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Tag: innovation

  • 5 Things to Look for When Hiring a Patent Portfolio Manager | Entrepreneur

    5 Things to Look for When Hiring a Patent Portfolio Manager | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Hiring a patent portfolio manager is a milestone that will enhance your enterprise’s patent program. Managing the patent process efficiently becomes more difficult at scale without dedicated staffing. Without proper planning, your inventors’ hard-won innovations risk being under-protected by your enterprise.

    Hiring an incompetent patent portfolio manager may result in valuable ideas remaining unpatented, a decrease in innovator engagement, unjustified patent prosecution costs and an inadequate return on your IP investments.

    Unearthing patents from your innovators requires a patent portfolio manager with technical expertise, standout interpersonal skills and undeterred persistence. Simultaneously, strengthening your patent portfolio against competitors demands significant patent-related experience. And generating maximum returns on IP investments demands sound business acumen.

    An adept patent portfolio manager should possess a diverse skill set aligned with your enterprise’s objectives. Evaluating candidates on these five key competencies can help you select the right one:

    • Technical expertise

    • Legal experience

    • Eye for detail

    • Interpersonal skills

    • Business acumen

    Read on as we delve deeper into these core attributes.

    Related: An Entrepreneur’s Guide to Inventing

    1. Technical expertise

    Inventors typically have a lot on their plate. Their primary focus is on innovation and product development with little time for the administrative tasks needed to keep the patent program running. Amid their busy schedules, they might overlook reporting their innovations for patenting.

    Sometimes, they might even dismiss an invention as too obvious, deciding not to report it at all. Consequently, you may miss out on potentially patentable ideas.

    A portfolio manager who is familiar with your enterprise’s technology can have conversations with the inventors, guiding them on which ideas should be protected. Ideally, a seasoned employee or someone acquainted with your enterprise’s technological focus would be suitable. They need not understand all the innovation, but they should have enough background knowledge to identify and capture the best ideas.

    2. Legal experience

    Addressing complex queries about the likelihood of getting a patent, complete life-cycle cost estimates and strategic filing decisions across multiple jurisdictions can be challenging without legal experience.

    Moreover, interacting with outside patent counsel in the absence of knowledge of patent terminology can lead to ineffective communication. Ineffective communication between a patent portfolio manager and outside counsel can lead to misunderstandings about strategic patent goals, potential delays in the patent prosecution process, increased costs and unsuccessful patent filings. These complications can, in turn, jeopardize the enterprise’s intellectual property strategy to protect its market.

    A patent portfolio manager with legal experience, potentially from a law firm or corporate role, can effectively communicate with counsel, answer intricate questions and guide the implementation of cost-effective patent filing strategies across multiple jurisdictions.

    3. Eye for detail

    Managing large patent portfolios with hundreds of matters across different countries can be overwhelming due to extensive tracking, communication and administrative work.

    Moreover, patent rights for an invention are given country by country. It’s perplexing to efficiently navigate the complexities of obtaining patent rights across different countries. Coordinating with legal counsel in each jurisdiction, managing numerous email correspondences, answering specific questions, reaching out to the right individuals and getting signatures demands an eye for detail.

    A detail-oriented patent portfolio manager can handle large patent portfolios effectively. With a strong understanding of your enterprise processes and excellent organizational skills, they ensure timely responses. They also excel at obtaining necessary approvals and signatures while maintaining a well-organized administration.

    Related: The Basics of Protecting Your Intellectual Property, Explained

    4. Interpersonal skills

    Inventors must intensely focus on their product innovation with little time to engage in extensive paperwork. Distractions and delays in submitting invention disclosures can starve your patent pipeline. This results in a rushed patenting process, seeking patent protection just before product launch.

    Besides, it’s not unusual for enterprise members, legal counsel or foreign associates to be awaiting answers or information. The intensity of delivering a product leaves little time to focus on the big picture.

    Given the multitude of outstanding queries and patent-related tasks in an enterprise, this role requires strong interpersonal skills and diligence. Mining patents requires constant sleuthing to find what the inventors are doing. The patent manager must build solid relationships with inventors and establish clear communication channels for efficient reporting of potential inventions, ensuring all stakeholders receive timely information.

    5. Business acumen

    Enterprises often face challenges in aligning their patent strategies with wider business goals.

    It’s daunting to gauge the commercial potential of patents, navigate patent licensing negotiations and make strategic litigation decisions, all while ensuring cost-effectiveness. Alignment of the patent program with strategic goals requires focus and an even keel.

    Thus, unlocking the true market potential of your patent portfolio demands that the patent portfolio manager possesses strong business acumen.

    Related: Create the Strongest Patent Possible With These 5 Tips

    A capable patent portfolio manager can prove to be more cost-effective and yield better results in comparison to being dependent on an organic process internally or even on outside legal counsel for various tasks like mining patents, strengthening patent portfolios and generating higher returns on IP investments.

    The perfect candidate for the patent portfolio manager position should demonstrate a combination of technical proficiency, legal background, attention to detail, strong interpersonal skills and business acumen.

    Recruiting one can be a challenging task, but often the best candidates are right under your nose. They might be among the external counsel you already work with, exhibiting proficiency in tasks you need to get done at competitive costs. It could even be found within the enterprise with a prolific inventor having an interest in a bigger role in the legal department. These professionals could transition into a full-time role within your enterprise.

    Drawing from over 25 years of experience in patent prosecution, I can vouch that hiring a competent patent portfolio manager, as outlined in this post, can contribute positively to your enterprise’s success in conquering your patent landscape. You can further empower your patent portfolio manager by adopting the right patent management software.

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    Thomas Franklin

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  • Coca-Cola Used AI for New Y3000 Coke Flavor ‘From the Future’ | Entrepreneur

    Coca-Cola Used AI for New Y3000 Coke Flavor ‘From the Future’ | Entrepreneur

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    Coca-Cola is headed to the year 3000, and it’s using AI to get there.

    The soda giant unveiled its new Y3000 Coke on Tuesday as the latest concoction to come out of its Creations limited-edition flavor drops, a program that uses non-traditional flavors and branding targeted to engage a younger audience. This time, however, Coca-Cola turned to artificial intelligence to cook up a futuristic beverage.

    The brand used human insights to gauge what people would imagine a drink from the future would taste like, before recruiting AI to help with additional flavor notes and the product’s packaging design, a spokesperson explained to CNN.

    AI also created a mood board to inspire the can’s aesthetic, which features pixilated graphics of vibrant blue and pink bubbles. The bottom of the can reads “Co-Created with AI.”

    “We hope that Coca‑Cola will still be as relevant and refreshing in the year 3000 as it is today, so we challenged ourselves to explore the concept of what a Coke from the future might taste like—and what kind of experiences would a Coke from the future unlock?” Coca‑Cola’s Senior Director of Global Strategy, Oana Vlad, said in a press release.

    Y3000 comes in a zero-sugar option as well, and both options will be available for a limited time beginning on Tuesday.

    The new drop also comes with an interactive experience where customers can scan a QR code on the can that takes them to a portal that allows them to add photo filters that transform their pictures to the year 3000 with digitized effects.

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    Sam Silverman

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  • How This AI Tool Can Empower Businesses | Entrepreneur

    How This AI Tool Can Empower Businesses | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Artificial Intelligence (AI) is revolutionizing business operations in subtle yet unprecedented ways, though it undoubtedly arouses apprehension. Amid cries of “the robots are coming for our jobs,” it’s easy to perceive AI as an impending threat. However, individuals who invest time in understanding and utilizing AI can unlock tremendous opportunities for personal and professional advancement.

    AI’s goal isn’t to displace roles but to enhance human potential. It automates repetitive, low-value tasks, enabling people to upskill and shoulder more strategic responsibilities. Entrepreneurs who can harness AI as a tool of empowerment are likely to advance in their careers and increase their earning potential. Let’s dive deeper into discussing the problems one of the hottest AI solutions can solve today.

    Related: Does AI Deserve All the Hype? Here’s How You Can Actually Use AI in Your Business

    Challenges of bootstrapped startups and solopreneurs

    Bootstrapped startups and solopreneurs encounter a plethora of challenges. One is the inability to afford a big team due to constrained finances. As a result, founders often multitask, handling every aspect of the business. This approach frequently leads to burnout as the workload outstrips capacity, and critical business needs may fall by the wayside due to a lack of resources.

    Areas like sales, marketing, finance, HR and customer support demand dedicated focus for effective execution. However, bootstrapped businesses rarely have the budget to support entire departments or multiple hires. Even outsourcing these responsibilities to external agencies can prove cost-prohibitive in the long run.

    The scarcity of human resources also inhibits innovation and strategic thinking. Founders caught up in firefighting daily issues often have little time left for high-level planning and product development. Neglecting these priorities can curtail a startup’s growth potential over time. With limited access to talent and expertise, bootstrappers need to stretch every dollar.

    Constant bootstrapping also caps the upside, making it tough to compete with well-funded ventures. Therefore, finding affordable solutions to address human resource gaps is vital for solopreneurs and startups building sustainable, thriving businesses. The advent of AI-powered virtual staffing emerges as a promising new avenue worth exploring.

    Related: 10 Ways to Preserve Cash as a Bootstrapped Startup

    AI virtual staffing: A smarter approach

    The idea of our AI virtual staffing agency, Olympia, was born from the inability to hire top (more expensive) experts in a startup I previously worked for. I constantly had to redo someone else’s work instead of building more partnerships and launching creative campaigns to increase our revenue. My future co-founder then offered to create a couple of AI specialists for me to play with, and it was a game-changer. Today, Olympia’s early adopters love them like I do, and we continue building our startup with our own product.

    Traditional staffing models are evolving with AI integration. AI-powered virtual staffing emerges as an innovative solution, providing startups and solopreneurs with affordable expertise and expanded capabilities.

    AI-powered virtual assistants and consultants can handle various responsibilities, from content creation and SEO to legal consulting and marketing. Operating round the clock, these AI team members efficiently manage tedious yet crucial tasks, allowing business owners to concentrate on high-level strategy and innovation.

    The benefits for resource-strained startups and solopreneurs are considerable. AI virtual staffing delivers the expertise and support of entire human teams at a fraction of the cost, expanding capabilities without inflating payrolls. This model points to a shift towards hybrid intelligence, where humans and AI collaborate to propel business success.

