The good thing of competition is that it forces the businesses to come out with the best. There is, in fact, a whole gamut of opportunities exist for entrepreneurs because switching costs for most customers are low and many are willing to try new, relatively untested products or services. To overcome competition, startups should research and analyze their niche industry; should be unique and different in approach; and should be able to create, implement, and track their business and marketing plan.
The challenges and problems are inevitable as far as the success journey of a startup is concerned. They need to be resilient and focused towards keeping their values intact no matter what the circumstances are. It is, therefore, to anticipate difficulties and pitfalls beforehand.