What Challenges Might Entrepreneurs Face in Product Lifecycle Management?
While PLM offers numerous benefits, entrepreneurs may face several challenges:
Resource Constraints: Limited financial and human resources can hinder the effective implementation of PLM. Market Dynamics: Rapid changes in market trends and consumer preferences can make it difficult to predict and plan for each lifecycle stage. Technological Advancements: Keeping up with technological advancements requires continuous investment in R&D, which can be challenging for startups. Competition: Intense competition can impact market share and profitability, especially during the growth and maturity stages.