    By adopting AI virtual staffing, entrepreneurs can optimize productivity, reduce costs and compete effectively. Combining human creativity and AI power equips startups and indie hackers with a formidable competitive edge. This tech innovation paves the way for a future where humans focus on responsibilities best suited to their cognitive strengths, backed by an AI workforce handling tactical execution. Unquestionably, AI virtual staffing is an affordable solution for founders aiming to scale their businesses sustainably.

    Related: Generative AI Is Enabling Creators To Take On Massive Workloads. Here’s How.

    Staying ahead with AI

    In today’s digital era, incorporating AI into business operations is necessary to remain competitive. Companies that hesitate to leverage AI risk falling behind as their more forward-thinking competitors surge ahead. Beyond cost savings, AI integration offers numerous advantages, enabling organizations to embrace the future today.

    AI virtual assistants empower businesses to develop products and services cost-effectively, efficiently and in less time. Moreover, AI enables hyper-personalized customer experiences based on predictive analytics, fostering brand loyalty.

    Another advantage lies in AI systems’ continuous self-improvement, allowing companies to keep pace with technological advancements. As these AI solutions access more data and process power over time, they become more intelligent. Businesses that adopt AI now will reap the benefits as the technology evolves.

    Embracing AI grants businesses amplified abilities to ideate, create, problem-solve and make data-driven decisions. It also liberates resources to experiment with emerging technologies such as AR/VR and the metaverse. For solopreneurs and startups seeking venture capital, demonstrating AI integration signals technical prowess and future readiness.

    Failing to integrate AI could lead to obsolescence. Companies that ignore traditional operational methods in favor of AI adoption position themselves as trailblazers in their industries. With AI woven into their business DNA, they are well-equipped to dominate markets for years to come.

    Related: 6 Ways Small Business Owners Can Get Their Employees to Use AI

    Conclusion

    The new AI era is brimming with opportunities for entrepreneurs and businesses. For startups and solopreneurs restricted by resources, AI-powered virtual staffing emerges as a transformative solution, offering affordable expertise and supercharged productivity.

    However, embracing change is not without its challenges. Transitioning to new systems demands technical expertise and a readiness to reshape traditional mindsets. But transformation is rarely effortless or seamless — it nudges us out of our comfort zones, prompting growth. The key lies in perceiving AI as an empowering tool rather than a potential threat.

    Those committed to continuous learning and adopting the right mindset towards AI stand at the beginning of exciting new times. The future belongs to the bold and pioneering companies that harness AI.

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    Victoria Loskutova

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  • 7 AI-Based Business Ideas That Could Make You Rich | Entrepreneur

    7 AI-Based Business Ideas That Could Make You Rich | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s rapidly changing landscape, technology has seeped into nearly every aspect of our lives. One of the most influential technologies of the 21st century is Artificial intelligence (AI). It’s no surprise that AI is revolutionizing various sectors, including healthcare, transportation, entertainment, and more importantly, business.

    So, if you’re an entrepreneur with an eye for disruptive technologies, now is the right time to invest in an AI-based business. Here are seven AI-based business ideas that have the potential to make you rich.

    Related: What Every Entrepreneur Must Know About Artificial Intelligence

    1. Personalized health monitoring

    The healthcare industry is ripe for disruption, and AI has the potential to revolutionize the way we approach well-being and treatment. Imagine a wearable device that not only tracks basic health metrics but also predicts potential medical conditions before they become severe. By employing machine learning algorithms that analyze data on a person’s lifestyle, genetics and current health conditions, you could offer a subscription-based service that provides real-time health insights and early warnings.

    Revenue streams: Subscription fees, partnerships with healthcare providers, data analytics for medical research

    Challenges: Regulatory hurdles, data privacy concerns, high R&D costs

    2. AI-powered talent matching platform

    Recruitment is an expensive and time-consuming process for companies. You could develop an AI-powered platform that analyzes a plethora of factors — skills, experience, cultural fit and even nuances like work habits — to match job seekers with suitable employers. By continually learning from its matches, the AI could significantly increase placement accuracy over time, reducing employee turnover and recruitment costs.

    Revenue streams: Subscription fees from employers, premium features for job seekers, data insights for HR departments

    Challenges: Data accuracy, competition from traditional job boards and networking platforms, legal concerns over discrimination

    3. Customized e-learning experiences

    Traditional e-learning platforms offer a one-size-fits-all approach that doesn’t suit everyone. By leveraging AI algorithms that adapt to a student’s learning style, pace and strengths/weaknesses, you could create a more individualized learning experience. Your platform could serve students looking for K-12 tutoring, professionals seeking continued education or even hobbyists wanting to acquire a new skill.

    Revenue streams: Subscription fees, course purchase fees, partnerships with educational institutions

    Challenges: High-quality content creation, ensuring educational effectiveness, competition from established e-learning platforms.

    4. Sustainable energy management

    Sustainability is not just a buzzword — it’s a necessity. AI can play a critical role in managing energy consumption more efficiently. Whether it’s a smart grid that adapts to usage patterns or a home system that regulates energy consumption without human intervention, AI can offer solutions that are both eco-friendly and cost-effective.

    Revenue streams: Hardware sales, software subscriptions, partnerships with utility companies, government grants for sustainable initiatives

    Challenges: Infrastructure requirements, technological limitations, consumer adoption rates

    Related: The Future Founder’s Guide to Artificial Intelligence

    5. AI-driven content creation

    Content is king in the digital age, but creating quality content consistently is a labor-intensive task. An AI-based platform that can generate high-quality written, audio or visual content could be a game-changer. Such a platform could assist journalists, bloggers, marketers and even filmmakers.

    AI algorithms can not only generate content but can also optimize it for SEO, readability or audience engagement, providing an end-to-end solution for content creation.

    Revenue streams: Subscription fees, pay-per-content, licensing to marketing agencies

    Challenges: Maintaining content quality, handling the complexities of human language and creativity, copyright issues

    6. Smart agriculture

    The global population is growing, and with it, the demand for food. However, resources like land and water are finite. Smart agriculture solutions using AI can optimize yield by analyzing soil quality, weather conditions and crop health, among other variables.

    Imagine drones equipped with AI algorithms that can scan large agricultural fields, providing farmers with detailed reports on what actions to take. Your business could be at the forefront of making agriculture more sustainable and efficient.

    Revenue streams: Software licenses, data analytics, consultancy services

    Challenges: High initial costs, complexity of agriculture, adoption and usability

    7. Automated financial advising

    With more people becoming financially aware, there’s a growing demand for financial advisory services. AI can process huge datasets and generate actionable insights much quicker than a human advisor. An AI-based robo-advisory platform can offer personalized investment strategies, risk assessment and portfolio management, making it easier for people to manage their wealth. The financial sector is ripe for disruption, and an AI-based advisory service could be your ticket to untold riches.

    Revenue streams: Subscription fees, licensing technology, data monetization

    Challenges: Regulatory hurdles, customer trust, data security

    The possibilities are endless when it comes to leveraging AI in business. The key is to identify a problem that AI can solve better or more efficiently than existing solutions. Whether it’s healthcare, marketing, recruitment, finance, supply chain management, customer service or content creation, the potential for AI to revolutionize these fields is immense. Remember, the best time to invest in the future is now, and these seven business ideas are your stepping stones to achieving unparalleled financial success.

    Related: Exploring the Future of Artificial Intelligence — 8 Trends and Predictions for the Next Decade

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    Ashot Gabrelyanov

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  • Be Innovative, Not Just Creative — 2 Types of Innovation to Increase Your Profits | Entrepreneur

    Be Innovative, Not Just Creative — 2 Types of Innovation to Increase Your Profits | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Innovation is the source of critical differentiation in competitive markets. Unfortunately, innovation has become a buzzword for something that looks more like creativity in practice — or worse, incremental improvements. This conflation has had an undeniable detrimental effect on companies and consumers alike.

    Creativity is the generation of new ideas. While valuable, these concepts cannot always be marketed or commercialized. Instead of addressing true consumers’ met or unmet needs, they were generated based on technical know-how. Even when they can be commercialized, they don’t often drive revenue or profit growth as expected.

    On the other hand, innovation is driven by consumer needs and demands, especially unmet needs. Ultimately, innovation is the differentiator influencing consumer behavior, creating new revenue and increasing profit — all the makings of a market leader. Innovation is about transformation: achieving more with less, finding new ways of doing things and identifying ways to create new consumer demand. Especially in uncertain times, how do you significantly alter the playing field to your benefit?

    Two key types of innovation drive increased profits: new-to-the-world solutions and new-to-the-market solutions. For either method of innovation to be successful, executive leadership must build and foster a culture that relentlessly prioritizes listening to the targeted consumers it aims to serve. Innovation can happen only by harnessing the power of people — especially those with different ways of thinking.

    Related: 11 Innovation Strategies That Can Effectively Increase Your Businesses’ Growth

    1. New-to-the-world solutions

    New-to-the-world solutions are not existing products with incremental changes made; they are original in their approach to problem-solving and often create new categories that irrevocably change the market. New-to-the-world solutions require a deep understanding of consumers’ unmet needs and behaviors to accurately identify and address problems that consumers may not even realize they have. This means listening to what consumers don’t say and observing what they do. Based on this consumer understanding, technological know-how can make solutions.

    Consider the classic example of how Netflix reinvented itself during the Global Financial Crisis of 2008, surpassing Blockbuster to change the entire at-home entertainment landscape. The company saw consumer demand shrinking and found new ways to create more value for consumers via home delivery and streaming content directly to the consumers’ homes.

    Gone are the days of video cassettes, DVDs and Blu-ray disks — and better yet, consumers don’t need to drive to the stores to pick them up. While such a thing was unthinkable just 15 years ago, Netflix has since evolved into the streaming platform we all know and enjoy from our devices — a true innovative shift.

    Related: Want to Build a Faster Horse? Follow these 3 Innovation Strategies

    The rapid advancement of the internet also revolutionized traditional workplaces, including office supplies. As emails began to dominate modern professional communication, 3M’s Post-It notes were put in a somewhat sticky situation — and so 3M invented an innovative product that was even stickier. The Post-It Super Sticky notes could adhere to any vertical surface — including chairs, doors, computers, refrigerators, etc. This innovation addressed the needs of consumers who still preferred physical, visual reminders but found themselves using paper memos less frequently. The Post-it Super Sticky notes were made in vibrant colors, offering a convenient reminder that could be placed almost anywhere, ensuring that the product remained relevant and helpful even in the digital age.

