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Can You Use ChatGPT to Write a Business Plan? Yes, Here’s How

Posted april 17, 2023 by noah parsons.

The new generation of generative artificial intelligence(AI) tools, like OpenAI’s ChatGPT and Google’s Bard, are fundamentally changing how we create. They can competently write, generate ideas, develop recipes, and even help plan vacations. 

I’ve been looking into how these tools can help with business tasks, specifically business planning. Can generative AI take an idea for a business and transform it into a comprehensive business plan ? Can it be used as a business plan generator?

The answer is “yes”, but it’s not as simple as pushing a single button and getting everything you need. You have to follow a process. Even then, ChatGPT can’t do everything necessary to create a complete business plan. Even more importantly, these tools can’t help you implement the plan and manage your business (yet!).  

In this article, I’ll guide you through using ChatGPT to help you write each section of your business plan. You’ll learn how to quickly create a business plan using AI, understand its limitations, and forever banish writer’s block. 

For more on using ChatGPT to grow your business, check out our guides for creating a financial forecast and advanced ChatGPT prompts for better forecasting .

What is ChatGPT?

ChatGPT is an advanced AI language model developed by OpenAI. It’s designed to simulate human-like conversations by processing text inputs, understanding the context, and generating appropriate responses. While not perfect, recent advancements have significantly improved its ability to provide accurate, relevant, and context-aware information—making it more effective in various personal and professional applications.

Related Reading: 9 Best AI-Powered Business Plan Generators Ranked

How to create a business plan with ChatGPT

1. create a simple business plan outline.

Don’t go straight to ChatGPT and ask it to write you a complete business plan. This task is a bit too big for it—at least right now—and you’ll end up with a simple, shallow, and generic overview of your business. 

Instead, divide the business plan into bite-sized sections and use ChatGPT to help you write one section at a time. This approach generates far more detail and the combined results are much more impressive. To divide your business plan into sections, or chapters, you need a business plan outline.

Not sure what sections you need? Ask ChatGPT to create a business plan outline.

Overall, the plan outline ChatGPT provides is decent. It includes most of the sections you should include in a business plan. However, it isn’t organized very well and places topics like “legal structure” and “ownership and management” in positions that are too prominent. If you’re trying to raise money, or just exploring your business strategy—your plan should highlight your idea and the market opportunity instead.

To see better results from your ChatGPT business plan, try using this business plan outline instead:

• Executive Summary
• Products & Services
• Target Market
• Competition
• Marketing & Sales
• Milestones & Metrics
• Company Overview & Team
• Financial Plan

Need even more detail? Check out the complete, expanded business plan outline .

Using this outline will help you focus on defining what your business opportunity is and why your idea deserves funding. 

I’ll be using this structure for the remainder of this guide to help influence my prompts in ChatGPT and better organize my plan.

A quick note: You should write your executive summary last, so I’m skipping that section for now and will tackle it at the end.

2. Write about your product or service

In this section of your plan, you describe your product or service and the problems that it solves for your customers. You’ll also describe any initial traction, intellectual property, and future products or services that you plan to offer. 

To use ChatGPT effectively, start your prompt by describing what your business does. The more detail you can provide, the better. Then ask it to help write the products & services section of your business plan. You can see my prompt and part of the initial response here:

The initial output is honestly impressive, but also a bit generic (there’s a link to the full output at the end of this article). In this example, that’s caused by my generic prompt. I didn’t describe my business in much detail or explain what makes the business unique. 

If I had added those details to my prompt, I may have received a more specific output. Regardless, the text from ChatGPT will almost never be a straight cut-and-paste for your business plan. You’ll have to review it carefully and customize it for your business and your product offering. 

To get better results, I would add information to the product description in my prompt that includes the types of waterproofing technology my business is using and what makes my products stylish. I would also include some information about initial customer feedback that I’ve received on my prototypes.

As with all ChatGPT prompts, describing the output that you want is also important. I asked ChatGPT only to cover the problem that my business solves and future product offerings. I could have also asked it to describe our initial traction and intellectual property, assuming I’d provided that information in the product description.

Weakness: ChatGPT might not fully understand unique, niche, or complex products/services, leading to incomplete or inaccurate descriptions. As long as you’re aware of this, the text it generates is a good starting point.

3. Develop a market analysis

A market analysis provides an overview of your target market, total market size and segments, market trends, and an industry analysis.

To make the most of ChatGPT, provide a brief overview of your target market and any additional information you may have. If you’re unsure who your target market is, you can also ask ChatGPT for ideas. 

