Contributing to the subject matter of Entrepreneurship and Economic Development, Adefulu (2008) posited that small and medium enterprises (SMEs) are believed to form a large chunk of entrepreneurial activities and therefore are considered as the engine room for the development of any economy. Furthermore, Hisrich, Peters and Shepherd (2008) assert that the role of entrepreneurship in economic development involves more than just increasing per capita output and income; it involves initiating and constituting change in the structure of business and society.