Introduction: Overview of the Book

There is no universal definition of small and medium enterprises (SMEs) nor is there a similar set of parameters used to measure the size of SMEs (Mugano, 2024). Across the globe, countries’ own legislations are used to inform a country’s own definition of SMEs by paying special attention to what constitutes a “small” and “medium” enterprise in relation to the size of the domestic economy (Mugano, 2024). In this regard, in South Africa, SMEs are defined as follows: own-account, that is, enterprises which are owned by entrepreneurs only or sole traders and as these have no employees; micro (1–4 workers); small (5–9 workers); medium (10–49 workers); and large (employing a minimum of 50 workers) (Bhorat et al., 2018).