3 Ways to Use ChatGPT to Improve Entrepreneurial Decision Making

Contributed to EO by Eden Gillott, EO Los Angeles Fellow and President ofGillott Communications, a strategic communications and crisis public relations firm . She is the author of A Business Owner's Guide to Crisis PR: Protecting You & Your Business' Reputation, a member of EO Los Angeles and co-chair of that chapter's accelerator. We asked Eden how ChatGPT can inform entrepreneurs to make better decisions. Here's what she shared:

Entrepreneurship can be a frantic race, full of twists and turns, sometimes leaving even the most experienced business owner dizzy and breathless. That's why it's crucial to keep all possible tools and resources at your disposal, including AI-powered language models like ChatGPT. But much like Tony Stark navigating his high-tech suit, striking the right balance between shiny high-tech tools and human ingenuity is essential.

Uncertainty is a natural feeling that arises in the face of the unknown. Business leaders are no exception, but how you react to uncertainty ultimately determines your success.

As a strategic communications expert specializing in crisis public relations, I have seen how much difference proactive decision-making can make. Customers who take control of a crisis through decisive action fare much better than those who wait and hope for the best.

Do you feel like uncertainty or analysis paralysis is holding you back? Using tools like ChatGPT can be a way to overcome uncertainty and make confident decisions to move your business forward.

Here are three ways to use ChatGPT in your entrepreneurial decision-making:

1. Data-Driven Insights

The popular business adage, "What gets measured, gets managed" doesn't have to be intimidating for visionary leaders. ChatGPT can analyze a mountain of data to provide insights that allow you to make smarter decisions for your business. The ability to quickly identify patterns and trends in data provides entrepreneurs with valuable insights they may not have considered before. It's like having your own J.A.R.V.I.S. (just a rather very intelligent system), always ready to provide valuable information.

2. Catapult Creativity

ChatGPT can inspire business owners with new ideas and alternative perspectives on a wide range of topics, from creating your ideal customer avatar to creating engaging content. This can spur creativity and innovation for founders who want to pitch an idea and feel like they need someone to talk to.

3. Strategic planning

ChatGPT can help entrepreneurs plan for the future by generating predictions and scenarios based on data. By using it to create projections and scenarios, entrepreneurs can better prepare for potential challenges and opportunities and develop more effective strategic plans. Once you and your team know where they're going, you can focus on other aspects of your business, like perfecting your Amy Cuddy-approved superhero poses.

But like any tool, ChatGPT has its potential pitfalls. Here are some things to keep in mind:

Skewed Data - ChatGPT generates insights based on data and your prompts, but it's essential to ensure that the data and prompts you provide to it are accurate and unbiased. Biased or skewed entries can lead to misleading information and recommendations, which ultimately harms your business. So, before making big decisions based on its recommendations, check that the inputs are on target. Limited scope - ChatGPT generates insights based on the data it was trained on, which means you may need a more comprehensive approach, especially if you deliberately avoided entering privileged or confidential information. Entrepreneurs should be aware of this limitation and supplement this knowledge with other sources of information and expertise to ensure they have a complete view of their decisions. Lack of p...