Much like Spain, Portugal has suffered over the last few years: a multi-billion euro bailout, crippling austerity, high youth unemployment and job losses.  João Romão is a young entrepreneur based in Lisbon. After quitting his consultancy job, he founded digital start-up GetSocial – a software as service company that provides website owners with 'a social media app store' – in 2013. For Romão, Lisbon – and Portugal – has much going for it.  "I believe that Portugal is one of the best places to set up and run a company," he told CNBC.com in a phone interview.  Romão went on to say that, "In Portugal you can create a company in half an hour with 300 euros. You go to an IRS office, you create a company, fill in two papers and it's done."  Incubators such as Startup Lisboa – which is located in two buildings in downtown Lisbon – offer new companies low-cost working spaces, networking opportunities and encourage knowledge sharing.  Read MoreWhat can kick-start Europe's economic powerhouse?  According to Romão, Portugal is fast becoming a hub for young, ambitious tech start-ups. "Three… three and a half years ago, there was no such thing as an entrepreneurial eco system in Portugal. There were a few spots here and there, but not this movement, this way of living."  Romão added that a sea change in attitudes towards employment among young people is also happening. "What's happening today is that the youngsters, those who are graduating now from college, they are less risk averse. They don't believe the 'job for life' theory."  Portugal's bailout program ended last year, and while the International Monetary Fund recently stated that in 2015, "Portugal's economic recovery is expected to strengthen," it also noted that, "policymakers still need to address several difficult legacies of the crisis and long-standing imbalances."  Wages in Portugal are low, and for Romão, this is actually helping to attract big hitters from the U.S and Europe to outsource operations to Lisbon.  "One thing we're starting to see here in Lisbon is many start-ups from Europe, from the States, getting their IT departments [and] development departments here in Portugal," he said.  He went on to add that, "You're probably going to pay $100,000 or $120,000 for an engineer in San Francisco, you can get one for $25,000 here."  "Imagine what you can do with a budget for one engineer – you can have a whole team of them."
Two entrepreneurs - one Spanish, the other Portuguese - tell CNBC.com how they have managed their business during tough economic times.