Entrepreneurs can adopt several strategies to mitigate obsolescence risk:
Continuous Innovation: Regularly updating and improving products to meet changing market needs. Market Research: Conducting ongoing market research to stay informed about industry trends and customer preferences. Diversification: Expanding the product line or entering new markets to reduce dependency on a single offering. Strategic Partnerships: Collaborating with other companies to leverage new technologies and expertise. Agility: Maintaining a flexible business model that can quickly adapt to changes in the market.