This is a great starting point but lacks a lot of detail. It doesn’t provide any real market size numbers or specifics on the growth of the ski industry. If you were starting this business, you’d want to know what your potential market size is in order to make some educated guesses about the potential revenue you might generate.

Investors will also want to know these details and a generic plan without facts and numbers is not all that useful. ChatGPT will politely decline to answer if you ask for more details, citing its lack of capabilities in this area. These current limitations are likely to change soon thanks to additional plug-ins that grant up-to-date web access to gather information.

For now, what ChatGPT is good for is generating some decent writing and structure for the market analysis section of the plan. At this stage, you’ll have to do a little bit of work on your own and go find some facts to plug into the paragraphs that ChatGPT has written. Our market research guide can help you learn where you can find these numbers and plug them into your business plan .

Weakness: ChatGPT’s knowledge is limited to information available up to September 2021 (as of March 2023), so it may not recognize recent market changes or emerging trends. You’ll need to fill in the details with your own research.

4. Provide an overview of your competition

A good competitive analysis reviews the current alternatives on the market and describes your advantages. You should also review any barriers that your company can create to prevent competitors from seizing your opportunity.

If you know who your competition is , provide ChatGPT with that information as well as a summary of why your business is superior. If you don’t know who your competitors are, you can ask ChatGPT for ideas. 

But, be careful to double-check the output that ChatGPT provides. It sometimes will invent information and confidently present that information as facts. Be sure to double-check everything and don’t assume that it’s true.

ChatGPT does an admirable job of comparing our product to the competition as well as summarizing the competitive advantages. Of course, it’s a bit generic and should be edited to add more specifics, but it’s a solid place to start. 

Weakness: ChatGPT isn’t a full-blown competitive research tool at this point. You’ll need to do some of your own research to understand who your competitors are and what their value proposition is in the market.

5. Develop a marketing and sales plan

A good marketing and sales plan will explain your market positioning, and unique value proposition, as well as outline your marketing, sales, and pricing strategies.

Again, providing ChatGPT with as much detail as you can yields the best results. The more you can describe the business you’re building and the type of marketing and sales strategy you plan on using, the better writing it will do for you.

If you’re short of marketing ideas, you can ask ChatGPT to list marketing and sales ideas tailored to your business. Provide your target market, product/service offering, and desired marketing channels, then ask the AI for suggestions. If you like the ideas, you can incorporate them into your prompt when you ask the AI to help write the marketing and sales strategy section of your business plan.

In your prompt for ChatGPT, be sure to ask that your marketing and sales strategy section includes:

• Market positioning
• Unique value proposition
• Pricing strategy
• Marketing plan

As a useful follow-up, you can ask the AI to generate some advertising copy, social media posts, or promotional materials based on the marketing plan that it generated.

Weakness: The AI-generated strategies may lack creativity or industry-specific insights, potentially limiting their effectiveness.

6. Operations

The operations section of your business plan describes how your business functions. If you have physical stores or manufacturing facilities, you’ll describe them here. If your products are manufactured in a different country, you’ll describe that process. 

Once again, to get the most out of ChatGPT, describe as much as you know about your operational plan and then ask the AI to flesh it out. Describe your location, manufacturing process, customer service, sales channels, fulfillment, and any other aspects of how your business runs on a day-to-day basis. From there, ChatGPT can craft the operations section of your business plan.

If you’re not sure about what your operations should look like, you can ask ChatGPT for ideas. Ask it, “How should I operate my [ski clothing] business?” and it will give you ideas based on your specific business. It might have suggestions around supply chain, customer service, sales, and more.

That said, every business is unique. Your location will be unique and how you choose to do your manufacturing and customer service will likely be different from your competitors. Use ChatGPT for ideas, but then fill in the details that you know specifically.

Weakness: You’ll get out what you put into this section. There’s not a lot of creativity that ChatGPT can add, so you’re really just using it as a writing assistant. Make sure to include as much detail in your prompts as possible.

7. Company overview & team

This section offers a detailed description of your company , including its history and ownership. To use ChatGPT for this section, summarize your company’s background and ask the AI to expand on it, focusing on aspects such as the business structure and core values.

You’ll also want to define your company’s organizational structure and management team. To use ChatGPT, briefly describe your management team’s roles and responsibilities, and ask the AI to create an organizational chart and expand on each role’s duties. You can even ask it to list out any role gaps that you should be aware of.

Weakness: The AI may generate generic content or fail to portray your company’s unique characteristics accurately. The AI may also not grasp the specific intricacies of your company’s hierarchy or be able to recommend the ideal structure for your business. Again, you know your company better than ChatGPT does, so make sure your prompt is detailed and you follow up with additional editing.

