What Challenges Do Entrepreneurs Face in Product Innovation?
While product innovation offers significant benefits, entrepreneurs often encounter several challenges:
Resource Constraints: Limited financial and human resources can hinder the development and testing of new products. Market Uncertainty: Predicting market acceptance and demand for a new product can be challenging. Technical Challenges: Developing innovative products may require advanced technical expertise and capabilities. Regulatory Hurdles: Ensuring compliance with industry regulations and standards can complicate the innovation process.