Economy | The Entrepreneurial Mind

There is a widely held notion that the qualities of good entrepreneurs don't translate to management, but that's not always the case. 

Entrepreneurs should set their minimum salary based on a number of factors, including what the company's revenue is like during both the ups and the downs and what their lifestyle demands.

First-time entrepreneurs who are getting ready to launch a new business face many steps, including creating a corporation. Dr. Cornwall, speaking with an attorney, breaks down how you should go about doing it.

While it may have begun as a means of economic survival during extremely challenging times, entrepreneurship in the Baltics is now the engine that has created a pocket of growing prosperity while the rest of Europe continues in a recession, Cornwall writes.

The vast majority of entrepreneurs engage in 'creative opportunism,' Cornwall writes. Change creates numerous opportunities for entrepreneurs to fill small gaps or find little niches in the market.

We should really use the business model to guide our launch and early development of the venture, Cornwall writes. It is a tool that makes change and updating simple and highly effective.

You never know when you might run across a potential investor or customer, Cornwall writes. So you always need to be prepared to give a clear and concise pitch of your business.

Every entrepreneur benefits by getting help from battle-scarred industry insiders, Cornwall writes, and mentors can get intrinsic and financial rewards from guiding young entrepreneurs. 

Washington tells us that if only we could make more debt available to small businesses they would be able to export more products outside the US, Cornwall writes. But most surveys of small business owners tell us that the weak economy and sluggish sales are their biggest problems, and not the availability of debt.

Finding a market niche is not always enough to build a sustainable business, Cornwall writes. Adjustments in the business model are often necessary to be able to grow a business to the point that it can provide a consistent paycheck.