The law. It’s the only element that no business can avoid. One of the first things you should do when launching your venture is make sure you are allowed to operate in the market. There are certain hurdles you may encounter early on that will preclude you from entry. These include claims such as trademark infringement, copyright laws, and right of entry. In other words, someone else may already own the rights to your idea. Just because certain ideas or technology aren’t available in the market doesn’t mean that someone else doesn’t hold the rights.
It may become necessary to seek the permission of a governing body before entering a market. Aside from low-lying barriers like registering with the secretary of state, some industries require a formal application and approval. In addition, aside from the industry itself, regulatory bodies may govern your ability to target certain customers, obtain certain information, or use certain information. Work with your legal counsel to understand all of the nuances related to your legal environment.