Embrace AI (Your Competitors Are!)

There's been a lot of chatter about AI lately, and I get it – it can be a bit intimidating and even overwhelming and I felt exactly the same until I started using it regularly. 

Even at the beginning of using it, I was underwhelmed with the results I was getting but I learned about prompt writing and asking different chats to assume different personas and gradually, the results got better and better.

But one thing is for sure, you can resist all you like, but if you don’t embrace AI and what it can do for your business, you’ll simply get left behind. You can bet your competitors are not resisting, they’re embracing it.  

Let's dive into why these original fears might be overblown and how AI can actually be a game-changer for us entrepreneurs and small business owners.

1. AI and Job Losses

First up, the big one: job losses. Every new tech wave, from the computer to the internet, sparked fears of mass unemployment. Yet, here we are with the lowest unemployment rates in decades. AI won't take away jobs; it will change them. Think of AI as a tool to make tasks easier, not as a job-stealer. We’ll see new roles like "AI trainers" and "integration specialists" popping up, much like how the internet created jobs in web development and digital marketing.

2. AI and Income Inequality

Next, let's talk income inequality. Some argue that tech widens the gap between rich and poor, but look closer. New industries create new jobs. Coding bootcamps, for instance, have opened doors for many into high-paying tech jobs. Companies are investing in upskilling their workforce, making advanced tech accessible to everyone, not just the tech elite.

3. AI and Misinformation

Misinformation and bias are real concerns with AI. But remember, human biases already exist in hiring and other processes. AI can actually help reduce these biases if used correctly. Regulations and advancements in AI safety are making these systems more reliable. For instance, Microsoft and Google are improving their AI tools to provide more accurate and unbiased information.

4. AI and Sentient Robots

The fear of AI becoming sentient and taking over is straight out of sci-fi movies. The reality? We're far from creating a "thinking" AI. Current AI, including the sophisticated ones like GPT-4, are powerful but not self-aware. They're tools to help us, not replace us.

The Positive Side of AI

AI offers incredible benefits. It can spot credit card fraud, speed up insurance claims, and even improve customer service through advanced chatbots.   I used it recently to get a parking ticket reduced from nearly £400 to £90, that my son had incurred before going off to New Zealand for 18 months,  I asked it to assume the persona of a UK legal expert and then asked it questions.  Turned out the ticket, and subsequent County Court Judgement was illegal because they had never properly served papers on him.

AI & Small Business

For small businesses, AI can automate mundane tasks, giving you more time to work in your flow and focus on growth and innovation. I’m not talking about AI writing all your blog posts for you, because I believe you should still be heavily involved in the creative parts of your business (at least until you have trained your AI to look and sound just like you!).  

However, you can free up more time to be creative by outsourcing and automating the more mundane stuff. 

Imagine an AI handling your email tasks, your social media scheduling or analysing customer feedback to improve your products.

Now imagine it being taught to think like your ideal customer or client, knowing everything about them and more importantly how you can best help them. 

Now imagine talking to your AI as if it were your most profitable customer, the one that is also the most fun to work with. You can even give it a name.

What would you ask that AI now?

By the way, I've created a handy cheatsheet that you can use with ChatGPT to do just that. Simply click here to enter your details and download it free.

Five Action Steps to Profit from AI

  1. Learn the Basics: Start with understanding what AI can and cannot do. Familiarise yourself with common AI tools and their applications in your industry.
  2. Invest in AI Tools: Look for AI-powered software that can streamline your operations, such as Make.com which connects existing apps with AI like ChatGPT, hooking it up to customer relationship management (CRM) systems or other marketing automation tools.
  3. Train Your Team: Upskill your employees by providing training on AI tools relevant to their roles. This will help them work more efficiently and embrace AI-driven changes.
  4. Start Small: Implement AI in small, manageable projects to test its effectiveness. This could be as simple as using AI for data analysis or customer service.
  5. Stay Updated: AI technology is constantly evolving. Keep up with the latest trends and updates to stay ahead of the curve and make informed decisions about integrating AI into your business.

Recommended Reading List for Beginners

  1. "Human + Machine: Reimagining Work in the Age of AI" by Paul R. Daugherty and H. James Wilson - Discusses how AI can augment human capabilities in the workplace.
  2. "Artificial Intelligence: A Guide for Thinking Humans" by Melanie Mitchell - A great starting point for understanding AI without the jargon.
  3. "Prediction Machines: The Simple Economics of Artificial Intelligence" by Ajay Agrawal, Joshua Gans, and Avi Goldfarb - Explains how AI can transform business decisions.

Embrace the change, stay informed, and let's use AI to propel our businesses forward!

Inspired by an article by Josh Bersin. Read the full article here.


Tags

A better entrepreneur, ai, artificial intelligence, business marketing, chatgpt, content marketing, creative flow, Entrepreneurship, in the flow, make.com, marketing automation, nicola cairncross


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