The case of Zimbabwe:

The respondents of this study were workers and owners of Small and Medium Enterprises (SMEs) and high growth-oriented firms. The study targeted some SMEs operating in Harare Metropolitan Province in the categories of furniture, catering services, clothing and textile industry and taxi operating firms. A descriptive survey research design was used for the purpose of this study. The questionnaire was the main tool used in data collection. Cluster sampling method was used to select participants from the above mentioned categories. Members from the selected firms were randomly sampled to come up with a true representation of the population under study. Data was presented in form of pie charts, graphs and tables. The study used 200 registered and licensed entrepreneurs since their efforts can be traced towards assessing the relative changes in economic growth and socio-economic development. The findings of the study revealed that SMEs make a major contribution to both socio-economic development and growth thereby contributing an estimated amount of 30-40% to GDP and employs over 70% of the working population in Zimbabwe, (Financial Gazette, 2011).