How entrepreneurs can use AI to support decision-making while still exercising innate expertise and judgment.
Contributed to EO by Eden Gillott, an EO Los Angeles member who is president of Gillott Communications, a strategic communications and crisis PR firm. She’s the author of A Business Owner’s Guide to Crisis PR: Protecting You & Your Business’ Reputation, an EO Los Angeles member, and that chapter’s Accelerator co-chair. We asked Eden how ChatGPT can inform entrepreneurs to make better decisions. Here’s what she shared:
Entrepreneurship can be a wild ride, full of twists and turns, leaving even the most experienced business owner feeling dizzy and breathless at times. That’s why it’s crucial to keep every possible tool and resource at your disposal, including AI-powered language models like ChatGPT. But just like Tony Stark navigating his high-tech suit, it’s essential to strike the right balance between shiny high-tech tools and human ingenuity.
Uncertainty is a natural feeling that arises when faced with the unknown. Business leaders are no exception, but how you respond to uncertainty is what ultimately determines your success.
As a strategic communications expert specializing in crisis PR, I have seen how proactive decision-making can make all the difference. Clients who take control of a crisis through decisive action fare much better than those who wait and hope for the best.
Feel like uncertainty or analysis paralysis is holding you back? Using tools like ChatGPT could be a way to overcome uncertainty and make confident decisions to move your business forward.
Here are three ways you can use ChatGPT in your entrepreneurial decision-making:
1. Data-driven insights
The popular business adage, “What gets measured, gets managed,” doesn’t have to be daunting for visionary leaders. ChatGPT can analyze a mountain of data to provide insights that empower you to make smarter decisions for your business. The ability to quickly identify patterns and trends in data provides entrepreneurs with valuable insights they might not have considered before. It’s like having your own J.A.R.V.I.S. (Just A Rather Very Intelligent System), always ready to provide valuable insights.
2. Catapult creativity
ChatGPT can inspire business owners with new ideas and alternative perspectives on a wide range of topics, from building your ideal customer avatar to creating compelling content. It can spark creativity and innovation for founders who want to toss an idea around and feel like they need someone to talk with.
3. Strategic planning
ChatGPT can help entrepreneurs plan for the future by generating predictions and scenarios based on data. Using it to create projections and scenarios, entrepreneurs can better prepare for potential challenges and opportunities and develop more effective strategic plans. Once you and your team know where they’re headed, you can focus on other aspects of your business, like perfecting your Amy Cuddy-approved superhero power poses.
But like any tool, ChatGPT has its potential pitfalls. Here are a few things to keep in mind:
- Skewed data–ChatGPT generates insights based on data and your prompts, but it’s vital to ensure that the data and prompts you feed it are accurate and unbiased. Biased or skewed inputs can lead to misleading insights and recommendations, ultimately harming your business. So, before making big decisions based on its recommendations, check to ensure the inputs are on-target.
- Limited scope–ChatGPT generates insights based on the data it has been trained on, which means you may need a more comprehensive approach–especially if you’ve purposefully avoided inputting privileged or confidential information. Entrepreneurs should be mindful of this limitation and supplement its insights with other sources of information and expertise to ensure they have a well-rounded view of their decisions.
- Lacks personal connection–ChatGPT is great at quickly generating insights, but it might miss the emotional mark. Entrepreneurs should balance the use of tools like ChatGPT with the expertise of their team to ensure they get the right level of personalization and nuance in their decision-making process.
- Community power–As powerful as technology can be, it’s only part of the equation. The other key ingredient is a community, such as an entrepreneurial peer group like Entrepreneurs’ Organization. By tapping into fellow entrepreneurs’ experience shares and insights you can’t find online, you can gain new perspectives, uncover blind spots, and make better decisions together. There’s a reason The Avengers are better together than flying solo.
Entrepreneurs have much to gain from using ChatGPT in decision-making, including data-driven insights, improved efficiency, and better strategic planning. But it’s critical to strike the right balance between leveraging technology and relying on human ingenuity to make sound decisions.
By being mindful of ChatGPT’s potential pitfalls, entrepreneurs can use this tool to support decision-making while still exercising their own expertise and judgment. It’s like being a superhero: Sometimes you need those high-tech tools, but you must still be the one making the ultimate decisions.
These benefits and potential pitfalls are just the tip of the iceberg! Think of them as the starting point of a much larger conversation–like the first step to a new destination on your entrepreneurial journey. Use these to inspire your thinking and develop better ways to serve your customers or clients. Don’t be afraid to get creative and explore new possibilities–the universe awaits!