    By contrast, Google failed to understand the true unmet needs of its consumers when the company first launched its “moonshot” Google Glass in 2014. Despite the “smart” glasses’ cutting-edge technology, the product was discontinued after just one year. Despite its live map imaging and hands-free web navigation, Google botched its assessment of the product’s marketability — opting for a “clunky” shape, overcomplicated features, and an overwrought price tag ($1,500).

    This is a classic example of a new-to-the-world product that myopically prioritized sleek, convenient bells and whistles over simplicity and accessibility. Google also failed to consider the desires and budgets of consumers properly. The product did not offer an authentic solution to make consumers’ lives easy and affordable.

    Related: Why Combining Company Culture with Strategy is Necessary for Lasting Business Success

    2. New-to-the-market solutions

    New-to-the-market solutions deliver an already-existing product to a region or market where it was not previously familiar or available. This does not require a fundamental change to the product itself but rather an integration into a new demographic of consumers — but not all products that succeed in one region are destined to succeed in another. Therefore, it’s crucial to take note of the ethnographic differences between markets and to develop a deep understanding of the cultures being marketed to.

    WD-40 is a prime example of a longtime staple of the American home that was popularized globally. Invented in San Diego in 1953, WD-40 was created for Convair to protect missiles from rust and corrosion and was later used more widely for its water-resistance and lubrication properties. The product was not introduced to Latin America until the 1960s, when it was presented as a valuable tool for people from all walks of life — including mechanics, cleaners, and individuals preparing for natural disasters.

    In addition to sponsorships of sporting events and festivals, the company was careful to market WD-40 to the Latin American audience through localized campaigns tailored to regional needs and interests. Lastly, the company established partnerships with local retailers and distributors to ensure the product’s accessibility. WD-40 was known for its versatility and reliability, but its affordability and universality propelled its successful sales in over 170 countries worldwide.

    Related: Great Minds Think Unalike — 3 Ways to Drive True Innovation Through Diversity

    Unlike WD-40, Bunnings — an Australian hardware and garden center chain — struck out in the UK market. While Bunnings was able to understand and cater to the needs of Australian homeowners, its leadership failed to consider the UK’s very different DIY habits, climate and competitive landscape.

    After overpaying for the UK-based home store chain Homebase, Bunnings made drastic changes to its logo, layout, and product mix without raising awareness around Bunnings’ brand in the UK. Bunnings also failed to invest in its UK presence properly, alienating potential consumers familiar with Homebase. Thus, Bunnings and its products failed to catch on with UK consumers, and in 2018, the brand was forced to sell Homebase at a loss of 1.7 billion Sterling pounds.

    The reality is that creativity alone will not create demand nor change consumer behavior. True innovation requires a combination of creativity, foresight and deep consumer understanding to deliver the right solutions for consumers’ unmet needs. Our current economy is actually primed for innovation — this troubled market is similar to what Netflix faced back in 2008, and company leaders would be wise to follow Netflix’s example.

    Now is the time when generational entrepreneurs launch their world-changing businesses, and real innovative ideas are born. For existing companies, large and small, it’s a time to double down on the core of who you are and what can be best offered to consumers to drive new demand.

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    Jack Truong

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  • Jimmy Rex Shares His 3 Principles for Success | Entrepreneur

    Jimmy Rex Shares His 3 Principles for Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a world filled with challenges and uncertainties, it’s easy to feel overwhelmed and lose sight of our own potential. However, there are individuals like Jimmy Rex who have not only overcome adversity but have also dedicated their lives to helping others do the same.

    Jimmy is most known for his incredible real estate career, having sold thousands of properties including Utah’s most expensive house sale in history at $32.5 million in 2019. He’s coached over 15,000 other real estate agents, authored Next Wave of Influence in Real Estate, and created The Jimmy Rex Show podcast.

    He is now a man on a mission, part of a collective he started known as “We Are The They,” a group of individuals committed to making a difference in the world.

    Through his “We Are The They” program, Jimmy empowers others to tap into their potential and create a positive impact. He believes that by surrounding ourselves with the right people and adopting the right mindset, we can achieve extraordinary things. Here are some takeaways from our incredible conversation.

    Exploring the World and Investing Wisely

    Jimmy Rex’s adventurous spirit has taken him to over one hundred countries, allowing him to gain a unique perspective on life. He recommends visiting Victoria Falls in Africa, a breathtaking destination that showcases the beauty of nature. In addition to his success in his real estate career and serial entrepreneurship, Jimmy shares valuable insights on investing in rental properties. He suggests focusing on red states with robust economies, such as Florida, Arkansas, Tennessee, and Oklahoma.

    3 Key Principles for Success

    Jimmy Rex has identified three key principles for achieving success. Firstly, he emphasizes the importance of learning exactly what to do and how to say it. Secondly, he encourages individuals to become exceptionally skilled at executing their chosen path. Lastly, he emphasizes the need for consistency and dedication, urging people to commit to their goals wholeheartedly.

    Taking Control of Your Life

    Jimmy Rex’s ultimate message is one of empowerment. He urges individuals to take control of their lives and become the heroes of their own stories. To support this journey, he offers his program, “We Are The They,” which helps people improve their lives and become the best versions of themselves.

    Jimmy Rex’s journey from real estate to global adventurer and entrepreneur is a testament to the power of determination and the impact of surrounding oneself with the right people. By embracing his principles for success and taking control of our lives, we too can become the heroes of our own stories. Let us draw inspiration from Jimmy’s story and strive to make a positive difference in the world, one step at a time.

    Subscribe to The Jeff Fenster Show: Entrepreneur | Apple | Spotify | Google | Stitcher

    About The Jeff Fenster Show

    Serial entrepreneur Jeff Fenster embarks on an extraordinary journey every week, delving into the stories of exceptional individuals who have defied the norms and blazed their own trails to achieve extraordinary success.

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    Jeff Fenster

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  • Is the Customer Always Right? How to Understand Customer-Centric Thinking to Drive Engagement | Entrepreneur

    Is the Customer Always Right? How to Understand Customer-Centric Thinking to Drive Engagement | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Imagine a world where mattresses aren’t just about sleep but are associated with beauty, stress relief and overall well-being, where millions of data points can predict when the “next big thing” is right around the corner. This is the world today, driven by ever-evolving consumer preferences, where companies strive to stay ahead by honing their customer-centric strategies.

    Achieving business success means going beyond what customers say they want and digging into why they want it. This often reveals a gap between their words and actions. Businesses tend to make products based on guesses about what customers want, both from what they say and what’s assumed. However, customers might struggle to express their needs clearly, and what they claim to prefer might not match what they’re ready to spend on. Closing this gap between talk and action is the key to genuine customer-centricity.

    For years, Treacy & Company by Cherry Bekaert has been exploring consumer centricity through work with our clients. Our recent interactions with innovators have inspired us to share our latest thinking. In this article, we will delve into the importance of uncovering deeper customer meaning and AI’s role in helping to accelerate this customer discovery process.

    Related: 10 Ways to Keep Making Your Clients Happier and Happier

    The gap in customer-centricity

    Amid the intricate landscape of consumer dynamics, a crucial gap often emerges between what customers vocalize and what they truly prioritize. Companies frequently design products based on their assumptions or direct customer feedback, which overlooks a vital reality. Customers’ explicit desires may only sometimes reflect their true preferences or willingness to purchase a product.

    Take the instance of sustainability; even though customers might stress their preference for eco-friendly options when faced with the prospect of paying more for such alternatives, a majority opt for convenience and affordability. This gap between words and actions is a pivotal point for companies to refine their customer-centric approach. It’s where they can reshape strategies to truly meet customers’ deeper motivations and bridge the divide between what’s said and what’s done.

    Unveiling the deeper meaning

    Human discussions and trends often carry a hidden depth beyond the surface. We are much more than our surface-level desires or expressed preferences. Consider the unassuming mattress — an everyday item that carries a remarkable weight of association. When thinking about mattresses, people often associate them with the “culture of sleep” (per MotivBase). In reality, customers implicitly instill mattresses with a broader meaning, encompassing beauty, stress relief and overall well-being.

    Casper, a prominent player in the mattress industry, embraced this profound insight and launched their 2022 campaign, “This is where dreams begin.” This initiative was fueled by a recognition that customers’ authentic desires often reach beyond explicit preferences or assumptions. By tapping into these true motivations, Casper aimed to establish connections that resonate with customers on a fundamental level. This strategic shift acknowledges that customers seek more than just functional products — they yearn for solutions that align with their deeper aspirations.

    There is untapped potential for companies to not only provide products but also offer holistic experiences that cater to customers’ deeper emotions, forging lasting bonds of loyalty and satisfaction.

    Related: What The Fastest-Growing Companies Have In Common

    Transforming insights into actionable strategies

    By analyzing long-form text from social/search channels and applying an anthropological lens, AI can play a pivotal role in helping uncover the hidden motivations and behaviors that shape customer preferences. From first-hand experience with our customers, we are finding that consumer behavior studies that once took ethnographers months to complete can now be done in weeks or even days.

    For example, for a leading consumer brand’s cleaning division, we recommended a sensing AI tool that could uncover opportunities to fill the R&D pipeline. By sensing millions of data points using search, social and new product data, we identified the emerging, maturing and declining trends related to the cleaning category by analyzing growth and size.

    Related: How AI Can Turbocharge Innovation and Help Destroy Your Competition

    This approach uncovered not only expected trends but also unexpected shifts. Instead of listening to a focus group of customers and sorting through reviews, the team could now better understand the true trends of the masses. These millions of consumer engagements led the team to find surprising and unfamiliar trends popping up in the category, which they were able to capitalize on by better prioritizing their R&D roadmap.

    These stories offer a fresh way to see the old saying, “The customer is always right.” It’s not just a rule anymore; it’s about exploring why customers want what they want. Customer-centricity means bridging the gap between words and actions, digging into the reasons behind surface desires and using AI to make smarter decisions. In a changing consumer landscape, those who understand this approach will be skilled at meaningful engagement and gain a strong competitive edge, shaping an environment where every customer interaction resonates deeply.

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    Francesco Fazio

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  • The Ridiculously Easy Guide to Internal Customer Service Training | Entrepreneur

    The Ridiculously Easy Guide to Internal Customer Service Training | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you gearing up to launch an internal customer service initiative? Well, you’ve come to the right place. I’m happy to equip you with insights that can catapult your initiative into success if you choose to do it on a DIY basis.

