While artificial intelligence is taking the world by storm, many have expressed anxieties over the technology’s rapid acceptance by the business community. Even though the benefits of platforms such as ChatGPT are clear, there remain many unknowns that make AI adoption difficult, especially for entrepreneurs and owners of smaller companies.
On this episode of The Small Business Show, host Jim Fitzpatrick is joined by Gene Marks, author, tech columnist for Forbes and CEO of The Marks Group. Marks recently covered artificial intelligence in an article examining the pros and cons of using generative text platforms for accounting purposes. Now, he shares his insights into the potential challenges of embracing AI and why he still believes the technology is a powerful tool for business owners.
Key Takeaways
1. Although it is easy to feel pessimistic about the proliferation of artificial intelligence, Marks notes that it is nothing more than a developer’s tool: a technology that is evolving into an expert’s assistant.
2. Unfortunately, artificial intelligence still has limitations, math being one of them. When providing subjective information, generative text platforms excel, but when providing objective data, AI tools struggle to maintain accuracy, although the technology is likely to improve.
3. Rather than using artificial intelligence as a replacement for human editing, Marks recommends that entrepreneurs use generative text platforms as a means for handling grunt work and lowering the costs of hiring writers.
4. Google is also leveraging artificial intelligence to assist entrepreneurs. Google My Business, for example, can direct customers to localized brands based on data collected from small businesses.
5. Marks notes that the question of when it is a good time to start a business depends on the business being opened. Not all enterprises will be successful at all times, which is why entrepreneurs must select their industry carefully and make their decisions based on local factors rather than national ones.
"There's never a bad time to start a business, but I'll tell you what is a really good time right now, and it will be for the next few years, is buying an existing business." — Gene Marks
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