During the post-war period, many economies of developing countries could be characterized as managed economies. Economies characterized by large-scale production with the production factors capital and labour as the prominent sources of competitive advantage. These economies flourished during the post-war era providing economic growth, jobs, stability and security. In the same period, the importance of small business and entrepreneurship decreased as these seemed to be economically inefficient. Since the late 80s however, small and young firms have returned, boosting economic growth. The production factors capital and labour are no longer considered to be the dominant source of competitive advantage as the importance of knowledge as a production factor increased. Audretsch and Thurik (2004) call this transition the switch from the managed economy to the entrepreneurial economy. Along with the increasing importance of entrepreneurial activity for boosting the economy, the importance of entrepreneurship has also grown on a scientific level making it a well-established academic discipline.