8. Financial plan

Using ChatGPT for this section was the real test. Investors and lenders need to understand your company’s potential for growth and profitability, so a detailed financial plan is important. 

Even if you’re not raising money, working on the financial projections is crucial. You need to understand how your business works from a financial perspective and what it’s going to take to be successful. While ChatGPT did a fairly good job at writing the strategy sections of the business plan, producing a viable financial model turned out to be a challenge. 

To test it out, I provided a brief overview of what I thought my revenue forecast might look like and asked the AI to generate financial statement projections for the next five years.

It turns out that ChatGPT just isn’t capable of helping very much with this section of the business plan, and it says as much in its response. 

I was hoping for a detailed financial forecast, with at least 12 months of detailed statements, followed by 4 years of annual detail. I was also hoping for a detailed expense budget and calculations on profit and cash flow over time, all formatted as standard financial statements.

Unfortunately, ChatGPT just is not ready to do that quite yet. In part, this is because the tool is a generative text tool and is not designed to create financial models in Excel or any other spreadsheet format.

That’s likely to change in the future as AI gets integrated into Excel, Google Sheets, and other spreadsheets. But, for now, it’s just not ready. 

That said, ChatGPT can help you come up with ideas to help you flesh out your financial plan. I asked it to suggest some ideas for revenue streams and it provided ideas I hadn’t thought of. I would do the same—ask for suggestions—for the expense forecast to make sure I didn’t miss anything when building my financial model.

Your business plan needs a full financial plan. It helps you determine how much money you need to start the business and keep the business afloat as you grow. You’ll also want to be able to easily change the numbers and see how that impacts your profitability and cash flow.

A good Excel spreadsheet or a business planning tool like LivePlan is likely a better option than ChatGPT for your financial plan. However, ChatGPT can help you think about how you’ll make money and what your key expenses will be.

Check out this article for a more detailed step-by-step guide for using ChatGPT to create useful financial forecasts .

Weakness: ChatGPT does not have the expertise to produce accurate financial projections or offer nuanced financial advice. The AI can also not currently produce a financial model that can be easily adjusted to help determine the key information you need to start and run your business successfully.

9. Simplify your plan into an executive summary

Wait until you’ve completed your business plan to have ChatGPT help you with your executive summary . You’ll get a much better result by asking the AI to summarize your plan rather than going the other way around and asking it to write the summary first before you’ve fleshed out the details.

Once you’ve completed your plan, you can cut & paste it into ChatGPT and ask it to create the summary. Or, if you’ve been getting help with your plan in a single chat session, you can just ask ChatGPT to summarize what you’ve created so far. You can even ask it to limit the summary to a certain number of words. 

Another tip is to tell ChatGPT to write in a certain style. For example, if your business plan is for a complex medical device, you might want your executive summary to be simple and jargon-free. In that case, you can ask ChatGPT to write in a simple, non-scientific style.

Be aware of ChatGPT’s weaknesses

ChatGPT can be a valuable tool for drafting a business plan but it’s essential to be aware of its limitations and weaknesses before you delegate your business planning task to AI.

• It can lack creativity
• Industry-specific insights may be hard to get
• You’ll need to do your own market research
• Only you have an understanding of your business’s unique position in the market.
• It may produce inaccurate information about people, places, or facts.
• As of March 20, 2023, it only knows about the world up until 2021.

But, these weaknesses don’t mean that it’s not a useful tool. ChatGPT is a great writing assistant and it can help brainstorm ideas, even giving you new perspectives on your business that you may not have thought of. And, if you’re in need of a business name, it can do that too:

Should you use ChatGPT to help you with your business plan?

A business plan helps entrepreneurs in three core areas: 

• Figure out your strategy
• Understand the numbers behind your business
• Run a better business

ChatGPT can really only help with your strategy. 

It can take your ideas and expand on them, even providing new ideas that you might want to incorporate into your strategy. However, it cannot develop a full financial plan or assist you with ongoing analysis. A dedicated tool, like LivePlan, is really the better choice for these tasks.

Understanding the numbers that drive your business is crucial

A business can only be a business if it eventually makes money. The planning process helps you figure out the sales that you’ll need to make to cover expenses and what kind of cash you’ll need to get your business off the ground and keep it running. 

Without this knowledge, failure is a real possibility. ChatGPT can’t develop a full financial plan, but it can help you think through your revenue streams and key expenses. It can’t really do the numbers for you, but it can certainly help you get started.

