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

2.  What does psychology have to do with marketing?

3.  What types of marketing sway my decisions?

4.  How can I pitch ideas better?5.  What are my strengths and weaknesses in pitching?

Entrepreneurs and business owners, alike, face inevitable legal challenges when they are unaware of their rights, obligations, and which specific law applies to their business. It is of utmost importance that an entrepreneur or business owner stay up to date with the laws that govern their industry to avoid any legal mishaps. Tax evasions or mistakes, for example, can get an entrepreneur in a lot of legal trouble. Not knowing what tax law applies to your business and not filing the right tax returns can result in big fines or imprisonment. Choosing the right legal structure and adhering to the law, in all aspects of your business, helps eliminate any future legal mishaps.

Psychology is the study of mind and behavior. It is associated with marketing because it is the attempt to understand how consumers think and their decision making. Putting your ideas or products forward will require a selective strategy on how you market each product. For example, marketing your idea or  product to early adopters will influence the success or the failure of that idea or product. Innovators and businesses often seek to gain the approval of this group of consumers because they are the opinionators, they are ones that society looks to for acceptance of this new product.

As a consumer, I typically like to buy new products that have been accepted by the late majority. More often than not, my decisions are swayed by price and sometimes by the promotions made for a particular product. As an entrepreneur, my decisions are swayed by the product, price, and place. Is this something my consumer will need or want? How is this product different from all the other marketed products? Who are my targets? Various questions with various answers which would require a great amount of research.

Pitching ideas to just about anyone is a great way to get the message out. I have always been one to shy away from a large group of strangers especially when it comes to public speaking. However, this is something that I must overcome if I want to be a successful entrepreneur. To pitch my ideas better, I must first overcome the fear of public speaking. It is only then will I be able to succeed in getting my message out. Knowing what my product is, how it works, and why my product is better than my competitors are all essential information when pitching ideas. Furthermore, focusing on the problem that I am solving, explaining the business model, and introducing my team and their accomplishments  would also be a great way to make my pitch better. As I have mentioned, public speaking is my biggest weakness when it comes to pitching. I can come up with new ideas, do the research and back them up with facts but to have the strength of public speaking is something I am currently working on and hope to overcome in the near future.