Common legal issues an entrepreneur can face comes from a lack of understanding. In my last journal, I discussed legal issues an entrepreneur can face but what I failed to mention was why. A new entrepreneur is tasked with multiple jobs all at once to get their business off the ground. However, when wearing multiple hats, some things can fall through the cracks. Things like hiring a lawyer to protect the business, the proper patents to protect the product or service and hiring the correct staff and creating a safe workspace.
Psychology is the scientific study of the mind and behavior. Marketing is the process of promoting a company and the product or service it sells. Psychology in marketing is the studying of the mind and behavior for promoting a company and the product or services it sells. Its an effective strategy to gauge the consumers’ interest. In one of my previous journals, I mentioned a hair tool that blow dries and straightens the hair safely. Before it came to shelves, it went through the testing phase. This is where the researchers of the product are collecting data on how to best market the product or service. Psychology in marketing plays an important role in building a company because it gauges the success of a product or service. In doing so, the entrepreneur can best gauge the receptiveness to its audience before promoting the product or service.
Marketing strategies with familiar faces, at certain events and when I’m in a good mood have the potential to sway my decisions. Marketing is used to entice the buyer into making a purchase. There are four P’s in marketing that can sway a buyer. The four key elements of marketing are product, price, place and promotion. For example, this weekend is the SuperBowl. The SuperBowl is a great opportunity to capture a buyer attention or entice a consumer to make a purchase. Football is America’s’ game so, the SuperBowl is the perfect place to promote a product of any price. The consumers vary in ages and economic status, so promotions of all type can be seen during this game. Throughout the game, you will notice a lot of familiar faces encouraging you to do a lot of things. Viewing your favorite celebrities amidst all the excitement, can make the consumer more receptive and sway decisions.
I can pitch better ideas with better preparations and better captivation my audience. Personally speaking, my hardest class at Old Dominion was public speaking. My teacher constantly corrected me on projecting and eye contact. Truth be told, I was and continually am, scared. Big crowds and attention on me has always made me uneasy and giving speeches has never been my forte. In order to pull off a decent speech in that class, I would spend hours trying to perfect what I said, so it was one last to worry about. The hardest however, part was delivery, I could memorize what I wrote but never say it with the same conviction I had in the mirror. Seeing myself losing my audience only further worsened my delivery. updating my preparations, like making cue cards will, prepare me for my pitching my ideas. Using cue cards will also allow me to change focus and give more eye contact to my audience. Projecting my voice will allow my ideas to be heard and tightening up on my language will make sure my message is received clearly.
My strengths in pitching are the ideas themselves. I believe the ideas I do pitch good ideas but my delivery is still off. In a group setting, I am tasked with the preparation for the speaker. I can bullet point great talking points regarding the idea. Speaking on those points, still presents difficulty but I would not describe that as my weakness. My weakness is my confidence. Now that I have this time to reflect on my shortcomings in pitching, I realize the most important attribute to have in a pitch is confidence. Confidence is key when pitching ideas because you want the consumer to know you believe in your product or service.