    Before we dive into the details, let’s take a breather and understand the similarities and differences between internal and external customer service. While their essence should be the same, their surface manifestations differ.

    Both types of customer service, at their heart, have the same goal: to create and sustain comfort, positive feelings, and, of course, results. However, there are a few notable places where the way you provide service should diverge.

    Related: 8 Initiatives to Make Your Customers Loyal Advocates

    Here are some differences between internal customer service and external customer service (when they’re done right):

    • Jargon and shared language: Every industry, as well as almost every company, has its own set of terminologies, a sort of coded language that outsiders (at least if they’re not also in your industry) might find hard to decipher. With your internal customers — your colleagues in different departments or your own — you can use this jargon and language shortcuts freely, confident in their understanding and without fear of alienating them with phrases, terms, and abbreviations that may be foreign to them.
    • Level of formality: With internal customers (colleagues), you are free to adopt a casual tone, skipping the formalities you would use with someone who is outside of your company. In fact, the formalities essential for external customers may be unnecessary (or even sound a little silly) when you’re interacting with colleagues.
    • Transparency with company information: This one is obvious. You must protect your company’s private matters when working with external customers. With an internal customer, such data may be essential, or at least helpful, in completing their work.
    • The amount of abuse you should be willing to take: Okay, this is a big one and not a very pleasant one to ponder. When working with an external customer, if they are rude, they may be a rude person all the time, or they may be “just” venting this one time and will return to being themselves the next time you encounter them. Either way, because external customers pay for our company’s success, you may need to put up with it. With an internal customer, if they behave badly, you may want to call them on it or even alert a superior, particularly if you have clear internal (company) behavioral guidelines. Of course, in some company cultures, this may be a career suicide move, so you should still proceed with caution.

    Related: 5 Shocking Customer Service Mistakes You’re Making Every Day (And How to Fix Them Right Now)

    Armed with this understanding, let’s dig into the bedrock principles of internal customer service. Here are eight essentials to build into your internal customer service training — and, if all goes well, your internal customer service culture.

    1. Every service interaction unfolds in three stages: the warm welcome, service or product delivery and fond farewell. Far too often, we ignore stages one and three and focus all our effort on the middle one, what we consider the actual work. But the pleasantries at the beginning and the end of any customer service interaction are key, considering how human memory emphasizes beginnings and endings in how it later reviews an event.
    2. Mental reframing can be a game-changer. Start viewing tasks in your inbox as requests from valued customers instead of just “those folks in the other department.” — You’ll observe a boost in your own efficiency and enthusiasm.
    3. As with external customers, internal customers desire recognition. They want their colleagues to see them, not just think of someone who fills up their inbox.
    4. Address both the spoken and unspoken needs and desires of your co-workers. When they communicate with you, listen for the undertones that can give you clues to their emotional (and practical) desires, even if they’ve never verbalized them to you.
    5. Emphasize the principle of lateral service: stepping out of your comfort zone to help colleagues during staff shortages. This fosters a more resilient company culture.
    6. Respect should be a given. Bullying, regardless of its source, should be nipped in the bud. (Whether this is realistic depends on your company culture, level within your company, and other internal factors.)
    7. Consideration (kindness, really) should be at the base of everything we do.
    8. Language is potent. Steer clear of phrases that belittle or devalue your colleagues (“Like I told you previously,” “You’re not my only priority, you know,” and so forth.) And remember, “please” and “thank you” pack a positive, if quiet, punch. Use them liberally.

    Related: 4 Investments Brands Should Make to Upgrade Their Customer Service

    What format should be used for internal customer service training?

    When it comes to internal customer service training, there are a few formats to consider. One option is customer service eLearning-based training, which offers the advantage of being asynchronous (can be used at any time and at any pace) and long-lasting (has value in the future as well as present). With eLearning, employees can access the training material at their own pace regardless of their shift or schedule, and it can be used by future employees and as a central part of your future onboarding process.

    Live customer service training is another effective route to take, whether conducted in person or through remote video. This allows for real-time interaction and immediate feedback. To enhance the effectiveness of live training, it can be beneficial to supplement it with physical collateral, such as handouts or reference materials. These aids can help reinforce the essential points and ensure that everyone is on the same page — literally!

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    Micah Solomon

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  • An ‘Embarrassing’ Moment Changed How Peyton Manning Leads | Entrepreneur

    An ‘Embarrassing’ Moment Changed How Peyton Manning Leads | Entrepreneur

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    Two-time Super Bowl Champion, five-time NFL MVP and Pro Football Hall of Fame member Peyton Manning knows what it takes to lead a team to success. Over the course of his career as starting quarterback for the Indianapolis Colts, then the Denver Broncos, the superstar athlete became as well known for his leadership skills as his football prowess.

    But, just like everyone else, Manning had to learn how to lead his team the right way.

    The day before the start of the 2023 NFL season, the former quarterback sat down with General Electric chairman and CEO Larry Culp at GE’s “Lean Mindset” event in Chelsea, New York, where a range of industry leaders — from professional athletes like Manning and Giannis Antetokounmpo to Stanford psychologist Carol Dweck, celebrity chef Wolfgang Puck and more — unpacked how to build team cultures fostering innovation, efficiency and constant improvement.

    Related: 7 Lessons Entrepreneurs Can Learn from Peyton Manning

    During his conversation with Culp, Manning recalled a moment from his college football days that changed his approach to leadership for good.

    Growing up, Manning’s father, Archie Manning, a quarterback who’d played in the NFL for 13 seasons, always told his son that the position came with the responsibility to step up and lead his team.

    When Manning was an 18-year-old freshman at the University of Tennessee, that’s exactly what he did. It was his first game; the team was losing, and Manning, initially benched, was put into play. In the huddle that followed — with some much older teammates — the young quarterback heeded his father’s advice and gave a pep talk in an attempt to inspire confidence.

    One of Manning’s teammates was far from impressed. Manning said the 6’5″, 330-pound left tackle said, “Hey freshman, shut the ‘blank’ up and call the ‘blanking’ play.”

    According to Manning, the “embarrassing” incident taught him a valuable lesson in leadership. “These new co-workers — these teammates — didn’t want to hear what I had to say until I earned their respect,” Manning said.

    So Manning pivoted to what he dubs “silent leadership,” demonstrating through his actions — showing up for his team, staying humble and constantly striving to improve — that he could be an effective leader.

    And the quarterback’s strategy worked — first on his college team, then during his NFL career.

    Related: 8 Motivational Peyton Manning Quotes | Entrepreneur

    Despite some well-intended advice that fell flat in that first huddle, Manning’s father was still his “hero” and role model when he was a young athlete, and the former quarterback says everyone should find that person who can see them through the next challenge or setback.

    “At no point should we stop being coached ourselves,” Manning said. “No matter what level of success, we all hit a plateau at some point, and you need a coach to get you back on track. That can be a coach, teacher, co-worker, boss — somebody who is honest and candid with you. Don’t ever stop going back to that person.”

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    Amanda Breen

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  • 3 Practical Ways AI Can Work for You | Entrepreneur

    3 Practical Ways AI Can Work for You | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The parabolic growth of accessible AI tools has intriguing implications for businesses. Analysts imagine that generative AI, for example, will have a massive impact on productivity across multiple business functions. Many organizations are scanning the horizon for a long-term AI-fueled transformation, eager to make the most of bullish CAGR projections. And while leaders mustn’t lose sight of long-term goals, staring out too far into the future may be overwhelming — distracting, even.

    Rather than redesign their business’ entire approach just to meet AI somewhere along the horizon, leaders can instead take a more practical route and ask how AI can improve their current strategy. Can AI accelerate current tactics? Can it help teams do things better? Can it help organizations reach their goals with less overhead? The answer, especially regarding product, customer success and internal processes, is overwhelmingly “yes.”

    Related: The Robots Are Coming — But They Can’t Outsmart Us When It Comes To This Particular Skill.

    Product teams can let AI do the legwork for them

    AI’s impact on product development begins with the nitty gritty. Generative AI tools like ChatGPT can help teams with everything from documentation to marketing briefs and website content. My team has leveraged AI for these very purposes, letting AI rewrite code into additional languages once we create the initial sample code. Humans are still an essential part of the process, but AI helps provide a kickstart.

    Tech companies have taken AI a step further, embedding it into their products. AI represents both a tremendous opportunity and a threat for security solutions providers. Bad actors have new tool sets that enable them to create more sophisticated attacks faster and more intelligently. Cyber product teams use the same tools to defend against emerging threats and offer in-product help to ensure their customers are more productive, better informed and ultimately satisfied with the experience.

    Non-tech companies should be thinking about the experience around their products, and, indeed, many are. Car manufacturers use AI to enhance their collision-detection systems. Healthcare solutions providers embed AI in their diagnostics and imaging products. Nike uses AI to power its product personalization efforts.

    AI helps customer teams create responsive, tailored experiences

    Customer-experience chatbots have been around for a long time, but concerns about data privacy, unnatural language and unhelpful results have kept them from becoming ubiquitous. Recent advancements have helped fine-tune chatbots such that they can answer questions more efficiently and accurately than a support desk person. AI-enhanced chatbots have helped transform these experiences from feeling like an impersonal human replacement to a better and more responsible customer experience, yet some consumers are still wary. Most will use chatbots, provided there is always an option to transfer to a live agent.

    Chatbots aren’t the only way organizations can infuse their customer experience with AI. Many companies effectively employ powerful data analytics, feeding valuable purchase and customer data into algorithms that help create ever-evolving seamless, personalized omnichannel experiences – think about how Spotify recommends new songs based on listeners’ history and allows them to switch from one device to the next easily.

    AI allows everyone to escape process mundanity

    For both product and customer experience teams, much of the AI magic happens behind the scenes. Chances are those teams are also using intelligent tools to automate workflows and speed up processes so that people can do their jobs more effectively. Teams for nearly any business function can use AI to do everything from creating images for a slide presentation to drafting website content and writing documentation.

    Leaders interested in process-focused AI can begin by asking, “How can AI help deliver a product or service more effectively?” and “What are we spending time on that AI could/should be doing?” By leaning into existing tools, such as those that Microsoft, Google and OpenAI provide, organizations can simplify mundane tasks involved in creating documents, spreadsheets and slide decks to free up their workforce for more creative and mission-critical work.

