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Re: Your October article on the proposed minimum wage hike ("Business Beat"): The feds are going to do it to us again. The economy cannot take a big hike ($4.25 to $5.15 is an increase of over 21 percent).
If some employees get an increase of 21 percent, unions and other employees will say, "Hey, me too!" As overhead rises, the price of the product you sell must also rise. This is called inflation. It won't take long to wipe out the increased buying power of the dollar they just gave them.
I say to the feds, "Get real." The only way to get minimum wage earners more buying power for their dollar is to balance the budget. Once we have a balanced budget, the feds can lower taxes. The wage earner will have more spendable dollars. And as business increases, prices will decrease.
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Oops! we goofed
Regarding your article "The Best Cities for Small Business" (October): Ann Arbor is the home of the University of Michigan. Michigan State University is in East Lansing-about 50 miles away, as the crow flies. Your error was of the same magnitude as putting Yale and Harvard in the same city. It was quite an insult to all MSU alumni. I'm sure U. of M. alumni found it equally insulting.
On a positive note-I enjoy your magazine very much. The October issue is the first one I've seen, and I read it from cover to cover. Keep up the good work.
via America Online
Reading the October issue of Entrepreneur, and specifically the article "Soul Man" [on inspirational author Jack Canfield], moved me to write this letter.
Once in a great while, life tosses us a few too many balls at once. Still, your job as an entrepreneur is to remain on top of the game, heading up your team as the fearless leader in the face of great obstacles. You must be strong, unwavering and inspiring-no matter what!
There is nothing harder than maintaining your optimism when in your heart you want to crawl into a cave and rest for 20 years. This is when we "mock it up"-pretending it is so when it isn't. For example: When sales are down, debt is up and you feel like you're on the losing side, create a picture of success in your mind and hold that vision.
This is when Entrepreneur comes in handy. Success stories based in reality are a key factor in helping maintain your equilibrium as the leader of the pack. I tear out the most inspiring story in Entrepreneur and give a copy to my employees. We discuss it at Monday morning staff meetings and are reminded of the infinite possibilities in our personal universe. This lends strength and power when the lonely entrepreneur needs help in mocking it up!
President, Jungle Press