Internal:
Arrows represent direction and ambition. Drawn aggressively, they represent a desire for action. Drawn in careful outline, they indicate a desire for progression or advancement, especially if pointing upwards. Arrows traditionally have masculine associations. Drawn with a heart, it becomes cupid's arrow.
External:
Arrows might be inspired by motifs in Western or fantasy movies, Robin Hood, an experience of following arrow-marked paths (or even a love of archery!)
