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

Entrepreneurs get in trouble with the law for many reasons, like being unfamiliar with the various legal forms for businesses, as well as their advantages and disadvantages.  In some cases, the legal form of your company may require too much cash to pay taxes, leaving you short of funds to develop your own business.  Moreover, entrepreneurs who break the law or engage in illegal activities may face legal trouble.  Additionally, entrepreneurs may also get in trouble with the law because customers can sue businesses if they receive misleading information, such as in advertising.  Entrepreneurs need to be aware of their legal form and stay compliant with the laws.

2.    What does psychology have to do with marketing?

Marketing relies on psychology to understand consumer behavior.  Marketing is interdisciplinary in the sense that it can draw insights from the field of psychology to help entrepreneurs understand consumers behaviors in order to persuade them to buy or use their products or services.  Learning consumers behaviors enables entrepreneurs to decide the best advertisements for their products or services.  Additionally, research can be conducted to gather consumer data from surveys to gain more insights into consumers preferences, allowing marketers to meet their consumer needs.

3.    What types of marketing sway my decisions?

From the four types of marketing mixes, I feel that the product and price of marketing tends to sway my decisions on whether to purchase a product.  For example, the iPhone as a product/core product catches my attention due to the design, security, quality, and the longevity lifecycle of iPhones.  The cost of a product, such as the iPhone, influences my purchasing decisions because I do not require the top-of-the-line iPhone, which can cost hundreds of dollars more than lower-tier iPhones.  Also, the augmented components of Apple iPhones keep me from buying other brands of smartphones when it’s time for me to buy a new phone because I enjoy using facetime, find my iPhone, and the iCloud features that the Apple iPhone has.

4.     How can I pitch ideas better?

Walking into the room at your best, maintaining your energy, and beginning with a compelling opening to capture your audience’s attention will help you pitch ideas better.  You can also pitch ideas more effectively if you use ten slides, have at least twenty minutes to present the slide show, and make the font on the slides 30 points.  To pitch ideas better you must be prepared and rehearse your pitch.  Seeing yourself on video as you give your pitch can help spot things that you can fix like if you’re using too much technical jargon or speaking too fast.  Also, get feedback from your friends and family and be open for suggestions.

5.     What are my strengths and weaknesses in pitching?

To be honest, I’ve never pitched anything before.  I’ve given speeches in previous classes, but never a pitch with a slide show.  If I gave a pitch, I believe my strengths would be being well-prepared, having excellent slides, and keeping my pitch brief and to the point.  Some of my weaknesses in giving a pitch would be being nervous, speaking too fast, or not speaking loud enough.  I may also finish my pitch too soon as a result of speaking too quickly and losing track of time.  Knowing my strengths and weaknesses when making a pitch will help me improve my presentation and increase my chances of winning my audience attention.