As AI becomes more accessible, entrepreneurs are integrating it into their businesses. However, many only use AI to save time and automate tasks they already do. They are not thinking big enough and missing out on the full potential of AI.
In Playing With Fire - ChatGPT Steve Blank, Stanford professor and the founder of the Entrepreneurship Awards principles discusses incorporating AI into your businesses. Here are three key learnings from Blank and some advice on how you can fully utilize AI:
- Adopt a "winner takes all" mentality: Blank argues that thinking small and making incremental changes within your existing business is futile. Instead, entrepreneurs need to reimagine how AI delivers the same outcome for their customers. They should consider what they can build so their customer feels safe and legally protected when running their business. For example, instead of a commercial law firm thinking about using AI writing tools to tidy up contracts and remove typos, they should consider what they can build to provide comprehensive legal services that integrate AI.
- Don't confine your thinking to what already exists: Blank advises entrepreneurs to think beyond their current business model and to create something from scratch. By imagining what could be made, entrepreneurs can break free from their current constraints and develop new solutions using AI. This approach allows entrepreneurs to leverage the full potential of AI and create innovative products and services.
- Embrace what exists to spend more time doing what only humans can do: AI can handle mundane and repetitive tasks, allowing humans to focus on more strategic and creative work. Entrepreneurs should embrace AI as a tool that can enhance their productivity and will enable them to spend more time doing what they do best. For example, an entrepreneur who is a personal stylist need not worry that Chat GPT can give their customers tailored style advice just as they could. Instead, they can use AI to automate specific tasks, such as generating style recommendations, and focus on building personal relationships with their clients.
In short, entrepreneurs need to stop thinking small about AI. By adopting a "winner takes all" mentality, thinking beyond what already exists, and embracing what AI can do, entrepreneurs can unlock the full potential of AI and create innovative products and services that set them apart from the competition.
Remember, you must constantly learn and stay up-to-date with the latest tools and technologies to be a successful entrepreneur. And that's why we're excited to endorse GPT and other AI tools in our workshops to help you unlock your team's full potential.
As Steve Blank always says, "There are no facts inside the building, so get the hell outside." With the power of GPT, you can gather insights from a vast amount of external data and use them to improve your team's problem-solving and decision-making skills. Let's harness the power of AI and entrepreneurship to create a better future for us all!
Stay curious, stay hungry, and keep pushing those boundaries!