Trade barriers can have a profound impact on various aspects of entrepreneurial ventures:
1. Cost Implications: Tariffs and other fees can increase the cost of imported raw materials and finished goods, affecting the pricing strategy and profit margins. 2. Market Access: Quotas and embargoes can restrict access to lucrative markets, limiting growth opportunities. 3. Compliance Costs: Meeting regulatory standards in different countries can be expensive and time-consuming, requiring specialized knowledge and resources. 4. Competitive Disadvantage: Subsidies to local competitors can make it difficult for foreign entrepreneurs to compete on price.