What Are the Challenges of Dealing with Competition?
Competition presents several challenges for entrepreneurs:
Pricing Pressure: Competing on price can lead to thin profit margins and potential financial strain. Rapid Changes: The business environment is dynamic, and competitors can quickly adapt or innovate, making it challenging to maintain a competitive edge. Resource Constraints: Startups and small businesses often have limited resources compared to larger competitors, making it difficult to match their capabilities. Market Saturation: Entering a saturated market with many competitors can make it hard to gain traction and visibility.