Capability Perspective
10. The Competitiveness Challenge for SMEs: The Case of Târnave Wine Cluster, Romania
11. Indigenous Entrepreneurship in Australia: Theoretical Elucidations and Research Avenues
12. The Role of SMEs in Electricity Markets.