Planning helps you run a better business

As you get up and running, tracking your results compared to your financial plan is an important part of running a responsible business. Using your accounting data, you can compare your actual spending to your budget and see where you’re on track and where you need to make adjustments. You’ll also see which sales channels are working well and which you’ll need to grow further. 

The process of using your plan to track your progress and refine your strategy is called growth planning . Turning your plan from a static document into a tool to run your business is one of the most important things you can do to improve your chances of success. In fact, businesses that track their growth against their plan grow 30% faster than those that don’t.

Unfortunately, ChatGPT isn’t really set up to help with this kind of detailed, ongoing analysis. A dedicated tool, like LivePlan , is really the better choice here.

The bottom line, ChatGPT can be a valuable helper in the business planning process. It’s like having a smart assistant at your side that can take your ideas and flesh out the details. But, it does have limitations, especially with the financial plan, and can’t help with the entire planning and business management processes just yet.

So, it’s not quite an AI business plan generator. But, when used correctly and with the right prompting it can help you break past writer’s block, think through each section, and ultimately write a solid plan.

Here’s the complete Ski and Snowboard Clothing Company business plan that ChatGPT helped write.

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Noah Parsons

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How ChatGPT Can Write your Business Plan?

A Free Business Plan Template

Ajay Jagtap

• January 31, 2024

14 Min Read

There was a time when writing a business plan was frustrating and overwhelming. Thanks to ChatGPT, you can draft a comprehensive business plan in no time.

But there is a catch. You must properly instruct the chatbot to provide accurate, relevant, and factual information.

Want to learn how? Buckle up and get ready to draft a solid business plan in no time flat!

What is ChatGPT?

ChatGPT needs no introduction; it is a large language model trained by OpenAI, using deep learning algorithms to generate human-like responses to text-based prompts.

It’s a powerful tool for research and content creation. In fact, it crossed a whopping 100 million users just two months after its launch.

Let’s discuss how you can use this Chatbot to write a business plan:

How to use ChatGPT Prompts to Write Your Business Plan

We’ve curated a list of ChatGPT prompts and examples to make it easier for you to instruct the chatbot. Here is the step-by-step process to write a business plan using ChatGPT.

Let’s start by generating a basic business plan outline:

Create a basic business plan outline

You don’t need an extraordinary prompt to create a business plan outline. Simply prompt ChatGPT to provide a business plan outline, like we did here.

As you can see, the response we got was well-structured and included everything that a business plan must include. Still, we tweaked it a little, considering the industry-wide business planning format we follow at Upmetrics .

Here’s the final outline we’ll use to instruct ChatGPT and write a business plan:

• Executive Summary
• Business Overview
• Market Analysis
• Products and Services
• Marketing and Sales Strategies
• Operations Plan
• Management Team
• Financial Plan

Though the outline starts with an Executive summary, we’ll keep it last as It summarizes the entire plan and is written after the plan is ready. Let’s start with the business overview.

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1. Business Overview

The name defines the section itself—business overview, which provides the overview of the entire business.

We have provided the prompt to write a business overview section.

In this prompt, you will need to provide ChatGPT with some critical information about your business, including a detailed business description, location, legal structure, owners, vision, mission, and history.

Here’s a ChatGPT prompt to help you write the business overview section of your business plan:

Check out this example of a business overview section of a dental business plan written using this ChatGPT prompt.

2. Market Analysis

Market analysis is the study of your external business environment that gives your readers a better understanding of your industry and its dynamics.

Unlike other sections of your business plan, market analysis requires deep research and analytical work.

But as we are using ChatGPT, it won’t bother us much.

ChatGPT will require information about your target market , market size, growth potential, competitors, market trends, and regulatory environment to provide a relevant and accurate response.

You can collect this information through industry publications, news articles, and market research reports—using ChatGPT to organize and analyze data will make things easier.

Here’s a ChatGPT prompt to help you write a Market Analysis section of your business plan:

You may not get the perfect response for your market analysis section on the first try. So, repeat the process, proofread, edit, and modify it until you perfect it.

Here is an example of a market analysis section of a carpet cleaning business plan written using this ChatGPT prompt.

3. Products and Services

Your entire business plan revolves around this one particular section. After all, your business success solely depends on the value you provide to the end consumer.

You should ask yourself these questions before prompting ChatGPT to write. This exercise will help you clearly understand your products and help generate an informed description using ChatGPT.

• Who can use your product?
• What are the fundamental aspects of your product or services?
• When can one use your product?
• Why should someone consider using it?
• How can it help them?
• Where can someone use it?

