Entrepreneurs often get in trouble with the law because of issues with taxes. Taxes in businesses are designed through classes of a business, whether it is an LLC, C-Corp, S-Corp, Sole proprietary, or partnership. Within these classes of businesses, there are different tax laws required to follow and pay to operate. With all the technicalities of the tax bracket and the managing of a business, entrepreneurs find constant clashes between themselves and the government of the country the business is residing in. This is the major reason entrepreneurs get into legal trouble with a close 2nd being the ability to get sued.
Psychology is the study of how people behave, usually through brain activity, and this plays an important role in the success of marketing schemes. By studying how people react to certain types of messages, this can create a map on how the product can be advertised to reach as many people as possible. Many states in the United States of America are diverse and this causes a mix in how the market (people living within an area) receives information about a product. By studying the market, entrepreneurs can use the 4P’s to market their product to many people. Stating the product being sold, the price point in which it is sold, the place it can be sold at, and the promotion of the product to get interested people to try only truly works with the right information on the reception the product will have on the people the entrepreneur is trying to sell to as their tipping point.
The types of marketing that sway my ability to decide on a product solely depends on the efficiency of the product. I like to think that I am practical in my decision-making skills to mainly acquire products that are shown to make a significant difference in my way of life. Since I have had some experience in sales, many emotional pitches feel fake and disingenuous to me. By displaying a problem, I can relate to, a potential solution to that problem, how it works, why it is better than the competitors, and a reasonable price point to pay, the companies that are selling the product can generally get me to purchase said product in order to solve the problem I have.
When I have pitched my ideas in past, I have found that my pitches tend to be full of stutters, fidgets, and incomplete. Through intensive research and practice on said speech, my pitch does get slightly better, but my timing is often off at that point. Like anyone new to the corporate world, to solidify my pitches as actual business proposals, I must accomplish being more proficient in the picture, proof, and pitch. These three of the four P’s to pitching are often inconsistent in my pitching, and to improve them would be a drastic improvement on my pitching as a whole. My biggest strength in pitching would be my attention to detail and quick wit to answer questions about my product to the potential investors. I have found that even without the proper research on a topic being asked, by assessing the tone it is asked, I can find the type of answer the person is looking for, and this often aids me in creating assurance in the product I am selling. My biggest weakness would be my ability to generate an appropriate tone of voice when discussing the product. My “pitch” is often too low or too high which has left teachers taken aback by my speeches in the past. This paired with my difficulty standing at a proper stillness when presenting has been weakening my pitches.