Artificial Intelligence (AI) is increasing in popularity, but how can it be used by student entrepreneurs? With AI’s potential of dramatically altering different parts of entrepreneurship, including social media, customer service, e-commerce, and more, it’s important that students learn how to be innovative, resilient, and continuously upskilling.
At a recent EEC Learning Lunch event, Joseph Fox, an assistant professor at the University of Akron, asked the question, “how do you use AI on a day-to-day basis?”
Parth Agrawal, Venture for America fellow and founding product manager at FindOurView, and Tyler Kohrt, Venture for America fellow and project manager at Wave Strategy, joined Dr. Fox to answer that question and offer ways for founders, students, and faculty to successfully use various AI tools.
How can Entrepreneurs Use AI?
AI is becoming one of the most important tools in entrepreneurship, yet there’s still a lot of hesitation when it comes to actually using this machinery. This is largely due to the belief that AI can take away jobs and other opportunities from entrepreneurs. Rather than considering these systems as replacements for human workers, you can use AI to expand your learning and structure your thinking.
Parth Agrawal asked Tyler Kohrt the big question regarding artificial intelligence, “do you think AI is going to take your job?” Although there will always be a possibility that AI makes unexpected advancements, it will never be able to replicate the humanity aspect of entrepreneurship. Instead, Tyler believes that AI can be used to eliminate a lot of busy work, and potentially help entrepreneurs make even more money for their businesses.
Both Parth and Tyler use AI daily for simple entrepreneurial tasks, such as basic competitor research. It can essentially be used as a “partner” for expanding your learning and developing new ideas. Tyler had mentioned that using artificial intelligence is similar to a venn diagram. On one side, you have AI, on the other side, you have the human user, and in between is what value they provide to one another. You’re giving the artificial intelligence system data it needs to improve future responses while you receive helpful information.
If you’re looking to begin your entrepreneurial journey, or are in the early stages of starting your venture, AI can help you discover new ideas that you may haven’t thought about. Joseph Fox urges students to use artificial intelligence for basic discovery, that way they develop a general idea on what they want to do as an entrepreneur and how to do it. He implements this in his teaching at the University of Akron by encouraging students to use AI, like Chat GPT, to find basic solutions and information.
Will AI Affect the Future of Entrepreneurship?
As AI continues to advance, student entrepreneurs will have more opportunities to start and build their ventures. Although it’s important to consider how artificial intelligence may affect future careers, there’s little to no possibility of this machinery taking over jobs since it can’t imitate an actual human being. Because of this, we’ll always need a person behind the screen proofreading and ensuring that all of the information is reliable, relevant, and correct.
It’s easy to believe that AI can disrupt the thinking process because of its ability to quickly provide information; however, that’s not the case. Student entrepreneurs can instead use artificial intelligence to enhance their thinking to develop better solutions that will then allow them to continue developing their ventures.
ICYMI: View Our AI & Chatbots Learning Lunch Recording
Dr. Fox, Parth and Tyler not only discussed AI but provided demonstrations of tools, from ChatGPT to Whisper and many others. Watch the video below or on the EEC YouTube channel.
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