Get the best of Monitor journalism in your inbox.

Economy | The Entrepreneurial Mind

  • When launching a business, culture is key

    Entrepreneurs are paying a lot more attention to the cultures they create in their businesses. Culture is important, but it should never take precedent over a company's financial viability. 

  • Want to be an entrepreneur? Be patient.

    The ability to start a new business does not make an entrepreneur successful. In many ways starting the business is one of the easiest parts of the entrepreneurial process. Building and growing it into a sustainable venture is the hard part. But, it is also what determines true entrepreneurial success.

  • How to quit your day job

    How two first-time entrepreneurs managed the risk of giving up a steady paycheck to pursue their new business.

  • Budding entrepreneurs: Find your 'big reasons'

    Starting your own business is tough enough without knowing why you're really doing it. Prospective entrepreneurs, think carefully about what your 'big reasons' are to dive into entrepreneurship, Dr. Cornwall advises.

More The Entrepreneurial Mind
  • Can entrepreneurs make good managers?

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

  • Three questions to ask when setting your own salary

    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.

  • Launching a business 101

    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.

  • Necessity is the mother of ... entrepreneurship?

    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.

  • 'Creative opportunism': How entrepreneurs build the economy

    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.

  • Entering the market? Business model trumps business plan.

    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.

  • What's your 'elevator pitch'?

    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.

  • Want to be a successful entrepreneur? Look for mentors.

    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. 

  • More debt is not the answer to small business troubles

    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.

  • Paying the bills with a small business

    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.