- Why do entrepreneurs get in trouble with the law?
Part of becoming an entrepreneur is not only being knowledgeable of your trade, but learning and understanding local, state, and federal laws. Regulations and compliance requirements are often complex when starting a business, especially because different business types follow different rule sets. Whether intentional or not, failing to navigate the laws correctly could lead to legal troubles. Furthermore, some entrepreneurs may be willing to participate in illegal behaviors, such as tax fraud or false advertising, if they believe it will further their company.
2. What does psychology have to do with marketing?
Psychology directly relates to marketing by helping businesses to understand consumer behavior and decision-making processes. The way information is presented to consumers will ultimately influence how they will behave. For example, framing a marketing plan to highlight how a consumer will ‘gain’ from purchasing your product has the power to sway them. Furthermore, understanding the psychology of consumers to identify specific biases can also be used to create ads tailored to that specific audience. Ultimately, the more successful a company is at connecting with existing and potential customers’, the more successful their marking will be at influencing purchasing decisions.
3. What types of marketing sway my decision?
Social media marketing has a huge impact on my spending habits in several ways. As I am online, I often receive targeted ads that are very good at getting me to click into the business online store. Additionally, I’ve noticed that many places I frequent are often having limited time only sales, with flashy ads, that create a sense of urgency to buy. Another common tactic I’ve noticed is releasing small quantities of a very popular product to also drive up the urge to buy. Despite being aware of the emotional tactics being used to sway my buying decisions, they often still work.
4. How can I pitch ideas better?
A successful pitch revolved around the following information: solving a problem, explaining how it works, proving there’s traction, and showing your expertise. A good pitch should answer the questions above and scaled to the audience you are speaking to. To pitch ideas better I should create an elevator, short, and long form pitch to have on the ready. The elevator pitch should be something between 30-90 seconds that I can recite anywhere, anytime. The short and long form pitch will be used at different meeting types and should following the 10-20-30 rule. This rule explains that during a pitch use only 10 slides, take no more than 20 minutes, and use 30-point font. On those 10 slides the focus should be on the problem, the market, my business model, my team, the metrics in which I am basing my information, provide motivation to the audience, and sell myself (why me and why now). By following these few guidelines, I can improve my pitch.
5. What are my strengths and weaknesses in pitching?
In my work experience I have had a to pitch products I’ve created that I believed improved upon current processes. I believe some of my strengths include the way in which I incorporate visuals into my pitches or briefs, my knowledge of the products I’ve pitched, my enthusiasm when explaining, and the way in which I can pinpoint exactly why my product should be used. In retrospect, I’ve used technical wording that top level leadership may not be familiar with. I recognize now how that could jeopardize getting buy-in on the product. I am also not the strongest at public speaking, only doing so when absolutely necessary. While I have areas of improvements, I am committed to working through those to become a more effective and confident pitcher.