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

It can happen because an entrepreneur may not have sufficient knowledge on the right legal forms that matches the legal structure of the business. There are many factors to consider when starting a business such as business size, insurances, partnerships, ownership, taxes, state and local laws, etc. Opening a new business as soon as possible may be exciting, however, not taking enough time to prepare may lead to catastrophic losses. Not preparing enough, not only can put a business out of the map but also land a person in legal trouble. Hence, it is important to study all the legal entities involved or hire an expert to ensure the business starts on the right foot.

2.    What does psychology have to do with marketing?

Psychologists use different methods to help people change certain behaviors, the same happens in marketing psychology. Marketers use psychology to change a person’s behavior to buy a product or adopt a service. Psychology is used to target people’s cognitive biases which help persuade a customer to gain interest in a certain product. Understanding the cognitive process of consumers is the most important step in marketing. Psychology allows an organization to predict and analyze the decision making of the buyer. Marketing turns innovations into marketable, producible, and purchasable ideas.

3.    What types of marketing sway my decisions?

The types of marketing that influence my decisions are advertising and sales promotion. Advertising is one of the strongest types of marketing because it is practically everywhere we look now, it is in cell phones, applications, radio, social networks. Etc. Advertising has the power to persuade how people think and feel with ads, these ads encourage people’s desire to want to buy a product while eliminating any doubts about a product. Sales promotion is another type of marketing that sway my decisions. It influences my choices on buying a product because companies make it seem like the offers are limited and are never going to happen again. With this strategy, they make it difficult for the consumer to pass the opportunity and pressure them to buy their products.

4.     How can I pitch ideas better?

I believe the best way to pitch ideas is to start with the problem first. Then, identify the ideas to help solve the problem. After finding the problem and depending on the issue. The next step for me is choosing which style to pitch the idea in. In most cases, I’d prefer to use the elevator pitch because it gets the point across quickly and at the same time creates great connections with people. In most business environments, people’s time is very limited therefore, brevity of communication is absolutely critical.

5.     What are my strengths and weaknesses in pitching?

My strength with pitching is that I have an eye for identifying problems and process possible solutions in a timely manner. I often find myself brainstorming solutions before others and I have no issues sitting down one on one with others to present ideas for potential improvements. However, one of my weaknesses is that I am introverted and I’m not someone that is overly eager; I always wait for others to pitch their ideas first before I present mine. In most cases, not being a self-starter can significantly slow down a project.