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Regulatory Actions on Products

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You are an entrepreneur in a fast growing high-tech industry. You have heard that the government plans to begin regulatory actions soon on your products. Because the industry is so new, there are no organizations joined together to look after the collective interests of the industry. What would you do in such a situation and what would you suggest others in your industry do?

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Solution Summary

The solution discusses what one would do in a situation where the government plans to begin regulatory actions soon on your products.

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The first thing to do is conduct some research and see what kind of regulations the government plans for your products. Knowledge is power and any information is helpful in deciding the next step. If the threat of regulations is real and not just trying to standardize or reduce extreme safety hazards, then contacting others in the industry would be the next step. Opening discussions on your research can let you feel out how others are thinking and ...

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