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I’ve been a business owner for nearly two decades. Starting as a bootstrapper, I led my company from a one-person operation (just me) to a team of hundreds. Over the years, I’ve gained a deep understanding of the typical new-employee learning curve. More recently, however, I’ve noticed something remarkable: new hires are learning the ropes faster than ever.
I have no doubt that the rise of AI has played a significant role in this shift. At my company, we encourage employees to embrace the latest tools and technology to automate routine tasks, freeing them to focus on more meaningful work. For instance, our customer service team uses AI-powered chatbots to handle FAQs, allowing them to channel their energy into solving complex, novel issues. Similarly, employees leverage AI to tailor training modules based on their previous experience, making learning more effective and personalized. As a mentor to aspiring and first-time entrepreneurs, I also urge my mentees to embrace AI, recognizing how transformative these tools could have been during my own early entrepreneurial journey.
The future impact of AI is uncertain, but one thing is clear: it’s making entrepreneurship more accessible. In fact, 91% of small businesses already using AI say it will help their business grow, according to the U.S. Chamber of Commerce. Here’s a closer look at how AI is making starting a business easier than ever.
Develop A Strong Business Plan
One of the biggest oversights committed by first-time entrepreneurs is giving short shrift to the business plan stage. A business plan is the difference between a brilliant idea and a profitable, sustainable company. In fact, research has shown that entrepreneurs who create formal plans are 16% more likely to achieve viability than non-planners. Taking the time to focus on this critical step is a worthwhile investment.
Whether you’re bootstrapping, like I did, or looking to secure funding, your business plan must be carefully organized and strategic. Generative AI tools like ChatGPT can act as writing partners during this process. They can guide you with a clear, logically-organized template and help you think through requisite questions, like legal structure and market analysis. Going through each step can help you confirm your business idea’s validity and overcome inevitable roadblocks.
For example, if you discover a crowded landscape during your market research it doesn’t mean you need to abandon your idea. Instead, AI tools can help you brainstorm ways to differentiate your business and identify your unique value proposition.
ChatGPT helps ensure no angle is overlooked, giving you the confidence to launch your startup.
Accelerate The Learning Process
Learning has always been vital for entrepreneurs to stay on top of trends, technology, and customer preferences. AI is reshaping how businesses operate and how people consume everything from content to products, blurring the line between novelty and baseline expectations. The need for continuous learning has never been greater.
As researchers in the International Journal of Entrepreneurial Behavior & Research noted, “In our age of continuous disruption, the role of business education is evolving at a faster rate than ever,” adding that, “AI technologies play a key role in the development of technologies that lead to digital transformation. Understanding and knowledge regarding its strategic impact is a must for decision-makers responsible for business success.”
Whether you’re deciphering complex legal language or mastering new marketing strategies, tools like ChatGPT can simplify and accelerate the learning process, making it easier to grasp new concepts and skills and apply them effectively. With a handful of simple prompts, you can enlist ChatGPT to act as your teacher, tutor, and guide.
Draft Polished, On-Brand Content
Nowadays, every company is in the content business. Whether you’re promoting your restaurant or expanding the reach of your software company, content is a necessary component of organic marketing.
In the early stages of starting a business, it’s important to figure out your brand’s identity, including the voice. At Jotform, for example, when we’re writing blog posts or creating content for our website, a keystone of our brand is approachability. We want to simplify users’ lives by providing easy-to-use tools like online forms. Bringing users and potential users into the fold, rather than intimidating them, is our company’s mission—so that must be worked into the voice.
AI tools can help early-stage entrepreneurs figure out their brand voice and ensure it’s consistent in all content. You can explain to a tool like ChatGPT the voice you’re going for in as much detail as you’d like, including the tone, the target market, the mission, and more. Then, once you’ve clarified the brand voice you’re after, share content with ChatGPT and ask it to review and rewrite as necessary in your brand’s unique voice.
Generate Time-Saving Templates
Nearly two decades into my entrepreneurial journey, if someone asked me what advice I would give to my younger self, the answer would be simple: automate as much as possible. First-time entrepreneurs, especially bootstrappers, often wear multiple hats, handling everything from product development and customer services to marketing and sales. Automation is the key to clearing tedious manual tasks from your plate for more high-impact work—like strategizing how to grow your business.
One of the easiest ways to automate your work, with no coding required, is to create a library of time-saving templates. Consider the communications you frequently receive (or anticipate receiving)—customer service issues, product questions, job inquiries, and more. Make a list of these communications, then enlist the help of an AI tool like ChatGPT to create templates for each. Save them in your email service and each time a relevant communication rolls in, update the recipient information and send. Instead of reinventing the wheel each time, new business owners can dedicate their time to novel issues and more meaningful tasks.
Build More Efficient, More Effective Teams
Finally, AI is transforming every aspect of team-building, from recruitment to communication. I don’t recommend delegating hiring to AI. For starters, it runs the risk of bias—as Forbes Councils Member Aditya Malik cautions, “a disconcerting echo of historical prejudices may inadvertently seep into the algorithms.” What’s more, I find great value in taking the time to personally get to know potential hires. That said, AI can provide fast, inexpensive support for certain parts of the hiring process, like screening candidates (provided you’re using unbiased datasets) and freeing you or your hiring managers to spend more time connecting with actual candidates.
AI can also help startup teams to collaborate more effectively. Tools like Slack AI can enhance communication, recommend action items, summarize conversations, and keep teams on the same page moving forward. When it comes to project management, tools like Asana have AI integrations that can automate task prioritization and generate progress reports. Notion’s AI features make it easy to share information, organize knowledge bases, and assist with drafting documents.
For lean, scrappy teams, these tools are game-changers. They help level the playing field by enabling startups to operate with the efficiency of more established companies. Whether you’re securing investment, scaling operations, or just trying to become profitable, AI can slash costs, increase your impact, and ultimately, make entrepreneurship more accessible than ever.
