20/04/2011
The top one per cent of entrepreneurs are responsible for 40 per cent of jobs, according to a new study.
The figures from The World Economic Forum seem to show that the sky is often the limit for small businesses who can gain success.
A spokesman the WEF said that business owners should replicate the formula of the businesses within that top percentage in order to gain similar success.
In an interview with eucommerz.com, the report's co-author George Foster said: "Understanding the elite few in their own ecosystem may prove a far more effective strategy than trying to replicate the success factors of other entrepreneurial hubs such as Silicon Valley."
Once SMEs achieve a certain level of success, they often invest in a number of invoice finance processes such as factoring in order to expand to the next level.
Invoice factoring in particular frees up cash held in invoices, allowing a company to fund growth without having to chase outstanding payments.
BBC News report that researchers of the report spotted many similarities during the start-up processes of the top businesses.
The report found that the top one per cent of the 380,000 entrepreneurs surveyed were also responsible for generating 44 per cent of total UK business revenue.
Joe Elvin