Purpose - The purpose of this thesis is to describe and explain how Swedish gazelle firms, as representatives of high growth SMEs, respond to challenges in their economic and social contexts in sustaining growth. Furthermore, the purpose is to provide relevant and valuable recommendations to managers of rapidly growing companies. Finally, this thesis aims at providing suggestions for further research. Method - This research was conducted following a multiple case study research design, constituting four companies. Data derives particularly from semi-structured interviews, held with the owners/CEOs of the four case companies. Findings – Taking a combined resource-based and institution-based view, the study shows that even though the importance of commitment to social issues for SMEs increases through periods of rapid growth, the importance is still somewhat limited for the overall success of the firm. Hence, mainly focusing on the economic context is essential for the firm‘s success, albeit the social context becomes an increasingly important factor to bear in mind for runners of SMEs, particularly when it comes to future expansion. Practical implications - For owners and managers of rapidly growing SMEs, it is vital to form a profound understanding of the challenges that can emerge after a period of rapid growth as well as how to how to most adequately respond to those challenges. For this, it greatly helps if a long-term vision on how and how much to grow is developed before the firm enters its period of rapid growth. Moreover, firm owners need to have or develop significant leadership capabilities in order to deal with the increasing amount of and diversity regarding employees. Keywords - Rapid growth firms, Gazelles, Strategic management, CSR, Growth, SMEs

Although the development of small businesses is generally considered important for income generation and job creation, there has been relatively little research in developing countries such as Ghana on understanding why some small firms succeed and grow rapidly while others do not in. This thesis investigates the influences on small firm growth rates in Ghana using data from a random sample of 252 manufacturing and services firms from the database of the Association of Ghana Industries. The general hypothesis is that, growth is a function of the characteristics of the entrepreneur; characteristics of the firm; strategic factors; environmental factors; and cultural factors. Consequently, the research tests 36 hypotheses drawn from the five main categories of variables using the turnover and the employment growth measures. It also uses logistic regression analysis to isolate significant factors differentiating rapid-growth firms from slow-growth firms. Overall, the research finds strong evidence which suggests that, perception of a market opportunity; university education; multiple founders; entrepreneurs with marketing skills; workforce training; new product development; presence of a clear vision and mission statement; majority non-family members in management and membership of professional or business associations were associated with rapid-growth firms. iv Factors which were significant in discriminating between rapid-growth and slow-growth firms but were more likely to be associated with slow-growth firms included threat of unemployment or actual unemployment as a motivation for starting a business; production skills; legal form (limited liability companies); access to external equity (post-formation); exporting; access to public or external aid; unionization and frequent management meetings.

Although the development of small businesses is generally considered important for income generation and job creation, there has been relatively little research in developing countries such as Ghana on understanding why some small firms succeed and grow rapidly while others do not in. This thesis investigates the influences on small firm growth rates in Ghana using data from a random sample of 252 manufacturing and services firms from the database of the Association of Ghana Industries. The general hypothesis is that, growth is a function of the characteristics of the entrepreneur; characteristics of the firm; strategic factors; environmental factors; and cultural factors. Consequently, the research tests 36 hypotheses drawn from the five main categories of variables using the turnover and the employment growth measures. It also uses logistic regression analysis to isolate significant factors differentiating rapid-growth firms from slow-growth firms. Overall, the research finds strong evidence which suggests that, perception of a market opportunity; university education; multiple founders; entrepreneurs with marketing skills; workforce training; new product development; presence of a clear vision and mission statement; majority non-family members in management and membership of professional or business associations were associated with rapid-growth firms. iv Factors which were significant in discriminating between rapid-growth and slow-growth firms but were more likely to be associated with slow-growth firms included threat of unemployment or actual unemployment as a motivation for starting a business; production skills; legal form (limited liability companies); access to external equity (post-formation); exporting; access to public or external aid; unionization and frequent management meetings.

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