Building Business Strategy
“I want to start something of my own” This is something which almost everyone of us has thought about at least once or even thinking about it right now as well. Older ways(pre AI revolution) posed many challenges to execute a vision into a reality. To list down a few of many challenges like:
- Lack of clarity on where exactly to start
- Limitation of cross domain knowledge like a marketing person might not know about how to build a website or vice versa
- Lack of a structured roadmap
- Effort and time required is very high
With the advancements of Generative AI technologies like ChatGPT, the scenario has drastically changed. We may not realise it but now we are not restricted by our lack of cross domain knowledge or a structured roadmap to execute an idea into reality. Consider ChatGPT as your virtual AI assistant just like Iron Man had Jarvis or F.R.I.D.A.Y, to help him execute complex tasks.
In this blog series, we will be providing you with a list of 500+ ChatGPT prompts to help you launch your own venture – right from ideation to launch. The first part of the blog series covers how exactly to think of an idea and creating a comprehensive business strategy for the same.
Exciting, right!! Let’s start and to make the conversation fun I have assigned a role play where I am Tony Stark and ChatGPT is my AI assistant i.e. F.R.I.D.A.Y. Buckle up and by the end of the series you will have all the knowledge to enable you to start your new venture.
Table of Contents
Introduction – ChatGPT Prompts
By now, I am sure that most of us are aware of what exactly ChatGPT is but the main dilemma is how effective ChatGPT can be in solving our problem statements. Here is where ChatGPT prompts come in. According to ChatGPT, this is what prompts are:
“I am programmed to respond to short, open-ended prompts covering a variety of topics, ranging from general inquiries to personal matters. Users provide me with prompts, and I generate a response using my training data and natural language processing. The quality of my response is based on the clarity and specificity of the prompt given.”
If you’re interested in learning more about ChatGPT prompts, you can find a link with additional information here.
Let’s start building a brand together from scratch!!
Part 1 – Create a comprehensive Business strategy in less than 25 ChatGPT prompts
Generating Product Ideas
“What exactly do we build?” How do we finalize an idea to work on? With so many ideas rushing in your brain, it can get a little overwhelming to finalize an idea. Let’s ask ChatGPT for some ideas.
While these ideas may be appealing, they don’t match up with my current thoughts. Perhaps we can adjust the prompt and see what suggestions F.R.I.D.A.Y has to offer.
Umm! I think to get the best suggestion, we need to be clear and exact when giving our prompts. Let’s try to do that now.
Awesome! This is exactly what I was looking for. Now let’s check if F.R.I.D.A.Y can come up with a good name for our business idea.
Hmm, the names suggested are too common. If I give more details about our target audience, do you think F.R.I.D.A.Y can come up with better names? Let’s give it a try!
Great, I prefer the third option, “The AI think tank”. However, there’s a chance that another product already has this name. Can F.R.I.D.A.Y check if the name has any copyright issues? Let’s ask F.R.I.D.A.Y.
Unfortunately, ChatGPT is not trained to check for copyright issues. We’ll have to manually research and ensure there are no copyright concerns with using this name.
Let’s proceed with this name and request F.R.I.D.A.Y to create a Business Plan for our new venture, “The AI Think Tank”.
We have finished deciding on our product and will now start making a plan for our business. Let’s ask F.R.I.D.A.Y what we need to include in the plan.
The business plan doesn’t seem finished without the company’s goals and vision. We should include the company’s goals, vision, and the people we want to sell our product to in the plan.
We need to consider the challenges that our target audience is currently facing right now so that we can decide on what exactly we need to start working on. Let’s see if ChatGPT can help us with that.
Let us segregate and clearly specify the Business and user goals separately
Great! Now let’s prioritize these challenges.
I am not satisfied with the answer. Let’s modify the prompt and ask F.R.I.D.A.Y to categorize the challenges into different levels such as P1, P2, and P3, with P1 being the most critical.
Add other details as well that comes in your mind
At few points, add your common sense to correct ChatGPT (Yes!, even AI needs human help sometimes). Let’s start with competitor analysis now. We will cover Revenue projection and marketing Plan separately in detail
Let’s see who our competitors are and how can we take an edge over them!
Let’s ask F.R.I.D.A.Y to conduct a SWOT analysis for the above mentioned competitors
In my opinion, presenting it in a tabular format would be more visually appealing. Let’s provide the prompt for that.
Not the best output but still something tangible. We should find out some insights that we can utilise from the analysis.
Check if F.R.I.D.A.Y still remembers the goals that we have taken in the Business Plan
Let’s come on the potential revenue model for the company and what other questions do we need to answer to build a profitable business model
Let’s ask F.R.I.D.A.Y about the points to be considered while making Financial projections for the venture
Now, we will add our data collated so far in the above financial projection template
Let’s try and get this simplified in terms of visualisation
Change the initial investment amount to get a better idea of revenue projections. Let’s ask F.R.I.D.A.Y to separate the expenses into One-time expenses and recurring cost for a better visibility.
Finally, let us go and summarise the blog. Yes, you guessed it right, we will let F.R.I.D.A.Y do the job for us
Well, well, well! Did you see that? ChatGPT just proved its power yet again! With the right prompts, it can do wonders! Today, we explored ChatGPT’s prompts for product ideation and creating a business strategy and boy, did we cover some ground! But wait, there’s more!
Don’t miss our next blog where we’ll be unleashing ChatGPT’s prompts for creating a super efficient Go-To-Market strategy for our venture. It’s gonna be epic! So stay tuned, folks!