Contractors with high expectations tend to earn more money than others of their skill level who lack their ambition, according to one expert.

David Chaplin, chief executive of Contractor Calculator, says that there is a lot more to contracting than just "not being lazy", as some people may think.

He says that in his many years of contracting he noticed that some contractors do not strive for more once they have achieved a level of earning acceptable to their standards.

Therefore, those with higher expectations tend to earn more as they do not stop trying until they reach their goal.

"I've met millionaire entrepreneurs at parties who have risen from nothing because they believed from the start that not only were they worth millions, but also that such wealth was attainable," he says.

Meanwhile, Noel Quinn, head of commercial banking for HSBC said that innovation in business is about opening up new channels and markets by way of business models, rather than merely investing in new products and technology.