    Related: Automation Is Becoming a Business Imperative: Don’t Wait Until It’s Too Late

    AI: the ultimate means to achieving business goals

    On my product management team, we’re exploring all facets of our roles and asking ourselves how AI can help us spend more time analyzing information instead of gathering and summarizing it. This approach has been a tremendous shortcut for some components of our research and is a helpful way to think about AI as it relates to our company’s trajectory. When we ask how AI can help us fulfill our goals, we stay focused rather than become distracted navigating to some nebulous AI-enabled future along the horizon.

    Making AI work for us — not the other way around — is also a useful reminder that modern intelligent tools aren’t here to replace employees. In fact, a human in the loop is critical, regardless of AI’s application. Product teams must validate AI’s documentation; customer experience teams need to review modeling output for errors and continue to interact with customers when the time comes.

    The next time you make a decision about AI, remember that it is just a practical means to achieving business goals and not the end goal in and of itself.

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    Jason Oeltjen

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  • What to Know About Generative AI in Corporate Workplaces | Entrepreneur

    What to Know About Generative AI in Corporate Workplaces | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Companies of all sizes have become accustomed to using predictive AI to achieve a range of outcomes, such as anticipating risk, developing new products and forecasting buying behaviors. However, many enterprises are struggling to figure out how to realistically incorporate generative AI into their operations. It poses many advantages, of course, but it’s also fraught with fear and uncertainty.

    Perhaps because of that, only 12% of IT decision-makers recently surveyed by Enterprise Technology Research, as reported by the Wall Street Journal, said they plan to use OpenAI technology — creator of the most popular generative AI tool, ChatGPT. Yet, the global generative AI market is expected to reach $111 billion by 2030, per Acumen Research and Consulting.

    With all the buzz around it and advancements in the technology, there’s little doubt that generative AI is going to be an asset across industries as widespread as healthcare, insurance and logistics. However, it’s a newer solution. As such, businesses and their leadership teams are only starting to determine how best to leverage it to its fullest — and safest — degree.

    This leaves corporate leaders at a crossroads. Many want to bring generative AI solutions in-house. Some — particularly those at enterprise-level corporations — have even put a budget behind this desire. They want to access this emerging technology in the most efficient ways possible. I believe the easiest way to make that happen is for businesses to join forces with AI-based startups.

    Related: The Secret to How Businesses Can Fully Harness the Power of AI

    Attributes, advantages and areas of concern around generative AI

    Because of its continual learning capacity, generative AI might well be described as creative AI. That is, it can create content that didn’t exist before. While that’s exciting, it’s brought about much discussion on how to handle its downsides, such as inaccuracies. Generative AI isn’t able to identify or self-correct when it gets things wrong or even pushes out content that’s inappropriate or biased.

    Another overarching problem with generative AI concerns data. Because it’s trained on vast amounts of data, it may produce content that violates intellectual property rights. What is the law around generative AI content that leans heavily on existing content? It’s a fine line between unique expression and plagiarism, and the laws haven’t quite caught up to where that line lies.

    In addition, vertical, industry-specific solutions with unique data libraries, rather than general generative AI models, provide the most applicable answers but can be costly. Accessing the vast amounts of data needed to produce accurate insights is expensive, and the computing power required to do so is highly demanding and unsustainable in terms of expense. However, Microsoft seems to be exploring collaborations with AMD to lower computing costs, and potential software technologies could reduce computing consumption.

    Of course, generative AI is far from being all negatives and no positives. Due to its transformative nature as a technology, it could become a tool for sector disruption, helping companies save time and resources and improve their decision-making.

    In my view, I see generative AI as a value-added tool that’s only going to become more capable and intelligent. New models are emerging that could address the issues of cost by using smaller data sets, but it will take a few years for new models to evolve to a stage where they are affordable and user-friendly enough for practical applications. At present, generative AI is most effective when used in conjunction with human input. Human intervention fosters consideration of different perspectives and minimizes ethical and flawed data risks.

    Take ChatGPT, for example. The quality of its output and answers depends on the quality of the input and human intelligence involved. To get high-quality answers, content and results from ChatGPT, human users must take active roles in the process to create feedback loops. Otherwise, ChatGPT (and similar generative AI solutions) is interesting but not reliable or holistically useful.

    Related: The Top Fears and Dangers of Generative AI — and What to Do About Them

    Collaboration: Key to bringing generative AI solutions into corporate settings

    Collaboration between startups and corporate enterprises can be the game-changing factor across the entire generative AI landscape. Not only do partnerships allow founders to explore various options and even work with different model providers, but they also lower the barriers for companies to access generative AI. It also produces more interest in open-source model ecosystems. With open-source contributions, there can be a collective and effective effort to push generative AI’s boundaries, challenge dominant AI players and drive down costs. Ultimately, it fuels a positive innovation environment for both the startup and the collaborating corporation.

    Collaboration offers another opportunity: Businesses and generative AI solutions startups can focus on implementation and adoption rather than investing in more fundamental systems. Such a partnership will entice large companies to integrate generative AI into their workflows, making it less complicated for the startup to explore faster and potentially attract more investors for future developments.

    With that being said, enterprises won’t just center into a partnership with a generative AI startup without consideration. Keep these things in mind to streamline and inform your decision-making when partnering:

    1. The CIO and CTO must be comfortable with the solution

    Right now, CIOs and CTOs are in a state of panic. Why? They’re being pressured by their boards to understand the implications of generative AI because it accesses sensitive data. Consequently, although partnering with a startup is a perfect way to train and retrain a generative AI model with industry-specific input to ensure accuracy and consistency, it may feel like a liability risk.

    To help the CIO and CTO get comfortable, talk about what data security measures are or could be put into place. This could include data encryption solutions and secure learning techniques. Once these measures are established, the major players in your business are likely to be more confident about implementing generative AI internally. Remember: Most CIO and CTO executives understand that generative AI will need domain knowledge and access to unique industry data libraries. They simply want to avoid a breach that could put your brand in an unwanted spotlight.

    Related: Generative AI: the Rising Kid on the Start-up Block

    2. The employees will have to learn how to effectively use generative AI

    If you want employees to jump in and implement generative AI for that competitive advantage boost, you have to make it happen. This means more than just implementing generative AI applications. It means explaining the best practices regarding the technology’s use and data regulations. Presently, there are extensive discussions swirling around data regulation, so your team will need to stay up to date.

    Providing the most current information on the regulation of the usage and processing of data — not to mention data ownership concerns — to employees is critical. The more they know, the more they can control their generative AI usage and mitigate problems.

    Generative AI is making a huge splash across the world right now, especially with last year’s release of ChatGPT. While it’s still in its infancy, corporations such as yours can get ahead of the pack by working with startups developing generative AI models and applications. You just need to conduct some due diligence to ensure you get all the advantages of generative AI and avoid preventable snags.

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    Lu Zhang and Trevor Mottl

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  • Why You Shouldn’t Be Afraid of Artificial Intelligence | Entrepreneur

    Why You Shouldn’t Be Afraid of Artificial Intelligence | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    People have shown concern and fear over the representation of Artificial Intelligence (AI) in science-fiction films. Still, the actual state of artificial intelligence differs from the dark visions presented on television. In reality, AI can enrich human lives in an array of aspects.

    This article aims to understand the strength of AI and emphasize the numerous advantages it gives both entities and individuals. So, let us examine the fascinating topic of artificial intelligence to find out why we shouldn’t be frightened.

    Related: The Robots Are Coming — But They Can’t Outsmart Us When It Comes To This Particular Skill.

    Understanding AI’s potential

    Artificial Intelligence is, at its fundamental level, a field of computer science that focuses on producing intelligent computers capable of performing things that usually require human intelligence. AI systems can acquire knowledge from data, detect patterns and alter their responses appropriately, from straightforward calculations to more complex decision-making processes.

    The real power of AI lies in its capability to reclaim vast quantities of data at unknown speeds. This enables AI to identify perceptivity and make assumptions that would be unattainable for humans to achieve individually. This data-driven approach provides significant advantages across various industries, leading to further informed decision-making, enhanced effectiveness and increased productivity.

    Here are 6 ways to capitalize on and utilize AI.

    Related: The Human Touch: What It Takes To Maintain Meaningful Client Relationships In A World Driven By Artificial Intelligence

    1. Enhanced customer experience

    AI enables businesses to better understand their clients by dissecting their preferences and actions. This precious perception allows for personalized product recommendations, the deployment of chatbots for instant customer support and the integration of AI-driven virtual assistants to produce a flawless and engaging client experience.

    Related: What AI Can Do To Engage With Customers

    2. Data analysis and insight

    AI’s data processing capabilities allow it to sift through mountains of information, associating trends and patterns that human critics might miss. These perceptive skills help businesses optimize their operations, predict market trends and tailor their marketing strategies for maximum effectiveness.

    3. Automating repetitive tasks

    Routine and repetitive tasks can be fluently automated through AI, allowing workers to concentrate on further creative and strategic activities. This results in a more engaged and satisfied workforce, driving invention and growth within associations.

    4. Optimized supply chain

    AI-driven algorithms can optimize supply chain operations, reducing supply costs and ensuring timely deliveries, even in complex global logistics networks. This enhanced effectiveness leads to significant cost savings and improved client satisfaction.

    Related: AI-Based Approach To Make the Supply Chain More Sustainable

    5. Improved healthcare

    The application of AI in the medical field is to improve diagnosis accuracy, medicine discovery, and patient care. AI-driven medical imaging and diagnostics lead to earlier disease discovery and further effective treatments, eventually saving lives and perfecting the overall quality of healthcare.

    6. Empowering individuals with AI

    AI’s impact goes beyond corporate employment and extends to enhancing the lives of individuals in multiple ways.

    • Personalized learning: AI-powered educational platforms can customize education materials based on individual strengths and demerits, ensuring a more effective and customized education experience for students of all ages.
    • Assistive technologies: AI-driven assistive technologies are making a significant difference in the lives of individuals with disabilities. These technologies enable better communication, navigation, and independent living, promoting inclusivity and attainability.
    • Smart home automation: AI-enabled smart home devices simplify day-to-day tasks such as managing energy use, adjusting lighting, and handling routine chores. This leads to increased convenience and promotes energy effectiveness and sustainability.
    • Language translation: AI-powered translating tools break language barriers, smoothing cross-cultural communication and understanding. This fosters a more connected and globalized world.

