What are the challenges posed by regulatory changes?
Regulatory changes can be both a boon and a bane for entrepreneurs. While new regulations can create opportunities by setting new standards, they can also pose significant challenges. For instance, data protection laws like GDPR have made it crucial for businesses to manage customer data responsibly. Compliance can be costly and time-consuming, but failing to adhere can result in severe penalties. Entrepreneurs need to stay abreast of regulatory changes to navigate these challenges effectively.