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New venture development presents several challenges, including securing adequate funding, which can be difficult for startups without proven track records. Additionally, entrepreneurs must navigate market competition and identify viable customer segments, which requires thorough market research and strategy. Balancing innovative ideas with practical execution can also be daunting, as is building a cohesive team that shares the venture's vision. Lastly, adapting to changing market conditions and regulatory environments adds further complexity to the development process.

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