What Challenges Do Entrepreneurs Face in Addressing Unmet Needs?
While addressing unmet needs offers significant opportunities, it also comes with challenges:
- Market Uncertainty: Predicting consumer behavior and ensuring there is a viable market for the solution can be difficult. - Resource Constraints: Limited access to capital and resources can hinder innovation and product development. - Regulatory Hurdles: Navigating regulatory requirements can be time-consuming and complex. - Competition: Established competitors may quickly respond to new entrants, making it essential for entrepreneurs to continually innovate.