Understanding and describing your products and services will be much easier once you answer these questions.

Let’s have a look at the ChatGPT prompt for writing the product and services section of your business plan:

Check out this example of a “product and services” section of a notary business plan written using this ChatGPT prompt.

4. Marketing and Sales Strategies

It’s crucial to outline your marketing and sales strategies. After all, these strategies determine how your business will get exposure and reach your target audience.

Generally, this section of your business plan includes your marketing, sales, pricing, and customer retention strategies. It also includes business USPs and other relevant information.

Here’s a ChatGPT prompt to help you write a marketing and sales strategies section of your business plan:

Check out this example of a marketing and sales strategies section of a clothing business plan written using this ChatGPT prompt.

5. Operations Plan

The operations plan section of your business plan describes how your business will achieve the goals and objectives outlined in the previous sections. You can say that this section is outlined to turn your plans into action.

A well-developed operations plan should outline daily business activities, individuals responsible, tools and equipment required, inventory, cost, and if there are any other special requirements.

Here’s a ChatGPT prompt to help you write the operations plan section of your business plan:

Check out this example of an “operations plan” section of an Airbnb business plan written using this ChatGPT prompt.

You may include specific details such as location, facilities, equipment, and technology in the prompt or modify the response later depending on your specifications.

6. Management Team

Your business is as good as your team and management. That’s what makes this section a crucial component of a business plan.

A strong management team section not only brings authority to your business plan but also helps investors and lenders be confident about your business idea and vision.

Generally, this section should include founders, key executives, senior management, their educational and professional background, compensation plan, business hierarchy, and business advisors/consultants.

Here is a ChatGPT prompt to help you write a “Management Team” section of your business plan:

This prompt will provide a comprehensive template for your management team section. Just update the necessary details in the content, and your management team section will be ready.

Here’s what it looks like:

Depending on your requirements, you may update the prompt or ask the chatbot to modify a few sections of the response.

Let’s say you may ask ChatGPT to add the CMO to the management team.

This is just an example; you may need to change certain parts of content based on the response you get.

7. Financial Plan

It is arguably the most crucial section of a business plan when it comes to convincing investors and banks to invest or lend money.

So, it’s critical to justify your business with attractive figures. Unlike some other sections, drafting a financial plan takes a thorough understanding of operational costs, net profit, and financing to estimate revenue projections.

You may provide a ChatGPT prompt to write the section, but it’s up to you to provide accurate numbers.

Here is the ChatGPT prompt to help you write a financial plan section of your business plan:

Here’s an example of a financial plan section of an IT consulting business plan written using this ChatGPT prompt.

Remember, this prompt will create a basic structure of a financial plan for you. Then you can update the sample data with real numbers.

8. Executive Summary

As mentioned earlier, an executive summary provides an overview of the entire business plan and is usually written after the entire plan is ready. It must be clear, concise, and compelling to provide the reader with a quick understanding of your business.

Make sure to use the same chat you used to create other business plan sections while generating an executive summary.

You don’t necessarily need a structured prompt to prepare an executive summary; simply ask ChatGPT to prepare one for your business based on your previous conversations, as we did here.

9. Appendix

The Appendix section of a business plan should provide additional information supporting your business plan’s main content.

In addition, it helps readers navigate through the entire business plan and easily find specific information or documents.

Generally, an appendix section in a business plan includes a table of contents, financial statements, market research data, legal documents, and other relevant information.

Here’s a ChatGPT prompt to help you write an appendix section of your business plan:

Furthermore, you may also prompt ChatGPT to provide this information in tabular form.

Check out this example of an appendix section of a medical practice business plan generated using this ChatGPT prompt:

Again, verify if there’s anything you would like to add or remove and start putting in the right details.

Remember, ChatGPT is still in a learning phase; keep experimenting with different prompts until you get the anticipated response, and be as specific as possible.

That’s it. We’re done using ChatGPT here.

We have generated all the sections required in a business plan—all using ChatGPT.

Now it’s time for some manual work. Human editing.

Human Editing For AI-Generated Content

Now that you’ve finished writing the business plan, it’s time to do some human editing and put it on investors’ desks.

This may take 30 minutes, but you’ll ensure every piece of information you’ve put in is accurate and factual.

Here’s what your editing checklist should look like:

• Fact checks everything: ChatGPT may sometimes generate incorrect information, so consider doing a fact check.
• Make sure it’s up-to-date: Ensure all the information, documents, or financial statements you include are up-to-date.
• Proofreading: Make sure there are no typos, grammatical errors, or readability issues in the entire business plan.
• Editing & Rewriting: Edit and rewrite content where necessary. Make sure it doesn’t sound too robotic.

