Why do entrepreneurs get in trouble with the law?

Entrepreneurs can sometimes fall short of complying with the law. This can be deliberate or accidental. For example, when an entrepreneur fails in their due diligence to help ensure employees are safe and protected in the workplace, he/she is violating labor laws and regulations that are mandated by the Occupational Safety and Health Administration. This can result in financial penalties and lawsuits. Entrepreneurs can also get in trouble with tax authorities. Accounting mistakes, whether accidental or not, can result in significant fines and even criminal action. Not to mention, a lengthy tax evasion investigation would place significant stress on the entrepreneur and detract potential investors. For these reasons, it is important that an entrepreneur ensures that they have all legal bases covered by understanding the laws and seeking legal counsel if needed.

What does psychology have to do with marketing?

Effective marketing involves the use of psychology to sell a product to customers and investors. Consumers often buy products that appeal to their emotions and then later justify their purchase with logic. This is why marketing psychology provides such an effective insight into meeting customer needs and triggering emotional responses that influence their decision making. This is the art of persuasion. Every aspect of a given advertisement, such as the colors used, terminology used, delivery format (email, mobile devices, TVs, etc.) are all intentional and are designed to evoke certain feelings in the audience. These feelings can be fear, anger, happiness, pain, etc. For example, advertisements for smart phones often depict someone as unsatisfied with (other brand) phone, and then they purchase (brand) phone that makes them happier as a result. Commercials also try to make the product appear exceptionally aesthetic to the eye, even more so than they appear in real life. All of these factors appeal to our psychology in some way that makes us feel like we need the product when we really don’t.

What types of marketing sway my decisions?

I am usually swayed by a combination of word-of-mouth marketing and content marketing, in addition to a mix of inbound marketing and search engine marketing. For example, I am sometimes convinced into buying a product that is being talked about by a YouTube content creator or blog that is centered around a particular interest or hobby that I am into. Usually, the creator of the video or blog post is not actually paid to talk about the product, and they are just talking about their own experience with the product, such as how the product has improved their life in some way. If I find that the product can benefit me in some way and is a worthy investment, then I will consider purchasing it. Inbound marketing creates a situation where a potential customer discovers a company while looking for a solution. This has happened to me on numerous occasions where I am trying to troubleshoot all sorts of problems on the Internet by using a search engine. The search engine will show me links to many different products that can solve whatever problem I am facing, alleviating any unwanted stress caused by the problem.

How can I pitch my ideas better?

I can pitch my ideas better by being more concise and focusing on the most important aspects of my business venture that potential investors are more interested in understanding. I should  clearly state the problem that needs to be addressed as well as the solution that I am proposing. I should also explain the business model and the reachable market, as well as detailing the core responsibilities of the management team. The pitch must explain the metrics that are used to measure the efficiency of the business venture and it is also important to motivate the audience. More successful pitches also follow certain presentation guidelines. These include using visuals to aid the audience, describing the competition, highlighting critical risks, and avoid talking about unnecessary information that would only bore and even confuse the audience.

What are my strengths and weaknesses in pitching?

When pitching, I am good at being concise and understandable, while also having just the right amount of detail. I can also create effective presentations that are visually appealing. I always do extensive research on topics so that I can address questions and I don’t use too much technical jargon that would just fly over the audience’s heads. However, I do need to improve my oral presentation skills, such as being more motivating to the audience. I also need to get better at speaking my ideas out loud without relying so much on the presentation slides for assistance. I should be more comfortable when presenting and just let the information flow out of my mouth naturally. On a final note, it wouldn’t hurt to rehearse my pitches more so that I can improve in all these weaker areas that I have mentioned.