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

Many entrepreneurs often get in trouble with the law due to a lack of legal knowledge of local and federal laws governing business. Typically, an emerging entrepreneur’s main focus is on the product or service they produce. Their area of expertise may be outside of the legal profession and not knowing all the legal requirements is common. This can range from filling out the appropriate forms, filing taxes, obtaining certain licenses, and abiding by local and federal regulations. A simple oversight such as not obtaining an appropriate license would lead to legal consequences for the entrepreneur in the future.

2.     What does psychology have to do with marketing?

Psychology plays an essential role in understanding and influencing consumers. Take for example the use of personalized and targeted advertisements. Rather than wasting resources and attempting to sway an entire group to purchase a product, your odds of convincing a smaller group with related interests to the product are higher. A business is attempting to persuade the consumer to purchase their product. To effectively persuade the consumer, the business must understand current trends, patterns, and decision-making processes. A consumer typically has many options to choose from, and it is up to a business to convince the consumer that their product stands out from competitors.

3.     What types of marketing sway my decisions?

One type of marketing that sways my decisions often occurs when the business offers product discounts or promotions. Typically, when I go shopping it’s always to find a specific product. I don’t enjoy shopping and make it a point to get in and out of a shop. However, once I get to the department or section of the store for my product, my decision is primarily influenced by any deals the store may have. Depending on what I intend to use the product for, I usually go for the cheapest deal. Now if it is a product I will rely on or use more regularly, I tend to choose quality over a discount or promotion. Depending on the use of the product influences my choice between a cheaper alternative or a quality product.

4.     How can I pitch ideas better?

I feel the best approach to improving a pitch relies on starting with something to initially grab the audience’s attention and having visuals. Having a good first impression and grabbing the attention of the audience is vital in proposing your idea. You want the audience to be engaged and listen to your ideas. It can also set the tone for the rest of the pitch. Having visuals for the audience can also help the audience visualize your ideas, especially if it’s of a product you are attempting to pitch. A tangible product that the audience can see can increase confidence in your ability to deliver the product.

5.     What are my strengths and weaknesses in pitching?

One strength I have in pitching is breaking down or avoiding technical jargon that the audience may not understand. This strength comes from living with three very curious children. Regularly, they would ask about my studies or questions about anything that comes to their mind. I would have to break it down or attempt to relate it with something they can better understand. However, the ability to break down technical jargon is closely related to one weakness I continuously attempt to overcome. This weakness involves overexplaining and losing the audience. While attempting to explain technical jargon, I tend to repeat myself fearing as though my explanation may not be sufficient enough.