Small business owners can benefit from using generative AI tools like OpenAI’s ChatGPT, Microsoft’s AI-powered Bing search engine, and Poe, according to Harvard Business School professor Karim Lakhani. These tools can help small businesses become more productive and efficient in areas such as scaling their company, communicating with customers, and generating marketing materials, social media content, and new products.

Lakhani emphasizes that the use of AI tools by small business owners is crucial because businesses that don’t utilize AI may be replaced by those that do. The rise of generative AI has prompted major technology companies to invest billions of dollars in its development. However, for just $20 per month, small businesses can also access these tools and potentially transform their operations and the scale of their company.

Lakhani suggests that small business owners start their AI journey by exploring three platforms: OpenAI’s ChatGPT+, Microsoft’s Bing Chat, and Poe. Experimenting with these tools can help owners understand the power of AI in their everyday tasks. Lakhani lists three areas in which AI can be particularly valuable for small businesses: handling consumer contact, acting as a thought partner for new business ideas, and functioning as a “super assistant” that can alleviate the burden of tedious tasks.

Despite criticisms about the accuracy of search results from generative AI, Lakhani advises small business owners not to be discouraged. He sees ChatGPT as a valuable thought partner that can lower the cost of ideation and cognition. Lakhani shares an example of an entrepreneur who used ChatGPT to improve their English communication skills, allowing them to provide better customer service.

AI tools like ChatGPT can also assist with handling irate customer emails by suggesting options for addressing customer concerns. Additionally, they can generate creative ideas for social media campaigns across various platforms. Lakhani emphasizes that AI will play a critical role in business success by enabling scaling, scoping, and continual learning.

To start learning about AI, Lakhani recommends utilizing YouTube as a resource for tutorials and educational content. He stresses the importance of practice and understanding the benefits and limitations of AI tools. Small businesses have an advantage in embarking on the AI journey due to their nimbleness and ability to adapt quickly.

In summary, AI tools can offer significant advantages to small businesses by improving productivity, customer communication, and marketing activities. By leveraging generative AI, businesses can enhance their operations, create more value, and expand their customer base.