Entrepreneurship: An Engine for Economic Growth

Abstract

This study was carried out to evaluate the impact of entrepreneurship on the socioeconomic development of the Zimbabwean economy with the aim to have an insight on whether it is a policy for socio-economic reform or a gimmick to sale the nation's brand to the world. The study was carried over five months in five different entrepreneurial organisations. Face-to-face interviews and documentary analysis were used to gather data. The study found that entrepreneurship indeed, create wealth and employment for the majority of Zimbabweans. It was noted that entrepreneurship was contributing to economic growth, through paying taxes to the government and creating employment in comparison to mere branding of the nation. All the participants indicated that recapitalisation of their businesses was a major concern since there were no lines of credit from the local banks and financial institutions justifying that the Entrepreneurship drive in Zimbabwe is real but not a smoke screen for national branding. They also bemoaned restrictive investment policies and legislation in the country. It was also found that the Government was not supporting the growth of entrepreneurial organisations which to some extent reflects the policy the government to be more of self-branding rather than societal empowerment. The study concluded that entrepreneurship is a critical vehicle for creating employment and growing the Zimbabwean economy. The study recommended that financial support, capacity building and enhancement and a supporting legal framework were critical for the formation, survival and growth of entrepreneurial organisations in Zimbabwe.