Once you check these elements off your editing checklist, your business plan is ready to seek investment.

In a nutshell, ChatGPT could be a valuable asset when it comes to helping you with business planning. However, even if it promptly generates high-quality content, it’s wise not to rely solely on AI outputs.

Incorporate, your personal insights and research where necessary and use ChatGPT to streamline the process.

That’s it for today; now over to you. Start creating your first draft using ChatGPT. Happy business planning!

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Frequently Asked Questions

How can i use chatgpt to develop a competitive analysis and understand my industry landscape.

ChatGPT can be a handy tool to assist you in developing a competitive analysis and understanding your industry landscape. Follow this brief guide to get started with your competitive analysis.

• Research: Gather information about your competitors and industry landscape, such as key competitors, market share, and market trends. You may collect this information through industry publications, news articles, and market research reports.
• Feed this information to ChatGPT: Provide this information to ChatGPT; you may use phrases like “learn this”, “remember this”, etc. Remember, the output solely depends on this information, so be as specific as possible.
• Summarize the information: Ask ChatGPT to summarize this information for you. For instance, you may ask it to provide an overview of the market trends or do a SWOT analysis of a competitor.
• Use ChatGPT for competitive analysis: You may now ask ChatGPT to compare your business with your competitors and generate insights about emerging trends, opportunities, and threats for your business.

ChatGPT is always learning, so make sure you provide detailed information to generate an informed response. Do not forget to oversee and fact-check the response.

Can I trust the accuracy of the information provided by ChatGPT for my business plan?

ChatGPT is an extremely useful tool, but it’s an AI language model that may sometimes confidently provide the utter opposite response, so it’s always suggested to proofread and do a fact check on your business plan before sending it to your readers.

What are the limitations of using ChatGPT for writing a business plan?

ChatGPT can indeed speed up your business plan writing process, but here are a few of its limitations to consider:

• Lack of personalization: AI-generated text lacks lack personalization and may sound robotic, as it doesn’t take your vision, mission, and values while generating the text. You may need to edit the content depending on your preferences.
• Lack of domain expertise: ChatGPT lacks market or industry-specific expertise. So, you must feed ChatGPT market research documents and industry publications to get an informed response.
• Limited reliability: As mentioned before, ChatGPT may sometimes confidently provide the utter opposite response, so you cannot solely rely on the responses provided by the AI language model.

How can I train ChatGPT to write a business plan?

Training ChatGPT to write a business plan requires thorough research and feeding detailed business descriptions.

Ensure you’re starting a new chat while preparing ChatGPT to write a business plan. And you will use the same chat until you finish writing your business plan.

You should provide the key details to train ChatGPT to write a business plan.

• Introduce your business: Describe your business in detail, including your business name, when it was founded, who founded it and why, the industry you serve, the location of your business, the revenue that you generate, the number of employees, and any other relevant information about your business.
• Industry materials & research reports: Feed ChatGPT with industry materials, news articles about market trends, market research reports, your competitors, and more.
• SWOT Analysis: provide ChatGPT with the SWOT (strengths, weaknesses, opportunities, and threats) analysis of your business.
• Preferred writing style: You may specify your writing style or tone of voice for your business plan, depending on your business type—E.g., Professional, friendly, etc.
• Business plan structure: Provide an outline for your business plan or ask ChatGPT to create one and modify it depending on your needs. Don’t forget to prompt GPT to consider the modified version.

Preparing ChatGPT before writing a business plan will make the process easier, quick, and more accurate.

About the Author

Ajay is a SaaS writer and personal finance blogger who has been active in the space for over three years, writing about startups, business planning, budgeting, credit cards, and other topics related to personal finance. If not writing, he’s probably having a power nap. Read more

Reach Your Goals with Accurate Planning

📈 Create A Business Plan with ChatGPT [Prompt Included]

Here is the prompt you can use on GPT-4 to create the perfect Business Plan

How to Create A Business Plan with ChatGPT

👋 Welcome to the AI for Work's definitive guide on How to Create A Business Plan with ChatGPT!

In this comprehensive walkthrough, we'll dive into the many facets of the Business Plan :

• Using ChatGPT for: Business Plan
• Understanding: What exactly is a Business Plan ?
• Objective: The primary goal behind a Business Plan
• Success Metrics: What defines a top-notch Business Plan ?
• Structure: Crafting the perfect outline for your Business Plan
• Reference Material: Essential reads to elevate your Business Plan

Designed with a professional chief-executive-officer in the entrepreneur department in mind, this prompt was written to harnesses the AI capabilities of GPT-4 to offer an expert level Business Plan .

