How to get started with ChatGPT to improve your Business

No one would say that starting a business is a safe career path. By some estimates, 90% of startups fail. The cards are stacked against you. But as Adam Grant once wrote, “[G]reat entrepreneurs have a different response to the fear of failure. Yes, they’re afraid of failing, but they’re even more afraid of failing to try.”

Just because many businesses fail doesn’t mean that you shouldn’t try—especially if you have a great idea. What’s more, AI tools like ChatGPT are making it easier and less expensive than ever to start a business—even if you want to kick things off as a side hustle, as I did with my company nearly two decades ago. Had ChatGPT been around then, I probably would have quit my day job sooner.

How to get started with ChatGPT to improve your Business
How to get started with ChatGPT to improve your Business

If you’re considering launching a startup, here are seven ChatGPT prompts to help you each step of the way.

Generate Startup Ideas

In the business world, there’s a trope about founders following their dreams and chasing their passions. I’m sure that happens sometimes—an entrepreneur launches a business related to their passion, which translates to a successful innovation. But I think a more surefire way to build a successful startup is identifying a problem and figuring out how to solve it.

ChatGPT can be a second brain at the idea generation stage. Even if you reject all of the LLM’s ideas, you’ll have a wider pool to choose from.

Here is one prompt to get the ball rolling at this preliminary stage:

For example: “What are common issues faced by journalists regarding recording interviews?”

(The results ranged from technical problems and ethical concerns to interviewee comfort and data management — so many angles to consider!)

Once you identify your target market’s issues and needs, you can ask ChatGPT to help brainstorm innovative solutions. Try the following prompt:

“Can you suggest innovative ways to [describe the issue and include the target market]? Please provide a list of 5 potential solutions.”

Remember: the more context you provide, the more refined your answers will be. If, for example, you’re targeting a certain geographic area or age range, let ChatGPT know.

Validate Your Business Idea

So, you’ve come up with what sounds like a strong idea for a startup. A second opinion is essential. When I was starting out, I discussed my idea for an online form company at length with my mentor. I suggest doing the same. But if a second opinion is helpful, a third (or fourth) opinion is even better. ChatGPT can offer guidance on confirming the validity of your idea and strategies for ensuring financial feasibility—in other words, that your idea will be profitable.

One of the first things to check is the current landscape of the market. To help with your competitor research, you can ask ChatGPT:

“I am starting a business to [describe product or service]. Can you list the main competitors in the [industry] market?”

For a more fleshed-out reply, you can pinpoint additional information. For example: “Describe their strengths and weaknesses,” or “Who are their current customers?”

Frank Yeboah

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