    Five practical ways to embrace aI

    Embracing AI doesn’t mean we should sweat it or unquestioningly accept every perpetration. Instead, we can take a visionary approach to maximizing its capabilities.

    1. Stay Informed: Continuously educate ourselves about the latest AI developments and understand how they can be applied in our industries or day-to-day lives. This knowledge empowers us to make informed decisions and harness AI’s capabilities effectively.
    2. Unite with AI: Rather than seeing AI as a threat to job security, view it as a partner that can amplify our capabilities and productivity. Working alongside AI can lead to new openings and inventions.
    3. Nonstop Learning: Invest in AI-related proficiency and knowledge to remain applicable in an AI-driven world. Numerous online courses and resources are available to learn about AI execution and its operations. By upskilling, we can stay ahead in our careers and contribute meaningfully to the AI revolution.
    4. Trial with AI Tools: Do not hesitate to try AI-driven operations and tools that can streamline your tasks, enhance decision-making, and save time. By embracing these tools, we can increase effectiveness and productivity in our personal and professional lives.
    5. Ethical Considerations: Advocate for responsible AI development and operation. It’s essential to ensure that AI technologies stick to moral norms and are used for the betterment of society. Addressing implicit impulses, promoting transparency, and safeguarding privacy are critical aspects of ethical AI.

    Conclusion

    Artificial Intelligence holds tremendous capability to transform industries and empower individuals. By staying informed, uniting with AI, continuously learning, experimenting with AI tools, and considering ethical accusations, we can confidently embrace AI and embark on a more intelligent and prosperous future. As we seize the chances presented by AI, let us remember that we hold the reins, and with responsible accomplishment, AI can truly become an important force for good in our lives and society. So, let’s confidently embrace the future and make the most of this inconceivable technology.

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    Kartik Jobanputra

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  • Why Every Business Leader Should Write a Book | Entrepreneur

    Why Every Business Leader Should Write a Book | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    From memoirs like Phil Knight’s Shoe Dog to leadership guides like Sheryl Sandberg’s Lean In, books have long been a powerful medium for executives to share their stories and wisdom. But in today’s noisy digital age, does authorship still matter for modern business leaders?

    The answer is a resounding yes. Here’s why every leader should make writing and publishing a book a priority.

    Related: 7 Books Every CEO Should Read

    Establish your thought leadership

    Publishing a business book has become a rite of passage for today’s foremost executives across every industry. It’s one of the most effective ways to demonstrate intellectual authority and cement your status as a thought leader.

    Writing a book lets you articulate your unique perspectives, business philosophies and life lessons. A book is a tangible artifact of your ideas that delivers lasting value to readers long after publication. Whether it’s leading a startup or a Fortune 500 firm, authoring a book provides an unparalleled way to define your leadership brand.

    Share your story

    Books allow leaders to share their origin stories and behind-the-scenes glimpses into pivotal moments. Vulnerable and personal stories connect with readers on a human level. Mixing anecdotes with practical lessons also makes teaching moments more resonant. A book provides the space to tell your journey – from early career struggles to the risks that fueled your success. Every leader has impactful life experiences worth capturing in print, which a book makes possible.

    Related: Harness the Power of Storytelling to Transform Your Business for the Better

    Spread your vision

    Business books give leaders a unique format to cast a vision and rally people behind it. Certain ideas require more nuance than a tweet, blog post or speech can provide. A book allows you to comprehensively articulate your philosophy and prescriptions around leadership, culture, innovation or any topic. Whether predicting future trends or detailing growth strategies, a book gives leaders the bandwidth to inspire action around their ideas. Put simply, books make messages stick.

    Attract top talent

    Your book can be a powerful recruitment tool to engage and hire world-class talent. It provides insight into your leadership style and company values. For candidates considering roles at your firm, reading your book is like getting a crash course straight from the CEO.

    They can discern whether your culture and philosophy resonate before stepping into the office. A book signals that you are invested in developing people. Top performers will find the care and forethought behind your book attractive.

    Related: How to Attract and Retain Top Talent

    Build your brand

    Authoring a book is a brand-building exercise that boosts your professional visibility and name recognition. A book gives you a product to promote across all your marketing channels. The content also fuels speaking engagements, podcast interviews and social media. Every touchpoint where someone engages your book spreads brand awareness. Over time, your book can make you synonymous with key ideas. Whether trying to attract investors, partners or media, a book strengthens your brand considerably.

    Leave a legacy

    Once a business leader departs, their tangible impact can fade quickly. A book, however, creates a lasting legacy that continues influencing people for generations. It serves as a formal record of your fundamental principles and achievements.

    Whether instructing others or reminiscing, your book remains a reference. Great entrepreneurs like Rockefeller and Disney still impact people through their biographies today. A book provides future leaders with enduring life lessons.

    Related: How to Leave Your Legacy, Help Others and Raise Your Authority

    The benefits for your business

    Beyond individual gains, a book also directly benefits your business in several ways:

    1. Credibility and PR. A book is a powerful credibility booster that generates buzz and media coverage for your company. Journalists rely on readers to inform their reporting. A book gives you a pre-researched resource to share with reporters. It’s also great fodder for landing speaking gigs and PR opportunities. Any publicity the book drives ultimately shines a positive light on your business.
    2. Lead generation. Your book can fuel a robust lead generation strategy. Using sections of the book or lessons within it as gated content offers in exchange for contact info is proven to attract qualified prospects. Books make ideal gifts to existing clients and high-value targets. They establish you as an authority worth paying attention to. Promoting your book is also a pillar for capturing speaking leads or advisory roles.
    3. Recruiting perk. A book can be a nice added perk to entice candidates during recruiting. Providing copies to finalists or new hires is a meaningful gesture. Your book enables them to hit the ground running by quickly getting up to speed on your leadership style and business principles. C-suite candidates, particularly, see your book as a strong indicator of your dedication to mentorship and developing future leaders.
    4. Culture ambassador. For organizations with thousands of employees across disparate locations, a book allows you to reinforce vision and values consistently. Your book encapsulates the culture you want to be embodied at scale. When distributed widely internally, it is an invaluable reference that keeps everyone rowing in one direction. New hires receive a clear artifact of the company’s ideals and history from day one.

    The book process

    Writing a book may seem daunting, but modern publishing options have made the process more accessible than ever:

    • Work with an experienced ghostwriter – They handle the writing based on your vision and interviews.
    • Use pre-orders to fund production – Cover upfront costs by pre-selling copies.
    • Start with a goal of 250 pages
    • Schedule 4 months to complete the manuscript
    • Hire a professional designer – Have a budget of around $1,000 for an eye-catching cover.
    • Self-publish and retain rights – Platforms like Amazon make this simple.
    • Launch with PR and events – Land media hits and plan release parties.

    The benefits demonstrate why authorship should be on every leader’s radar. But ultimately, a book allows you to impact people seeking wisdom on thriving in business and life. And there is no greater legacy.

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    Vikrant Shaurya

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  • How to Turn Every Adversity You Face into an Advantage | Entrepreneur

    How to Turn Every Adversity You Face into an Advantage | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Entrepreneurship is a wild ride, right? I would know. I’ve ridden that rollercoaster through storms and smooth stretches. But every time life threw a curveball, I stepped up to bat.

    I still remember when one of our key developers had to leave our company for personal reasons right before we launched a massive update — it was scary. I learned to rely on multiple people to do a given task.

    Life can flip from incredible to terrifying before you can say “entrepreneur.” I still remember when COVID-19 started. My company went from getting high-fives from industry titans to realizing our users couldn’t even step outside, let alone upload content.

    So, join me on the journey where I turn setbacks into my secret weapons.

    Related: 10 Growth Strategies Every Business Owner Should Know

    Embracing the crazy swings of life

    Here’s the thing about entrepreneurship: It’s like diving into an ocean of challenges. When I jumped into this sea of business, obstacles seemed like roadblocks. But guess what? They were stepping stones, leading me to growth and wisdom. It’s like when you learned to ride a bike without the training wheels — scary but exhilarating.

    Big-company solutions often don’t apply to us entrepreneurs. “Never rely on just one person to do a given task” would seem like an obvious lesson an industry titan might give you. Well, guess what? We small business owners often don’t have the luxury of having multiple employees with the same skill sets.

    So what do we do? We get creative. Seek solutions in places you might have never considered. Websites like Fiverr, Upwork and Flexjobs often offer temporary freelance solutions to get you through the day.

    Get comfortable with being uncomfortable because that is what being an entrepreneur is about.

    Related: Creativity, Innovation, And Leadership: The Elements of Transformation

    Why cultural roots are a different kind of power tool

    In Mexico, we’ve got this saying: some of the best engineers don’t need fancy degrees. They just rocked their resourcefulness like pros, using whatever tools they had. As a Mexican entrepreneur, that gritty mindset is my secret sauce. It’s like taking lemons and making the best orange juice you’ve ever tasted. Like, how’d that happen? We got creative.

    When adversity knocks, I knock back. Drawing from my heritage, I tap into the spirit of innovation that’s the heart of the Mexican entrepreneurial scene. It’s like when your grandma used her secret recipe to turn a regular meal into a feast. Our cultural foundation is like rocket fuel, powering us through the roughest storms.

    Related: 6 Obstacles to Creative Thinking and How to Overcome Them

    Turning challenges into allies: My game changer

    Every entrepreneur’s journey is filled with “uh-oh” moments that, with a little twist, become “Aha!” sparks. When my company, Replay Listings, got the side-eye, I flipped it into an invite for collaboration. I turned feedback into business gold, forging partnerships that set the stage for victory.

    For example, given that my business is focused on real estate video tours, I started calling real estate agents who have leveraged our technology and invited them for a cup of coffee or even lunch. During that time, getting to know my user base, their needs and their experiences while using our mobile app was really nice. In fact, many of Replay Listings’ in-app features were built because they asked us to! Who would have known? Listening to your users is helpful and essential when learning your businesses’ areas of opportunity.

    Pay close attention to your users’ needs, and you’ll see more clearly your path ahead.

    Innovation through tough times

    Picture this: a partnership I’d banked on suddenly vanished into thin air. One minute, we were chatting, and the next? Poof! They pulled a vanishing act. Now, instead of moping, I spun it around. I diversified my partnerships to ensure my venture’s future wasn’t hanging by a thread.

