Many different external and direct factors can spell trouble for entrepreneurs. In the case study given in this module’s introduction, instances like the dollar value decreasing toward trading entities can cause a decline in transactions. The volatility of the entrepreneurial environment had caused the ladies in the case study to lose their consumers and lose to their competition, thus having to file a Chapter 7. Of course, they may not know the parameters of filing a sole proprietorship or LLC, or other types of organization, thus getting them in trouble with the law.
What does psychology have to do with marketing?
Marketing in entrepreneurs has to do with socially engineering people’s thoughts to accept your product. Human decision-making helps to influence how information is presented to an audience. How a position is framed impacts what they will accept and reject. Using this psychological tactic in a marketing plan helps to sway decision-making in a community.
What types of marketing sway my decisions?
Marketing influences consumer behaviors as they may bring out certain reactions that are tied to emotional reactions. Human decision-making influences how the audience perceives information. This includes emotional nostalgic triggers that may elicit certain connected memories. Being able to use imagery and word association with an audience you have researched will help you use those phrases while associating with the audience.
How can I pitch ideas better?
A big way to pitch ideas better is to know your audience. According to one of the lectures, there are 5 different parts of the population that are considered by entrepreneurs. These are Innovators, Early Adopters, Early Majority, Late Majority, and Laggards. The innovators are those who pitch these new ideas, A.K.A. us. Knowing whom we are speaking to will help us find those early adopters that can help convince the early majority and so on. When the early adopters and majority are on board, the rest will be influenced to at least try out your product. As for the pitch itself, if we present it in a positive way that explains how the audience can benefit from it with proof points, then they will be more inclined to be on board.
What are my strengths and weaknesses in pitching?
I believe that my strengths in pitching include creating a strong stage presence. Once I have done my research and rehearsed my pitch, I am able to portray a sense of both confidence and familiarity that may help me relate to my audience. Luckily, with said research, I can share my thoughts in a concise manner. A weakness I have realized I have in pitching includes the volume of my voice. I believe I am great one-on-one; however, I tend to be deficient in finding a good volume of my voice to portray among a larger group. Another weakness I may have is forgetting my topics. This isn’t a major issue in all reality, but I have realized that I sometimes lose my train of thought if I am talking or recollecting a long memory.
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