Journal Entry

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

I believe that entrepreneurs typically get in trouble with the law due to trademark and infringement disputes. It is easy for a new business to accidentally infringe on someone else’s intellectual property if the proper research isn’t completed. Compliance laws may also cause legal problems because they are dependent on the business structure and local government laws. It is easy for these laws to go overlooked and result in fines.

2.    What does psychology have to do with marketing?

Psychology is important when it comes to marketing because it gives us insight into the mind of the consumer. You have to know how your target audience thinks and what they find interesting. Where do they find their information and how do we get our product onto those sites for advertisement. It also helps us determine how our target audience behaves and what plays in their decision-making. Without the help of psychology, we are left guessing.

3.    What types of marketing sway my decisions?

Marketing campaigns are designed to influence a user’s reactions or decision-making. They make it appear as if the user needs the product rather than wants it. They use things like cultural trends, economic factors, social norms, etc. By utilizing their observations, they can properly market and influence consumers to purchase their goods.

4.     How can I pitch ideas better?

I can pitch better ideas by first establishing my target audience. By knowing who I’m pitching my innovation to I can better prepare my pitch to appeal to their interests and prepare for questions they may ask. I can also pitch better by having a clear and concise structure of my idea summarized. If my pitch is too long, the audience will easily forget certain aspects of my pitch, and or they will lose interest.  

5.     What are my strengths and weaknesses in pitching?

I believe one of my strengths is being able to communicate clearly. I believe that I am pretty confident, or at least appear to be. I also believe I do a good job at remaining calm and using my critical thinking. Overall, I think I can answer questions on the fly and present my innovation in a clear way. I think my weakness is ensuring that I remain focused on the main issue. I believe that sometimes I can explain in too much detail which may cause the pitch to take too long or cause confusion. I have to work on being more concise when I present.