5 Recommends ChatGPT to Get Good Ideas for Getting Started

Everyone should use ChatGPT to generate business ideas. That was the decision of Wharton professor Christian Terwiesch after asking ChatGPT to generate 200 product ideas. The language learning system completed the task in just 15 minutes and came up with better ideas than a group of business school students. That said, ChatGPT has its limitations. In one study, researchers found that AI-generated solutions were more valuable, but human solutions were more innovative. This is why, rather than replacing human creativity, generative AI can be a powerful tool to enhance it.

ChatGPT is efficient and relatively cheap. It can help you get the ball rolling, do the heavy lifting during memory and leave you with more bandwidth to explore, organize, and use.

I’m a big fan of automating busy work and my team regularly uses ChatGPT to help us brainstorm our next big idea. It doesn’t do the work for us, but it gives us more possibilities to think about. If you’re looking for a profitable startup idea, here are ChatGPT’s suggestions to get the wheels turning.

Start with Frustration

I’ve always said: don’t think blindly about entering a new business. The most successful startups are born out of a need, desperation, or opportunity to do something better. Before starting my own business, I worked for a news company in New York where I was tasked with coding forms. The struggles and frustrations of my day job led me to start an easy to use online form company. To give another example, Uber happened when two young men could not get a taxi in Paris.

When using this method in ChatGPT, you can use the following message:

“I am an entrepreneur who comes up with ideas to start. The problem I want to solve is: 5 ChatGPT Prompts To Find Profitable Startup Ideas  Forbes. Can you come up with 10 different business ideas for solving this problem [market]? Use market research to ensure that each idea is feasible and profitable. ”

Target A Specific Market

One of the weaknesses of AI is that it doesn’t have the kind of conditioning that humans get with experience and expertise. If you want to serve a specific market, you can combine your personal understanding of context with AI’s powerful predictive capabilities. Together, you can develop startup ideas that target a specific market.

For example, I asked ChatGPT to come up with profitable business ideas targeting university students in southern California. That spawned an array of interesting ideas, from Eco-Friendly Transportation Rentals and Virtual Reality (VR) Learning Aids to Customizable Dorm Room Decor Services.

Here is a message to consider:

“I come with a business idea for [target market]. Based on market research, can you come up with 10 profitable startup ideas that meet their needs and wants?

Remember: the more information you provide on ChatGPT, the more tailored your answers will be.

Enhance access

Another way to find a profitable startup idea is to increase the reach of a proven product. For example, I recently read about a startup called Campo Grande that is bringing traditional Spanish food products, such as Iberian Ham and Vaca Vieja beef, to the US market. They’re not reinventing the wheel—these are time-tested, delicious foods—but they’re making the products more accessible to Americans who love Spanish food.

For example, I asked ChatGPT for ideas on how to make French wine more accessible in China. Based on market research, LLM proposed a Mobile App for Wine Education and Purchase, French Wine Experience Centers, and more.

In this way, the output can be:

“I am an entrepreneur who comes up with profitable business methods that I can do [product or service] more available to [region or to population]. Can you come up with 5 ideas for profitable business models?

Pivot Or Expand Your Current Business

History is full of stories of highly successful businesses that emerged from pivots. Wrigley’s began as a door-to-door salesman, with chewing gum as a free gift. They pivoted when they realized that consumers were more into their gums than their original product. Netflix started as a DVD distribution company. As Harvard Business School explains, when streaming started, Netflix incorporated new technology into its business model. Streaming has been a steady discovery.

As an entrepreneur, it is important to understand that your customers are your most important stakeholders. It doesn’t matter how smart you think your idea is. If customers are looking for a nearby product or service, you must listen to them. But if your startup is struggling to gain traction—perhaps your products aren’t “sticky” enough—and the pivot isn’t in sight, ChatGPT can help you explore opportunities.

Here’s a test tip:

“My company is a(n) [company description] which serves [target customer]. The idea is to [general mission statement]. Now we have [number] users of [geographical region]. Can you come up with 10 business pivots to increase our users? We like to focus on getting users who become regular customers. ”

Ask for Feedback on Your Startup Ideas

Whether you’re polishing an important email or organizing your pitch, ChatGPT can be a valuable tool. Dan Kraemer, CEO and co-founder of IA Collaborative, explained how his team is using AI to “conceive the businesses of the future and turn those ideas into great opportunities.” For example, once the team solves several concepts, it uses AI that generates to help with the appropriate effort: competitive analysis, market forecasting, labor market statistics and financial modeling.

Likewise, you can use ChatGPT to get feedback on your startup idea.

An explanation could be:

“I’m creating a business idea for starting a lot of money. The idea is to [product or service description]. For customers, we are looking [target market] to [target region]. Can you provide feedback on this idea, including a competitive analysis, market forecast, labor market statistics, and financial model?”

In just 10-15 seconds, ChatGPT can provide a complete feedback on your idea. And remember, the more context you provide, the clearer the answer will be. Help ChatGPT help you do your job better.