The first rule is that every good entrepreneur should be an expert at artificial intelligence because they will implement artificial intelligence into their businesses. Why? Because it is the new human factor in the mix and will have far more impact on future markets than human entrepreneurs ever could have dreamed. Today, we already have AI telephone programs, online e-mail services, and image recognition software all working for us in our homes, businesses, and organizations.
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Rules entrepreneurs should know while using AI:
In the future, those features will be so good that a robot will be able to do most of the work at a human level. How will this impact us? Well, most likely, everything will become much more manageable. Forget about writing dozens of memos a day, setting up multiple meeting rooms, storing data in hard drives, etc. All of that will become a thing of the past.
Instead, you will be able to set up your meetings online, have documents instantly uploaded to your computer, send e-mail messages, forward documents, and have phone conversations. Pretty soon, all of these activities will take on a life of their own and no longer be “held” within the walls of a full-time human executive. Suddenly, your business growth and competitive advantage will skyrocket. But won’t this also mean that the typical characteristics of a successful entrepreneur will fade away?
No, that is not what this rule is saying. This rule states that entrepreneurs must understand how artificial intelligence works and how it can help their business. They need to be experts in this area, and they need to embrace and use this technology. They must adopt the mindset necessary to utilize this technology in their own business fully.
What if you are a small business owner with one or two employees?
Will your business be made irrelevant if you hire the wrong person to manage the website? Will hiring a “go-it-alone” entrepreneur work out better than hiring a seasoned website manager with experience optimizing pages for Google and Yahoo? Likely, not…
The bottom line is that nothing stops your company from employing a human manager to run certain aspects of your website. This doesn’t mean that the entire process has to revert to the “traditional” employee model. It does mean that you need to understand how artificial intelligence will impact the entire business. If you don’t embrace and implement this new belief, you will likely fail to stay ahead of your competition. That’s not a route I would prefer to take.
On the other hand, if you hire an expert in the field, do you believe he or she won’t have some degree of human intervention? Will the process be so automated and straightforward that there is no need for a real person to oversee the process at all? Of course not. As mentioned, you must believe that human interaction is required to produce real value. Therefore, your decisions will still need to be made by someone.
Analyze well and make a good move:
The bottom line is this: while there are many great benefits to implementing Artificial Intelligence into the business process, some risks are involved. Don’t presume that the only thing you have to worry about is growth. Take a close look at the processes involved in human growth. Then look at artificial intelligence and ask yourself if the benefits are worth the risks.
Does all of this sound farfetched? If so, think about this: Many great inventions, scientific breakthroughs, medical advancements, and technological advances did not happen overnight. Even more impressive breakthroughs will not occur overnight either. This means that entrepreneurs need to be prepared to take some risk if they want to implement artificial intelligence into their businesses successfully.
In addition to being prepared to take risks, entrepreneurs need to have a plan. This may seem like common sense, but how often does anyone know what they are doing? Unfortunately, most businesses are not well prepared for the future and even those that rarely get off the ground due to lack of planning. The best way to ensure that you can adapt and thrive after an artificial intelligence implementation is to develop an elaborate business strategy. Once you have done so, you can let the system take care of the rest.
Finally, entrepreneurs need to be humble. Many people have been burned, and many more have failed miserably. Part of doing the impossible believes that you can do it. While it might seem exciting to try and do something different, it is often better to stay in the safe zone. After all, innovation rarely happens in a vacuum where it cannot be tested and controlled by humans.