🔗 Go directly to the ChatGPT prompt: Business Plan .

🎥 For a video tutorial on how the prompt works: https://www.youtube.com/watch?v=1O3iIdDLCaA&t=17s

How to Use the ChatGPT Prompt to Create a Business Plan.

Step 1: Access the Prompt on AI for Work

Step 2: Once on the prompt page, click "copy prompt" and then paste it into the ChatGPT interface with the GPT-4 text model selected.

Step 3: ChatGPT will greet you with an initial message and present you with 5 questions. These questions are vital; they're designed to grasp a deep understanding of your specific needs. Ensure you answer with as much detail as possible.

Step 4: ChatGPT will use its knowledge base, your answers, and the key references to craft your Business Plan.

Step 5: ChatGPT will then assess its own work against a stringent quality rubric to ensure it meets high standards. It will provide you with a table with its evaluation along with options to improve the Business Plan.

These are the options and what each mean:

Option 1: Answer 3 More Questions to Personalize it More 🙋‍♂️:

• What You Get: An enhanced Business Plan with additional layers of personalization.
• Why Use This: If you want more specificity or nuances addressed.
• Importance: Ensures your Business Plan is uniquely tailored to your requirements.

Option 2: Evaluation from a Group of Experts 👑:

• What You Get: Feedback on the Business Plan's quality from simulated industry experts.
• Why Use This: For alignment with industry standards and expert approval.
• Importance: Validates the quality and resonance of your Business Plan with expert opinions.

Option 3: Simulate Feedback from a Focus Group 🧑‍🤝‍🧑:

• What You Get: Diverse feedback that mimics a broad audience's view.
• Why Use This: To gauge wider audience perception and improve accordingly.
• Importance: Provides diverse viewpoints, catering to a broader range of stakeholders.

Option 4: Let's Get Creative and Try Another Approach ✨:

• What You Get: A fresh perspective leading to a unique rendition of the Business Plan.
• Why Use This: For a standout or unconventional version.
• Importance: Adds novelty, making your Business Plan distinct and attention-grabbing.

Option 5: Make the Best Possible Business Plan ⚡:

• What You Get: The pinnacle of quality, with ChatGPT delivering its best.
• Why Use This: For crucial presentations or pivotal projects.
• Importance: A flawless Business Plan can significantly impact its reception.

Option 6: Request a Change in Format, Style, Length 💡:

• What You Get: A modified Business Plan to your specifications.
• Why Use This: To match specific external requirements.
• Importance: Ensures your Business Plan is versatile for various applications.

What is a Business Plan 📜?

A business plan is a formal written document that outlines the goals of a business, the strategies to achieve those goals, and the financial forecast for the business. It serves as a roadmap for the business owners, investors, and stakeholders, providing a clear understanding of the business's direction and objectives.

Why Do We Use a Business Plan?

A business plan is essential for various reasons:

• Securing Funding: A well-crafted business plan is crucial for attracting investors, lenders, or venture capitalists who require detailed information about the business's potential for success.
• Setting Goals and Objectives: A business plan helps define the short-term and long-term goals of the business, providing a clear direction for the organization.
• Guiding Decision-Making: It serves as a reference point for making strategic decisions, such as expanding the business, entering new markets, or launching new products.
• Attracting Partnerships: A business plan can be used to attract potential partners, suppliers, or key employees who are interested in collaborating with the business.
• Communicating with Stakeholders: It enables effective communication with stakeholders, including employees, customers, and shareholders, by providing a comprehensive overview of the business's operations and objectives.

Expert Advice on Crafting a Business Plan 🎓

Here are some expert tips for creating an effective business plan:

• Research and Analysis: Conduct thorough market research and analysis to understand the target market, competition, and industry trends. This information will help you make informed decisions and create a realistic business plan.
• Clear and Concise Writing: Use clear and concise language to convey your ideas and avoid jargon or technical terms that may confuse the readers. Keep the document organized and easy to navigate.
• Financial Projections: Include detailed financial projections, such as revenue forecasts, expense estimates, and cash flow analysis. This will demonstrate the financial viability of the business and attract potential investors.

What are the Success Factors of an Excellent Business Plan?

For this section, list down five key success factors that make a business plan stand out. Ensure each factor is pertinent and can be elaborated upon for the specific business plan type. Use bullet points for readability.

