Learn how to optimize your small business using A.I. according to a Harvard Business School Professor. Discover the application of generative AI in small businesses and the benefits it can bring in terms of consumer contact, business ideation, and task automation.
The video discusses the application of generative AI in small businesses. The speaker suggests using platforms like chat GPT, Bing, and poe.com that offer AI models for a monthly fee. Generative AI can be beneficial in three categories: consumer contact, business ideation, and task automation. It can assist in improving communication skills, generating social media content, and providing implementable ideas. The speaker emphasizes that while generative AI may not always provide accurate answers, it serves as a thought partner and reduces the cost of cognition.
as a small business owner let's say I'm
a small business owner I immediately
think hey can I really afford to
implement changes within my business do
I have to buy expensive GPU chips to to
implement this like what do the smaller
well look I think the first thing is
everybody should go get accounts in
three places right get chat GPT plus get
Bing Bing chat and I love this new
service called po poe.com which has
multiple different AI models available
to you and those are about 20 bucks a
month and all of a sudden what you get
to see is the power of generative AI
being applied to your business and I
think about generative AI for small
businesses in three different categories
one is in all your consumer contact and
we can talk more about that one in sort
of you as a thought partner with you uh
to think about your businesses and new
ideas and the third thing is to think of
it as your super assistant being able to
do many things that are drudgery for you
free but if money was constrained which
one would you pick
oh I would pick chat GPT Plus okay and
and for the customer Bing is free Bing
is Microsoft has made Bing free so you
have that as well but what about the
quality sometimes the answers aren't
always correct right between three and
then there's debate about like chat GPT
3.5 and chat gbt4 should as a business
owner should we be concerned about the
accuracy that's being spewed back at us
well so I think that the use case is
very different right so the use case is
not information search for information
search you still want to go to Google
and you know verify the sources but the
way I think about chat GPT is really
it's a thought partner and is lowering
the cost of cognition learning that
helping us with new ideas and new new
considerations a cool example that I
first came across when I knew this was
important was a VC in California was
helping a sort of uh immigrant
businesses in in lawn care and fence
care and so forth and typically they had
you know not great English skills and he
would help them communicate with them
create the right text messages create
the right emails for them so they could
communicate with those customers all of
a sudden you know now these
entrepreneurs could literally put their
you know their broken English into chat
GPT and get perfect Harvard English
perfect Oxford English you know perfect
whatever English you wanted in the
communication so all of a sudden they
had this new superpower which were
before or English communication through
text was very difficult and now it
became super easy that's just one
example of the various things you can
start to do if you think about small
businesses and they need a social media
strategy they need something to come up
with in terms of all the tweets they
need to do all the Facebook posts they
need to do all the tick tock videos they
need to create well ideas for them can
be generated through chat GPT so here
you're not basically asking it for a
particular factual information you're
thinking with it and it's thinking back
with you and coming up with ideas and
they're amazingly implementable ideas
that you can put put into practice right
As a small business owner, you may wonder if you can afford to implement changes within your business. Do you need expensive GPU chips? What about smaller businesses?
The first thing you should do is create accounts in three places: Chat GPT Plus, Bing Chat, and a new service called poe.com. These services offer access to multiple AI models for about $20 a month. By using generative AI, you can tap into its power and apply it to your business.
One major way generative AI can benefit small businesses is by improving consumer contact. Chat GPT, for example, acts as a thought partner, helping you brainstorm new ideas and considerations for your business. It acts as a super assistant, taking on tasks that are normally tedious for you.
While there may be debates about the accuracy of AI-generated responses, it's important to understand the intended use case. Generative AI is not meant for information search, as you should still verify sources using search engines like Google. Instead, think of it as a tool for idea generation and lowering the cost of cognitive learning.
One example of generative AI's impact is seen in a venture capitalist in California who helped immigrant businesses in lawn care and fence care. Despite their limited English skills, the VC used generative AI to help them communicate effectively with customers. By inputting their broken English into Chat GPT, they received perfectly crafted messages in proper English, allowing for seamless communication.
Generative AI can also assist small businesses with social media strategies, generating tweet ideas, Facebook posts, and TikTok videos. It acts as a thinking partner, helping you come up with implementable ideas that can be put into practice right away.
Generative AI holds immense potential for small businesses. By using services like Chat GPT Plus, Bing Chat, and poe.com, you can harness the power of AI to improve customer support, boost idea generation, and simplify communication tasks. Embrace the possibilities and elevate your business to new heights.
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