    Life’s got a funny way of switching things up. Hard times can be your secret ingredient to success.

    As I’ve mentioned before, It is obvious that not relying on a single employee to do a specific task is advised, but diversifying talent does not need to come at an extra expense. It often needs to take the shape of more partnerships, collaborations, or allies within the industry.

    Allocate some of your time to making allies — it’ll help you in the long run.

    Finding gold in the rough

    As we sail through this entrepreneur sea, remember that every crash can be turned into a smooth wave. Just like I’ve learned from my Mexican roots and my own ups and downs, the trick is to tackle challenges like they’re stepping stones.

    As I navigate the tumultuous waters of entrepreneurship, I realize that the wild ride is not just about braving storms and smooth stretches. It’s about harnessing every twist, turn and curveball to my advantage. Entrepreneurship isn’t just about building a business; it’s about building character and resilience.

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    Rodolfo Delgado

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  • How AI is Predicting the Next Big Trends in Consumer Products | Entrepreneur

    How AI is Predicting the Next Big Trends in Consumer Products | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For decades, identifying the next big consumer trends and products was an imprecise art dominated by guesswork. Companies would spend millions on market research, only to be caught off guard by sudden shifts in public taste. It was like throwing darts blindfolded. But artificial intelligence has transformed trend forecasting from a fuzzy guessing game into a data-driven science. Artificial intelligence algorithms can now predict hot consumer products by analyzing massive datasets — articles, reviews, social media and search trends, for example — that humans can’t process.

    This monumental shift is on par with the discovery of electricity. Companies now have predictive insights once reserved for giants like P&G or Apple. For entrepreneurs, it’s like being handed the answer key before the test. Consumer trends that used to appear out of the blue can now be detected months in advance, allowing startups to launch the right products at the right time. AI turns elusive market intelligence into an actionable advantage open to businesses of any size.

    Related: AI Is Poised to Change How We Shop: Here’s What You Need to Know

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    Ari Goldberg

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  • 3 Principles for Scaling Content With AI Without Sacrificing Quality | Entrepreneur

    3 Principles for Scaling Content With AI Without Sacrificing Quality | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a web publisher, I’ve always focused on scaling content production. During 2022, we published a high volume of new articles across our websites — upwards of a thousand new items in a typical month. We employed a team of more than 100 writers and editors to accomplish this gargantuan task. Fast-forward to the middle of 2023, and we now achieve the same publication numbers but with a team of only ten content creators.

    We do this through harnessing the power of AI. We were early adopters of fully transitioning to AI-assisted content. And we did that without lowering our editorial standards.

    Scaling your content strategy is always challenging. Even without considering AI, there’s always been a tightrope between quantity and quality. Tip the balance, and you either can’t keep up with demand or lose the trust of your audience. Bringing AI into the equation meant we could speed up production significantly.

    But what about the quality? Our main challenge was to create workflows and processes that would allow us to scale AI-assisted content production while maintaining the same quality as before. To achieve this delicate balance of quantity and quality while using AI, we created a new system based on three key principles.

    Related: Top 5 Ways AI Can Enhance Your Content-Creation Process

    Principle 1: Human-AI collaboration

    You may have noticed that I mentioned neither writers nor editors when describing our current team. We no longer use those terms in our team. Instead, we now call the people who create our content “AI Wranglers.” These people are not writers; they’re AI-human collaboration experts. Using prompting strategies and AI tools, our content creators can develop a first draft quickly and then work on improving on that.

    Depending on the type of article, our content creators may use a writing tool or work directly with an AI such as ChatGPT. When using ChatGPT directly, they follow a structured creation process that includes prompts that:

    1. Start by asking the AI to give an overview of the topic. The content creator may need to provide some background context if the AI needs help getting up to speed.

    2. Give the AI clear instructions on the tone and style, such as “aim for a conversational tone and keep the writing at eighth-grade level.”

    3. Have the AI suggest an outline it thinks would work best.

    4. Then, go section by section, collaborating with the AI to put together the full draft.

    The structured prompting helps our content creators speed up the process and quickly develop a first draft.

    Related: Here’s How Your Business Can Use 3 Popular AI Content Creation Tools

    Principle 2: Quality enhancement processes

    Some websites publish what is known in our industry as “one-click content.” As the name implies, these articles are created using AI-based tools to generate an article in a single iteration. These articles are typically published immediately with no additional steps.

    There’s no denying that one-click AI content allows for extremely fast content production scaling. Moreover, this type of content goes way beyond the old-school “content spinners.” In many cases, today’s AI content tools — especially those employing the GPT-4 API — create coherent and sometimes even insightful content. And, of course, this hands-off approach significantly lowers the production cost.

    However, our experience has shown us that relying on one-click content often leads to subpar articles in more ways than one. While the AI can produce amazing output, that content still needs to be refined by capable humans. It’s the only way to reliably and consistently produce results that meet our publication standards. That’s why the AI is only used to develop a first draft. The AI gives us a head start, but our human content creators take the content to the finish line.

    Our quality enhancement process includes three layers: Fact-checking, reducing fluff and adjusting the article to make sure it aligns with the reader’s needs.

    Verifying that the generated article does indeed “deliver the goods” is the content creator’s first concern. They ensure the topic is fully covered and that the reader’s questions have been answered in full.

    Fact-checking is another pillar of our process. While constantly improving, AI systems can still occasionally produce inaccurate information. Our content creators thoroughly fact-check the article to make sure numbers, dates, locations, names and any other factual information is valid. They also link back to authoritative sources to reference important facts.

    Last but not least, the content creators improve the writing style. They often clean up redundant words, sentences and even entire paragraphs to ensure the article is succinct and, therefore, more helpful.

    In a way, you could say that our content creators are editors who specialize in working with a highly prolific writer. That writer may be silicone-based, but it certainly is not without flaws. Competent editors are needed in order to take this writer’s work to the next level.

    Related: How to Enhance Business Automation and Unlock New Levels of Operational Efficiency

    Principle 3: Reducing production time

    Before AI, a single article would take about five hours to write. Now, with a robust first draft in place, it takes our trained content specialists between one and two hours to generate the finished text. And while our process is more costly than producing one-click AI content, we don’t sacrifice quality.

    This AI-assisted approach allowed us to maintain high output and quality while reducing costs. Furthermore, we keep looking for ways to improve our initial prompts and the quality enhancement process. Through this continuous improvement, we can further reduce the cost per article and scale production even more.

    When you save time and maintain quality, it’s a win-win for everyone. Your team, business and, most importantly, readers benefit. With the right strategies, content creators can leverage AI to enhance rather than replace human creativity and judgment.

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    Anat El Hashahar (Anne Moss)

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  • Virginia Technology Company Wins Awards for Railroad Safety and Innovation

    Virginia Technology Company Wins Awards for Railroad Safety and Innovation

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    ONYX Wins Prestigious Reader’s Choice Awards with Groundbreaking New Technology XING™


    RICHMOND, Va., August 31, 2023 (Newswire.com)
    –
    ONYX Rail Safety Solutions has received top Safety Products and top Innovative Products awards in Progressive Railroading magazine’s annual Reader’s Choice competition. ONYX submitted its new railroad crossing safety system known as XING™ for readership consideration; they were one of only two companies in the United States to receive multiple awards in 2023. 

    ONYX has pioneered a new concept in highway-rail grade crossing and critical location safety monitoring, introducing it under the brand name XING™. Through cutting-edge technology, XING™ swiftly detects and reports trains occupying crossings, stranded vehicles, loitering pedestrians, trespassers, spills, sparks, grade crossing malfunctions, and other hazards and conditions. This is made possible by using artificial intelligence analytics, seamlessly integrated with an advanced, configurable reporting system.

    ONYX CEO Rob Ayers says, “We are delighted that the industry’s vision and the dedicated efforts of our entire organization have been acknowledged in such a significant manner. Our technology will save lives, enhance rail safety, and improve efficiency. This award further reinforces our commitment to pioneering advancements that shape the future of rail transportation.”

    ONYX COO Mark Guedri adds, “Progressive Railroading is the premier trade journal primarily serving the North American railroad industry. Our advanced technology is truly unique, and we are eager to place our XING™ safety systems on grade-level crossings and at other critical locations throughout the country.”

    About ONYX Rail Safety Systems

    ONYX Rail Safety Systems (ONYX) is a safety-oriented system integrator and manufacturer with a primary emphasis on developing innovative solutions for the rail industry. Our solutions improve safety and efficiency for our customers and for the public. ONYX is a privately held company based in Richmond, Virginia.     

    About Progressive Railroading Magazine

    Progressive Railroading is the premier information source for railroading professionals in the U.S. It has been in circulation since 1994. In addition to its renowned magazine, Progressive Railroading publishes e-books, webcasts, special reports and sponsors several industry events and conferences.

    Source: ONYX Rail Safety Solutions

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  • Bring the Power of Real-Time 3D Gaming to the Industrial World | Entrepreneur

    Bring the Power of Real-Time 3D Gaming to the Industrial World | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    Companies across every industry are looking for ways to provide more immersive and interactive experiences for their customers, and to use those experiences to work more creatively and efficiently. So where are enterprise brands turning to create those experiences?

    Increasingly, the technology behind many of today’s video games – immersive, real-time 3D – is now empowering industrial users to build next-generation experiences. Building on its gaming foundation, Unity recently released Unity Industry, a bundle of premium tools that enables developers, artists, and engineers across industries to build and deliver custom real-time 3D experiences for augmented reality (AR), virtual reality (VR), mobile, desktop, and web.

    Unity Industry became widely available to anyone to purchase online in late July, making it easier for industrial users to get started with real-time 3D. For the first time, professional industries like manufacturing, auto, retail, and energy, had a dedicated set of Unity tools to create immersive VR and AR experiences and build digital twins.

    From retail to automotive.

    As the real world continues to merge with virtual ones at increasing speed, we’ve seen the automotive industry progressively embrace real-time 3D to build vehicles, improve manufacturing processes and enhance in-car technology. At Mercedes-Benz, real-time 3D is powering the infotainment of its new operating system across its vehicle portfolio. The in-vehicle software experience is paramount to luxury buyers, and 3D capabilities from Unity help them meet the demand for more visual fidelity and immersive experiences.

    In the energy industry, real-time 3D is changing the way large-scale solar projects are designed, created, and operated. In the construction world, streamlined creation of real-time 3D experiences takes minutes instead of days to optimize large design models. And in the federal government, immersive 3D experiences are helping prepare for natural disasters by building bases capable of withstanding major catastrophic events.

