As young entrepreneur what are those unique challenges I am likely to face in the contemporary business environment? Aside the capital which I have been able to raise a modest amount as start-up.
This was a question sent to me by my young cousin. I felt I should bring it here to draw broader ideas from different minds before getting back to him with words. Feel free to share your honest ideas and experiences.
The world is always evolving but some challenges stay the same - entrepreneurs have always had to be the master of all trades, however it is getting ever harder to do things like set up a basic website because of things like GDPR or privacy laws, which can add many layers of legal requirements just to create the most simple site. There is also intense competition these days, so if you manage to come up with a unique product that gains traction, unless you have some sort of patent registration (and even with it), you'll be targeted by mass scale manufacturers who will ramp up to copy your product on a large scale and probably be able to undercut you on pricing. They will then try to take away your market share, so you need to secure your profits quickly.