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Can ChatGPT provide helpful advice in successfully starting a new business?
By now many people know that ChatGPT is an artificial intelligence language model that uses deep learning techniques to generate texts in response to questions. It can answer a wide range of questions, summarize text, and complete sentences and paragraphs. ChatGPT is widely used in applications such as content creation and chatbots to provide human-like text responses in real-time.
I asked ChatGPT (by going to
chat.openail.com/chat) the following question: What are the ten key steps in successfully starting a business? Give details on each step.
Here was ChatGPT’s answer:
Here are the 10 key steps in successfully starting a business:
These steps should be followed in a systematic and well-planned manner to increase the chances of success in starting a business. Entrepreneurs should also be flexible and adaptable, as circumstances may change and require adjustment of plans along the way.
What grade would I give to this ChatGPT answer? I’m going to give it a C+ for the following reasons:
If I were to edit the ChatGPT answer into an article and keep the basic format, here is how it would look:
Starting a successful business is not easy. There are many steps to consider and potential traps for the unwary. But here are 10 key steps to follow in order to successfully start a business:
Develop a unique and potentially profitable business idea. Conduct market research to validate the idea and to identify potential customers, competitors, and a sufficiently attractive market opportunity.
For some businesses, it may be worthwhile to prepare a business plan that sets forth the business idea, sales and marketing strategies, financial projections and other information. For many businesses, a pdf pitch deck outlining the business will be easier and more suitable. See Don’t Waste Time on a Startup Business Plan—Do These 5 Things Instead
Make sure you are thoroughly researching the market opportunity and competitive products or services, and keep on top of new developments and announcements from your competitors. One way to do this is to set up a Google alert to notify you when any new information about those companies appears online. Expect that prospective investors in your company will ask questions about the market opportunity and your competitors. Any entrepreneurs who say that “we don’t have competitors” will have credibility problems.
Ensure compliance with all relevant legal and regulatory requirements, such as registering the business and obtaining necessary licenses and permits. You will likely want to start the business as a corporation or an LLC to protect your personal assets from the debts and liabilities of the business. See
How to Form an LLC and How to Incorporate a Startup Business.
Secure adequate funding to start and operate the business, whether from personal capital, loans, government grants or investors. One of the biggest reasons startups fail is because they do not raise sufficient capital for the business. See
5 Startup Funding Options for Your Business
Plan and set up the business operations, including sourcing of products or materials, manufacturing processes if applicable, optimal pricing for customers, and necessary leased space.
Plan a cost-effective sales and marketing strategy to reach and acquire new customers. Make sure to continually monitor the different channels you use and their cost-efficacy. Consider using social media to boost your presence online.
Use technology effectively and efficiently to operate and market the business.
Attract, motivate, and retain the employees you need to start and grow the business.
It can be important to prepare detailed financial projections for the business, for the following reasons:
Financial projections will typically be for a several-year period and will include:
Of course, your financial projections will not be perfectly matched with your actual results, but your financial projections can be revised as you move through the stages of your business.
You will also want to make sure to establish and maintain effective financial management practices, including accounting, bookkeeping, budgeting, cash flow management and tax compliance.
Paying attention to these 10 issues will increase the likelihood of success, but you should be flexible and adaptable as you grow the business.
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