Belmont Professor of Entrepreneurship Dr. Jeffrey Cornwall was recently featured in the WalletHub article “Best Cities to Start a Business” as the company wanted to consult with entrepreneurship experts to share their thoughts on several startup-related questions.
Cornwall shared his advice for aspiring entrepreneurs, with his first note being to understand the interdependence of their business finances and their personal finances. “Accurate financial forecasts of the business will help determine how much personal funding is necessary until the business can consistently generate income for the entrepreneur,” he explained. “The entrepreneur must truly understand the market need being addressed and have a marketing plan that will ensure that customers will be attracted to the new business.”
He also advised finding a market with a need and coming up with a solution rather than seeking out a market for a cool idea they came up with. He said, “The truth about predicting the ‘next big thing’ is that we never really know what it will be until it has happened. Then those who were lucky enough to make the right guess look like visionaries!”
To read more on Cornwall’s insight and his feature related to the best cities to start a business, visit WalletHub.