    What industrial users need.

    Unity Industry focuses on several key offerings tailored for industrial use cases:

    The Unity Editor allows you to build immersive AR and VR experiences, providing powerful physics tools to simulate anything, including sales and marketing configurations, assembly lines, entire factory floors, complex machinery, traffic, buildings, or digital twins of entire buildings.

    Unity Industry also includes the Pixyz Plugin, which allows you to use existing 3D data to create unique 3D experiences. Creators in many industries are using Pixyz to bring their CAD and 3D data interactively into their real-time 3D experiences made with Unity without any expertise needed.

    Plus, Industry includes dedicated tech support from Unity engineers, access to on-demand training, and other services to help address the specific needs of each industry and company.

    See how the exciting tools available through Unity Industry can help create custom real-time 3D experiences to help your business move forward.

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    StackCommerce

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  • 3 Ways You Can Actually Use AI in Your Business (and Why You Should Still Be Careful With It) | Entrepreneur

    3 Ways You Can Actually Use AI in Your Business (and Why You Should Still Be Careful With It) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The sky appears to be the limit for the ways entrepreneurs and CEOs can incorporate generative AI tools into their workflows. The one thing you can’t afford to do with generative AI is ignore it.

    I recently hosted a workshop for 30 early-stage CEOs to discuss ways to fuse generative AI into their business strategies. Here is some of the intel I shared, plus how you can give yourself an edge by responsibly and effectively incorporating this technology into your startup or business.

    Entrepreneurs wisely using generative AI can strategically implement it into their narrative and general storytelling of their companies to in turn receive higher valuations from investors as well — here’s how.

    Related: How AI Is Becoming a Game-Changer in Startup Fundraising

    1. Expand your product offerings and stay competitive

    I suggest reading up on Microsoft’s collaboration with OpenAI. Microsoft jumped to incorporate ChatGPT’s technology into Bing and its other products. Now, its users can work more efficiently in PowerPoint and its suite of Office products. Google responded by exploring the use of generative AI to expand its search capabilities.

    Software development is another key area getting gen AI attention. Gen AI is helping developers code more efficiently, predicting the next lines of code based on code already written and responding to prompts. There’s a spotlight on generative AI algorithm models like Large Language Models (LLMs) that can craft text based on the user’s input data.

    Every entrepreneur who wants to edge out the competition must find ways to apply generative AI to improve products and develop new offerings.

    My company, Verbit, hosted an internal hackathon to gamify identifying ways to incorporate generative AI. It helped to get greater buy-in and inspire ideas. Our hackathon uncovered 13 ways to employ more AI, including two that we’re commercializing.

    Consider replicating this hackathon idea or encouraging brainstorms. Run them company-wide. Instead of just involving your more obvious teams, acknowledge that generative AI has the ability to impact the roles of nearly everyone. By involving less obvious stakeholders, you’ll identify use cases for generative AI to disrupt processes you weren’t even aware of.

    Engaging your team in these ways won’t just boost morale; it will release apprehension around the “negative” human impact of greater generative AI use. Instead, your team will be inspired by how they can apply it to expand your offerings to deliver better.

    Related: The Secret to How Businesses Can Fully Harness the Power of AI

    2. Drive employee productivity

    AI should be seen as a gateway to make work more meaningful and efficient, not replace jobs. Using generative AI to eliminate dreaded, time-consuming tasks will keep your employees engaged. It will grant them the ability to focus on more creative tasks they’re passionate about. Employee engagement is a metric entrepreneurs can’t overlook because it translates to 23% higher profitability.

    Since newer forms of AI are learning to be intuitive and interact naturally with humans, start by using AI that communicates with your teams and learns from their feedback to boost productivity. For example, generative AI has advanced the possibilities of working with chatbots. Teams can now summarize and pull data from chatbot-powered customer surveys and much more.

    3. Predict market trends more accurately

    For entrepreneurs to make informed decisions about investments, strategies and products, they must understand market trends. Generative AI is helping entrepreneurs gather more quality data than earlier AI forms.

    AI is excellent at analyzing large sets of data, but generative AI can gather insights from unstructured data, like social media posts, audio files, text and other content. To be successful, entrepreneurs must pull in this additional information accessible to them through generative AI.

    Generative AI can also create simulations to determine the impact of hypothetical “what-if” situations. Researchers at the University of Pennsylvania used generative AI to simulate the spread of COVID-19 and the efficacy of different responses. Audi used simulations to model manufacturing strategies and reduce its assembly line cycle time by 30%.

    As an entrepreneur, you can benefit greatly by using generative AI for market simulation. If you don’t use these tools, you’ll be operating with less complete, lower-quality information than your competition.

    Related: How to Protect and Improve Your Business with AI During Challenging Times

    Know where to draw the line

    There are dangers in relying too heavily on gen AI. For example, AI uses data inputs for results. If the data is flawed, it can have consequences. This issue is already appearing in recruitment and hiring practices. Amazon canceled an AI-powered recruitment program after it proved to be biased against women. If you lean too much on AI alone, you could find yourself violating employment laws.

    You’ll need to be aware of ethical concerns to avoid instances of sharing sensitive information or violating data privacy laws as well. Generative AI can also hallucinate, meaning that it might give entirely wrong information, but package it in convincing language and reassuring confidence. Turning over too much responsibility to a chatbot could cause more harm than good.

    For example, experts are warning against relying too much on tools like ChatGPT for search engine optimization (SEO). Google may decide to penalize companies that publish automated content, undermining their past SEO work. Make sure that your team has a process in place to check the outputs of the AI it’s using.

    There was the case of the “ChatGPT lawyer,” who used the tool to draft a motion and ended up citing fake cases in court. The firm faced a fine and public humiliation, but in fields like health care, the consequences of faulty information could be worse and more dangerous.

    Smart entrepreneurs will understand how to intelligently and strategically use generative AI, but they’ll know where to draw the line. My advice is to be as savvy about the technology you employ as you are about the people you hire.

    However, don’t delay. Challenge your teams to use generative AI to work productively. Decide on a few areas of focus to implement it now, whether it’s personalized content creation, marketing efforts, software development, customer operations or data analysis. Trust me, your competitors are already doing so.

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    Tom Livne

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  • You Only Need These 3 Things to Come Up With Your Best Ideas | Entrepreneur

    You Only Need These 3 Things to Come Up With Your Best Ideas | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s easier than ever to feel lost — lost in the workplace, lost in your personal life, even lost in your overall purpose and mission as a human being. I personally blame a lot of this on social media. It’s the perfect concoction for depression, anxiety and the feeling of not knowing what path is right for you.

    A couple of hours on the Zuckerberg Express (a.k.a. Facebook) and you’ll be fed other people’s successes so much you’ll start to doubt your own. A video of a fix-and-flip specialist will quickly make you think you need to stop what you’re working on, buy houses and renovate them yourself. You’ve never held a hammer and you don’t know what HVAC stands for, but if this 30-second video on Instagram taught you anything, it’s that the time is now…

    Excuse my sarcasm, but even as I’m writing, I’m reminded of the ridiculous paths I’ve gone down thanks to social media. That’s a story for another time though. Through exploring and failing on many of these voyages, I’ve learned a tried and true method to keep me goal-oriented and combat as much of the social media facade as I can: whiteboarding.

    Yes, you read that right. Structured and creative time away from all other work and life needs, with just a whiteboard, a marker and your thoughts. In my nine years as a business owner, I’ve found whiteboarding to be the single strongest tool for fine-tuning my ideas, innovating and niching down. Below are the three biggest rules I use for effective whiteboarding.

    Related: The Whiteboard Method: 5 Easy Steps to Discover Your Niche and Turn Your Passion Into a Career

    1. No erasing

    Before you start, remove the eraser from the room. It’s so easy to get hyper-critical of what you’re writing when you know you can erase it. By operating under the “no idea is a bad idea” philosophy, I’ve been able to discover new revenue streams for my business, fine-tune my goals and more. Not erasing anything is a great way to leave thoughts up on the board for further development. Sometimes an idea I quickly jotted down — that I would’ve erased in real time — just needed some further tweaking. That idea later became a huge component of my business moving forward.

    2. Time your whiteboarding sessions

    I like to do 20-minute sprints, but find an amount of time that feels comfortable for you. Remember, this exercise is for you. If 20 minutes is too long, do 10. If 20 minutes is too short, do 30. This is your time.

    Turn a timer on and turn everything else off for whatever amount of time you decide. I like to stand up in front of the board (sometimes even pace) and write as much as my brain and hand will let me. After the allotted 20 minutes, I sit down and spend time reading and digging into each thought. Oftentimes, this is where I’m able to expand a simple thought into something much more developed and fleshed out. If I feel like I hit an “aha” moment, I take a photo of the board, then erase and flesh that idea out further. If I didn’t, I spend some more time reading and digesting, then I take a photo and get back to my work. Not every time will be one of those euphoric highs we all love about entrepreneurship and finding new ideas, but the simple act of doing this frequently creates clarity.

    Related: How Journaling Can Make You a Better Entrepreneur and Leader

    3. Frequency

    I personally do these whiteboard sessions once a week. I’ve found that to be frequent enough to work through things, but not so frequent to the point of wasting time or energy on the same thoughts over and over. If I’m feeling extra lost that week, rather than adding an extra session, I prefer to jot it down to work on at my next whiteboarding session. Routines are everything.

    A lot of people talk about the power of whiteboarding in groups for creative brainstorming. I find that to also be an effective way to pull ideas out of a group, but the sessions need to be structured enough to not be a time suck for everyone and the groups need to be small pods before opening them up to bigger teams.

    When my business partner Ian Rodriguez and I launched Innovo, we’d spend hours behind a whiteboard taking turns workshopping every little detail and idea. Those days were extremely effective for clarifying who we were and what we wanted to accomplish.

    Once your business is moving you obviously can’t spend hours weekly doing those sessions though. In my opinion, the best go-forward strategy I’ve found here is to whiteboard solo, develop some thoughts and opinions, then bring your partner(s) and team in to take it to the next level. This allows for personal clarity as well as tapping into others’ skill sets and ideas.

    Ideas are good, but clarity is great. Don’t be afraid to challenge yourself through whiteboarding — it’s become my secret weapon in entrepreneurship.

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    Sam Saideman

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