PowerShell: Error on Modifying Shortcut Properties

Problem

PowerShell appears in a console with a blue background by default. If you try to change any of the console properties like fonts, colors or size and try to save it, it throws the following error:

Error Updating Shortcut
Unable to modify the shortcut:
.
Check to make sure it has not been deleted or renamed.

Solution

The shortcut has neither been deleted or renamed since we opened the PowerShell console, so this error message is useless. To be able to modify the PowerShell console properties, make a copy of its shortcut and place it anywhere in the Start menu folder. You might want to rename it to My-PowerShell or something different. Open PowerShell using this new shortcut and you will be able to modify and save its properties.

Tried with: PowerShell 2 and Windows 7