• Tech News
    • Games
    • Pc & Laptop
    • Mobile Tech
    • Ar & Vr
    • Security
  • Startup
    • Fintech
  • Reviews
  • How To
What's Hot

Elementor #32036

January 24, 2025

The Redmi Note 13 is a bigger downgrade compared to the 5G model than you might think

April 18, 2024

Xiaomi Redmi Watch 4 is a budget smartwatch with a premium look and feel

April 16, 2024
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Facebook Twitter Instagram Pinterest VKontakte
Behind The ScreenBehind The Screen
  • Tech News
    1. Games
    2. Pc & Laptop
    3. Mobile Tech
    4. Ar & Vr
    5. Security
    6. View All

    Bring Elden Ring to the table with the upcoming board game adaptation

    September 19, 2022

    ONI: Road to be the Mightiest Oni reveals its opening movie

    September 19, 2022

    GTA 6 images and footage allegedly leak

    September 19, 2022

    Wild west adventure Card Cowboy turns cards into weird and silly stories

    September 18, 2022

    7 Reasons Why You Should Study PHP Programming Language

    October 19, 2022

    Logitech MX Master 3S and MX Keys Combo for Business Gen 2 Review

    October 9, 2022

    Lenovo ThinkPad X1 Carbon Gen10 Review

    September 18, 2022

    Lenovo IdeaPad 5i Chromebook, 16-inch+120Hz

    September 3, 2022

    It’s 2023 and Spotify Still Can’t Say When AirPlay 2 Support Will Arrive

    April 4, 2023

    YouTube adds very convenient iPhone homescreen widgets

    October 15, 2022

    Google finishes iOS 16 Lock Screen widgets rollout w/ Maps

    October 14, 2022

    Is Apple actually turning iMessage into AIM or is this sketchy redesign rumor for laughs?

    October 14, 2022

    MeetKai launches AI-powered metaverse, starting with a billboard in Times Square

    August 10, 2022

    The DeanBeat: RP1 simulates putting 4,000 people together in a single metaverse plaza

    August 10, 2022

    Improving the customer experience with virtual and augmented reality

    August 10, 2022

    Why the metaverse won’t fall to Clubhouse’s fate

    August 10, 2022

    How Apple privacy changes have forced social media marketing to evolve

    October 16, 2022

    Microsoft Patch Tuesday October Fixed 85 Vulnerabilities – Latest Hacking News

    October 16, 2022

    Decentralization and KYC compliance: Critical concepts in sovereign policy

    October 15, 2022

    What Thoma Bravo’s latest acquisition reveals about identity management

    October 14, 2022

    What is a Service Robot? The vision of an intelligent service application is possible.

    November 7, 2022

    Tom Brady just chucked another Microsoft Surface tablet

    September 18, 2022

    The best AIO coolers for your PC in 2022

    September 18, 2022

    YC’s Michael Seibel clarifies some misconceptions about the accelerator • DailyTech

    September 18, 2022
  • Startup
    • Fintech
  • Reviews
  • How To
Behind The ScreenBehind The Screen
Home»Startup»How Has Generative AI Changed The Business Landscape For Young Entrepreneurs?
Startup

How Has Generative AI Changed The Business Landscape For Young Entrepreneurs?

May 15, 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
How Has Generative AI Changed The Business Landscape For Young Entrepreneurs?
Share
Facebook Twitter LinkedIn Pinterest Email

By Andrew Amann, CEO of NineTwoThree Venture Studio, a two-time Inc. 5000 Fastest Growing Company. Andrew and his team have created 50+ products and 14 startups.

getty

There’s no denying that the natural language processing chatbot ChatGPT has become one of the most popular AI-powered applications unleashed on the public at large. Developed by the artificial intelligence lab OpenAI, ChatGPT effectively carries on a conversation with users with its ability to understand and compose text.

Needless to say, ChatGPT and other similar tools under the generative AI banner offer potential for entrepreneurs struggling to fund operations for their emerging businesses. While the technology remains in a still-maturing state (news about inaccuracies is a regular occurrence), it offers an opportunity to improve the productivity of a startup’s limited number of employees. Intriguing use cases abound, potentially benefiting businesses of all sizes, but especially smaller organizations.

So let’s take a closer look at generative AI and its possibilities for the entrepreneur. I think entrepreneurs should get ready for a wave of AI-powered tools to truly revolutionize the overall business world. Notably, it boasts the potential to be a bigger technology innovation than the cloud and smartphones.

A High-Level Overview Of Generative AI

Simply stated, ChatGPT leverages an underlying machine learning model to perform natural language processing (NLP). A massive amount of intriguing business use cases result from the use of generative AI tools.

The GPT acronym means “generative pre-training transformer,” with ChatGPT and other generative AI tools relying on a rigorous training process for the underlying machine learning models. It leverages an internal database laden with phrases and words, facilitating the understanding of language patterns. AI has the ability to generate phrases, sentences, paragraphs and even longer content. Put another way, it’s a chatbot on steroids.

