Artificial Intelligence (AI) is taking the world by storm!
AI is the technology built to do certain tasks that usually only humans can do. It is rapidly evolving the way we work and live, and this change will only continue. AI is typically met with contrasting responses—resistance or amazement. Just like the internet once caused trepidation among the general public but is now part of our daily routines, AI will one day be embedded into the normalcy of how we operate.
At the 2023 Data + AI Summit, Eric Schmidt Former CEO and Chairman of Google advised, “Simple rule for a small business is you’re not going to be successful unless you use AI in your model.” He also noted how the majority of current uses for AI in business are for productivity, which many entrepreneurs can relate to.
People often seek ways to improve efficiency. Entrepreneurs are no strangers to this. This is why AI has so much appeal, specifically generative AI. Generative AI is a type of artificial intelligence technology that has the ability to generate various types of content such as text, imagery, audio, and synthetic data. As an early-stage entrepreneur with a small team or a solo entrepreneur, generative AI can solve some common challenges, such as automating tedious tasks, quickly analyzing data, and gathering research to improve decision-making. Entrepreneurs who embrace AI can ignite its power to drive their businesses forward.
One popular example of generative AI is the platform ChatGPT. ChatGPT is an AI-powered program that engages its users in conversation-like messaging to act as a smart virtual assistant, providing helpful insights and automating tasks. To provide the context of how quickly ChatGPT is growing, Netflix reached the 1 million user milestone in 3.5 years. For Facebook, it took 10 months. For Instagram, it took 2.5 months. For ChatGPT, it took just 5 days!
Here are some specific use cases of ChatGPT for entrepreneurs and tips to maximize its potential. Following each use case are examples of prompts to provide the platform, which should be tailored to the specific objectives and needs of the entrepreneur gathering information. Experiment with different variations and continue to refine the prompts through the process based on unique needs and desired outcomes.
One great thing about ChatGPT is that it is responsive, so it can feel like a conversation. But remember, it is not perfect. It can provide incorrect information, and it has been known to make up data entirely. Entrepreneurs should always use their unique human ability to think critically and combine what ChatGPT provides with their experience and knowledge.
Market Research
Use ChatGPT to understand customers by prompting the platform to gather insights on customer preferences, customer pain points, competitor information, and market trends. Ask for this information directly or simulate customer conversations. Entrepreneurs are then able to improve their strategies for their target markets and make applicable refinements to their businesses.
Below are example prompts:
- What are the key challenges customers face when trying to [solve a specific problem]?
- Tell me about the latest trends and preferences in [industry/niche].
- Act as a [target customer]. How can we improve our [product/service] to better meet your needs?
Writing
ChatGPT can be a helpful assistant for generating compelling written content that reflects a brand’s value. Use the platform to provide ideas and craft drafts of engaging copy for websites, social media posts, marketing materials, and more.
Below are example prompts:
- Act as a social media manager. What are current trends that you recommend for our social media content?
- Write 10 catchy taglines for [product/service] using a personal and friendly tone.
- Generate three unique ideas for our next blog post that will engage our target audience.
Decision Making
Entrepreneurship is filled with complex problem-solving scenarios and decision points. ChatGPT can be a valuable thought partner to brainstorm ideas and evaluate solutions. By prompting ChatGPT with specific questions related to unique business challenges, entrepreneurs can gain additional perspectives that they may not have considered to make better-informed decisions.
Below are example prompts:
- What are 5 pros and 5 cons of launching our product in [market A] versus [market B]?
- Act as an expert in logistics management. How can we optimize our supply chain to reduce costs and improve efficiency?
- Explore potential strategies to overcome [marketing challenge].
Find a Use Case That Works For Your Business
ChatGPT is just one powerhouse AI tool. There are many, many more with different specifications to help entrepreneurs grow their businesses. The Nasdaq Entrepreneurial Center recently hosted a live event, AI Marketing: Grow, Reach, Succeed with Cliff Worley, in which they presented a wide variety of platforms to aid entrepreneurs with their social media, websites, productivity, and writing. The recording is an absolute must-watch for entrepreneurs!
AI presents a vast world of possibilities. Embrace its transformative power, so you can be better positioned to adapt, innovate, and lead ventures into the future. Stay in the know and connect with other entrepreneurs exploring new ways to innovate in their businesses by visiting the J. Orin Edson Entrepreneurship + Innovation Institute events page.
We encourage you to fully read and understand the Terms and Conditions of whatever generative AI system you are considering. Additionally, please be aware that:
- Generative AI tools may learn on data that is copyrighted, and thus may return procedurally generated content that is still copyrighted or, for whatever reason, cannot be copyrighted.
- Querying tools may result in the user’s data being collected and analyzed for future users of the tools; anything you ask may be used to “teach” the AI powering the tool.
- Results may have varying levels of accuracy.
