How AI enables entrepreneurship

May 30, 2023

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How AI enables entrepreneurship

From movies to tv screens, we’ve spent decades lost in worlds that imagined what it might be like to live alongside artificial intelligence (AI), the release of ChatGPT late last year has seemingly turned fantasy into reality.

Now we’re increasingly surrounded by AI innovations – according to Grand View Research, the adoption rate of AI in businesses is expected to grow by over 37% year on year between now and 2030 – and unlike the sometimes-terrifying plot lines of the silver screen, the future may actually be brighter than ever.

Here’s how the next generation of artificial intelligence solutions is making it easier than ever to pursue your entrepreneurial ambitions.

Addressing skill gaps

While a strong business idea may get you started on your entrepreneurial journey, it is only a start. To really get going, entrepreneurs either need a wide range of skillsets – from coding to accounting to an understanding of modern marketing – or the ability to hire skilled workers.

Except that artificial intelligence has turned this paradigm on its head.

Suddenly, instead of hiring multiple (potentially expensive) professionals in the early, revenue-light stages of a business, entrepreneurs can use much more cost-effective AI solutions to do the work for them.

Take ChatGPT itself: This AI-powered system was designed to understand human language. In simple terms it allows you to “chat” to it, answering with easy-to-understand information. Think of it as a friend with all the abilities of Google, just more focused on your specific needs and requirements. ChatGPT is geared towards helping entrepreneurs in multiple areas such as idea generation, business planning, marketing, sales, and customer service.

This doesn’t negate the need for skilled professionals such as web developers or marketers. AI solutions still require entrepreneurs to be aware of their output in order to avoid mistakes. They’re also unable to replicate the real-life experience of someone who may have spent years honing their craft.  

But these artificial intelligence tools are still useful for the early stages of a business, when hiring experts represents a higher opportunity cost than it might do later in the business lifecycle.

Finding new efficiencies

One of the most daunting prospects facing new entrepreneurs is just how much needs to be done to get a business up and running: Marketing material needs to be conceptualised and produced, websites need to be developed and tested. All while the entrepreneur is trying to focus on the core interests of the business.  

This makes efficiency one of the key concerns of any entrepreneurial venture. Luckily, it’s also one of the biggest opportunities for AI to have an impact.

For instance, AI can be a huge time-saver for digital marketing efforts. Pictory provides an excellent example of this potential. It’s an AI video creator that allows the user to develop high-quality videos quickly and easily, without having any prior knowledge of how to edit videos.  

This allows you to easily turn a blog post into a video, as the service transforms it into an engaging piece of content that can be used on your website or social media accounts. Ease of use is key with this tool, and since it’s cloud based, it has the added benefit of not needing the expensive equipment usually associated with video production.

Another handy tool is Flick. In a world dominated by social media, this tool speeds up the conceptualisation, planning and writing of social media content. It even goes a step further by helping you to generate ideas based on topics you feel are relevant to your audience. Other highlights include generating schedules, hashtags, and analytics – all in one place.

The future of AI tools

While artificial intelligence is already proving itself a handy helper, right now we’re just scratching the surface of what it may be capable of.  

At Ozow, we’re excited about the pace of development. AI tools of the near future may offer the ability to supercharge fraud detection, making our already-safe payments even safer. And they could offer consumers more control over their finances, with easy access to spending and budgeting analysis.

From a business perspective, these sorts of analyses may mean small businesses may suddenly have access to advanced analytics that are usually the exclusive domain of large corporate entities. These tools promise to touch everything from inventory to customer experience management.

Finding the balance

As mentioned, while artificial intelligence can do a lot to help smooth the entrepreneurial journey, it can’t do everything. Indeed, it’s primary utility may lie in the gap between amateur and experienced professional, allowing those without specific skillsets to operate at the level needed to start building success.

There are other areas where AI can’t reach yet, as well. For instance, an AI-driven eCommerce assistant can make recommendations, but it doesn’t have the tools to process a payment. For that, there’s Ozow.

At Ozow, we’ve made it our business to help entrepreneurs thrive by offering an alternative to traditional payment rails. Our always-on solutions give you the power to accept payments, process payouts and refunds, and track key analytics through our dashboard.  

Our systems are designed for early-stage entrepreneurs and big businesses alike. They’re simple, intuitive, and all transactions are offered with one flat rate and no setup fee.

To find out more about how we can help you, contact us today. Alternatively, find out more about how artificial intelligence is changing the world here.

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Staff writer

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