With the rise of AI tools such as OpenAI's ChatGPT, small businesses have a remarkable opportunity to harness its potential. This advice comes from Karim Lakhani, a distinguished professor at Harvard Business School with over three decades of technology research under his belt.
During CNBC's Small Business Playbook virtual event on Wednesday, Lakhani emphasized that the age-old adage about AI holds true not only in Silicon Valley but also on Main Street.
"Machines won't replace humans, but humans with machines will replace humans without machines," he noted.
AI: Invaluable Thought Partner
To embark on the AI journey, small business owners are encouraged to explore three prominent platforms: OpenAI's ChatGPT+, available at $20 per month; Microsoft's Bing Chat offering free accessibility; and Poe, serving as a gateway to a wide array of gen AI tools.
Through experimentation with these platforms, small businesses can swiftly tap into the extraordinary potential of AI, streamlining their core tasks and operations, according to Lakhani.
While AI critics occasionally point out its inaccuracies, often termed "hallucinations," Lakhani advised small business owners not to be fazed by this.
He emphasized that the true value of these tools lies in empowering businesses, outweighing any occasional imperfections. Lakhani perceived ChatGPT as an invaluable "thought partner," significantly reducing cognitive costs and igniting fresh ideas.
A compelling instance he cited involves a venture capitalist based in California collaborating with immigrant entrepreneurs in the lawncare and fencing industries.
Language barriers could have hindered their communication with customers, leading to expensive translation services. However, harnessing ChatGPT grants these entrepreneurs the power to articulate fluent, refined English, creating new opportunities for them.
The same applies to e-commerce vendors, such as those using Shopify, aiming to translate their websites into multiple languages for diverse markets, sidestepping traditional costly translation services.
The AI application extends to image generation with AI tools like Midjourney, DALL-E, and Stability AI, further enhancing small businesses' creative capabilities.
Three Aspects of Business
Lakhani believes AI will play a pivotal role in three fundamental aspects of business success: scaling operations, refining scope, and fostering continuous learning.
He argued that embracing AI enables businesses to broaden their customer base, diversify their product offerings, and adapt nimbly to an ever-evolving market.
For those interested in exploring AI's potential, Lakhani recommended starting with YouTube, which hosts an abundance of educational content created by AI enthusiasts.
This wealth of knowledge may serve as a practical guide to problem-solving techniques with ChatGPT and other gen AI tools.
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