See also  3 Methods Leaders Can Promote Extra Crew Engagement This Summer time

Notably, generative AI offers significant functionality for any business process related to written communication. Applications like language translation or more powerful types of chatbots often only scratch the surface of these possibilities. Text-based generative AI tools provide a natural flow of language, differentiating themselves from earlier examples of this form of artificial intelligence.

What Generative AI Offers The Entrepreneurial Community

Even with a potential recession looming and massive layoffs at some businesses, many startups still find it difficult to source all the talent they need to bootstrap their operations. The fact that generative AI provides an opportunity to make a small staff more productive provides a sense of the promise of AI tools. The tech allows startups to optimize their operations at a critical time when considering their long-term viability.

Of course, current AI tools outside of NLP also provide significant advantages to businesses of all sizes. In some cases, AI powers the robotic process automation applications used to automate a variety of tedious and repetitive business processes. At larger businesses, this approach often serves to assist current employees as opposed to replacing them. However, startups may benefit from having a smaller group of employees accomplish more, as highlighted earlier. Generative AI can expand the number of use cases where automation makes a difference.

Not surprisingly, the functional areas currently benefiting from generative AI are typically text-based. For a startup business, this includes data entry, generating marketing copy, appointment scheduling and more. Once a startup’s product or service is launched, the chatbots provided by generative AI provide the ability to handle a significant portion of the customer service role. Adopting this approach simply allows a startup to accomplish more with fewer employees.

See also  How To Run A Business With Your Siblings

While generative AI tools like ChatGPT offer many benefits, there are also drawbacks that startup leaders should be aware of. ChatGPT has been known to produce inaccurate information or generate information that doesn’t match the user’s query. Due to the way generative AI models are trained, there is also an inherent risk of bias. While silos and prompt engineering can overcome some of these limitations, generative AI isn’t ready for applications that may involve sensitive customer interactions where small mistakes can create large issues.

Best Practices For Implementing AI

The current hype and potential opportunities surrounding AI mean many entrepreneurs are eager to get involved. However, rather than rushing to implement AI, I suggest business leaders set realistic expectations and goals for AI and understand the limitations of the technology.

Also, be prepared to deal with the challenges of AI implementations, including development and maintenance costs and the lack of skilled talent. Some best practices for implementing AI include:

• Start with your “why.” Start small and focus on the specific use cases where AI could have the most significant impact on your company.

• Be strategic about how the model behaves. Create a great prompt that explains to the model what you want the results to look like; then add a filter to the results to ensure your customers get “on-brand” experiences.

• Focus on finding the right balance of employees and technology. Identify areas where AI can complement human skills rather than replace them.

• Address AI’s limitations. Establish clear guidelines and quality control processes to address inaccuracies or biases in any AI-generated content.

See also  He Constructed A $2 Million Enterprise Round His Ardour For Residence Film Theaters. Now He’s Serving to Entrepreneurs With Disabilities Attain New Heights.

• Fill AI skills gaps. Invest in training and upskilling to teach your employees how to use AI effectively.

The Future Of Generative AI In The Entrepreneurial World

Notably, other forms of generative AI actually create videos, images and other rich media content. The early reviews of initial efforts in this area reveal much work still needs to happen, but I think entrepreneurs need to be aware of the significant potential. Additionally, many make the argument that ChatGPT still requires more work to improve its overall accuracy.

Whatever the future of generative AI, it remains clear that these tools provide significant opportunities for startups, especially when it comes to NLP. It behooves any entrepreneur to pay close attention to the advancements in this area of AI and machine learning. In addition to the potential to inspire fresh ideas for new businesses, it could also help startups run more efficiently and effectively.

Source link

Business changed Entrepreneurs generative landscape Young
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Multiple Milestones As New Majority Capital Boosts Entrepreneurship Through Acquisition

September 26, 2023

Getty Images Plunges Into the Generative AI Pool

September 26, 2023

3 Hot Startup Opportunities In Augmented Reality

September 26, 2023

The ChatGPT App Can Now Talk to You—and Look Into Your Life

September 25, 2023
Add A Comment

Comments are closed.

Editors Picks

CISOs should spend on critical apps, cloud, zero-trust, in 2023

September 12, 2022

Viofo A119 Mini 2 dash cam review

August 8, 2023

Businesses risk ‘catastrophic financial loss’ from cyberattacks, US watchdog warns

June 27, 2022

Was Selling Waze To Google A Good Decision? Founder Of Waze answers

June 11, 2023

Subscribe to Updates

Get the latest news and Updates from Behind The Scene about Tech, Startup and more.

Top Post

Elementor #32036

The Redmi Note 13 is a bigger downgrade compared to the 5G model than you might think

Xiaomi Redmi Watch 4 is a budget smartwatch with a premium look and feel

Behind The Screen
Facebook Twitter Instagram Pinterest Vimeo YouTube
  • Contact
  • Privacy Policy
  • Terms & Conditions
© 2025 behindthescreen.uk - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.