1.    Why do entrepreneurs get in trouble with the law?

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There are legal laws that entrepreneurs ought to follow as they conduct their activities, failure to which they can get in trouble with the law. The first mistake that entrepreneurs commonly make is failure to obtain professional legal advice from the suitable legal systems in the countries where they operate. Legal advice and tips are essential for the evolution of a business or a project and when starting the business. However, many entrepreneurs rely on the internet for guidance and legal business tips, leading them to unexpected business results that send away investors who are unwilling to invest in high-risk projects (Latorre, 2020. Entrepreneurs can also get in trouble running their businesses in the wrong country. When running a business in a specific country, they must consider factors such as tax regime, legal feasibility, and other regulations that can cause business failure and trouble with the legal system. Failure to respect clients’ privacy is also a mistake that entrepreneurs make, leading to penalties because the law dictates that businesses must respect clients’ privacy.

2.    What does psychology have to do with marketing?

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Marketing involves creating a connection between consumers of products and brands through building consumer awareness of the products and their loyalty to the brand. On the other hand, psychology involves studying the mind and behavior of humans (Mariani et al., 2022). The two aspects, therefore, complement each other in that psychology helps study consumer behavior to create connections with brands through campaigns and awareness. Once consumers’ emotional responses and behavior are identified, different marketing strategies that align with the behaviors can be used to improve marketing activities.

3.    What types of marketing sway my decisions?

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Humor is essential because it will build a positive feeling about the product and the brand and create a good relationship with the producer. The other aspect is a novelty. As a consumer, I prefer new products that are not common in the market; therefore, if a product is presented as new, it would sway my decision. Scarcity as a marketing strategy also sways my choices because I consider scarce products more valuable than common ones.

4.     How can I pitch ideas better?

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It is essential to think well through the details of the concept so that you ensure the picture is actionable and specific, considering the problems it will solve and its cost. It is also essential to identify the scope of the idea to have adequate preparation and time required. When determining the decision marker responsible for approving the concept, it is necessary to recognize their perspective about the idea. Finally, the idea should be well planned and have a structure for delivering the vision.

5.     What are my strengths and weaknesses in pitching?

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My strength in pitching is the confidence that allows me to convey my idea well. I am also well composed when representing my idea and fast enough to use the most minimal time.

My weakness is that I fear disappointment, so it lowers my self-esteem whenever I get a disappointing response.

Latorre, A. F. L. (2020). In defense of direct obligations for businesses under international human rights law. Business and Human Rights Journal, 5(1), 56-83.

Mariani, M. M., Perez‐Vega, R., & Wirtz, J. (2022). AI in marketing, consumer research, and psychology: a systematic literature review and research agenda. Psychology & Marketing, 39(4), 755-776.