- Clear and concise executive summary that highlights the key aspects of the business plan.- Thorough market analysis that demonstrates a deep understanding of the industry and target market.- Well-defined business model and value proposition that sets the business apart from competitors.- Realistic financial projections that show a clear path to profitability and return on investment.- Strong management team with relevant experience and skills to execute the business plan effectively.

What are the Must-Have Requirements When Creating a Business Plan?

Highlight five essential requirements or steps one should consider while creating a business plan. Tailor each requirement to fit the nature of the specific business plan type. Use bullet points for clarity.

- Conduct thorough market research to understand the industry, target market, and competition.- Clearly define the business goals, objectives, and strategies for achieving them.- Develop a comprehensive marketing and sales plan to reach and attract customers.- Create a detailed financial plan including projected revenue, expenses, and funding requirements.- Include an executive summary that provides a concise overview of the entire business plan.

Detailed Outline for a Business Plan

I. executive summary.

• A. Overview of the business concept
• B. Mission statement
• C. Key objectives and goals

II. Company Description

• A. Legal structure and ownership
• B. Background and history
• C. Products or services offered
• D. Target market and customers

III. Market Analysis

• A. Industry overview and trends
• B. Target market segmentation
• C. Competitive analysis
• D. SWOT analysis

IV. Organization and Management

• A. Organizational structure
• B. Key management team members and their roles
• C. Staffing and personnel plan
• D. Board of advisors or directors

V. Product or Service Offering

• A. Detailed description of products or services
• B. Unique selling proposition
• C. Intellectual property rights
• D. Research and development plans

VI. Marketing and Sales Strategy

• A. Marketing objectives and strategies
• B. Pricing strategy
• C. Distribution channels
• D. Promotional activities
• E. Sales forecast and targets

VII. Financial Projections

• A. Start-up costs and funding requirements
• B. Sales forecasts
• C. Profit and loss statement
• D. Cash flow projections
• E. Break-even analysis
• F. Balance sheet
• G. Key financial ratios

VIII. Operations and Logistics

• A. Location and facilities
• B. Production process and capacity
• C. Supply chain management
• D. Inventory management
• E. Quality control measures

IX. Risk Management

• A. Identification of potential risks
• B. Risk assessment and mitigation strategies
• C. Insurance coverage
• D. Contingency plans

X. Implementation Plan

• A. Timeline and milestones
• B. Resource allocation
• C. Key tasks and responsibilities
• D. Monitoring and evaluation mechanisms

XI. Conclusion

• A. Summary of the business plan
• B. Next steps and future growth opportunities
• C. Request for funding or investment

Appendices:

• A. Supporting documents such as resumes, licenses, permits, and legal agreements
• B. Market research data
• C. Financial statements
• D. Product or service brochures or samples

Recommended Resources for Creating a Business Plan

If you are looking to create a Business Plan, I would recommend these three books and here is exactly why.

• "The Lean Startup" by Eric Ries: "The Lean Startup" is a must-read for any entrepreneur looking to create a successful business plan. Ries emphasizes the importance of validated learning, encouraging entrepreneurs to continuously test their assumptions and validate their ideas through experimentation and customer feedback. This book introduces the concept of the Build-Measure-Learn feedback loop, which involves building a minimum viable product, measuring its impact, and learning from the data to iterate and improve. Additionally, Ries explains the concept of pivoting, highlighting the need for entrepreneurs to be open to changing their business strategies based on insights gained from customer feedback and market analysis.
• "Business Model Generation" by Alexander Osterwalder and Yves Pigneur: "Business Model Generation" provides entrepreneurs with a comprehensive handbook for analyzing and designing their business models. The book introduces the Business Model Canvas, a visual framework that helps entrepreneurs consider key elements such as customer segments, value propositions, channels, and revenue streams. Osterwalder and Pigneur also provide tools and methodologies for identifying and creating compelling value propositions that address customer needs and differentiate businesses. The authors emphasize the importance of continuously innovating and adapting business models to stay competitive in a rapidly changing market.
• "The Art of the Start 2.0" by Guy Kawasaki: "The Art of the Start 2.0" is a battle-hardened guide for anyone starting anything, making it an essential reference for entrepreneurs creating a business plan. Kawasaki highlights the importance of crafting a compelling story that captures the attention and interest of investors, stakeholders, and customers. The book also provides insights on building a strong team, defining roles and responsibilities, and fostering a culture of innovation and collaboration. Kawasaki offers practical advice on bootstrapping techniques, securing funding from various sources, and navigating the fundraising process.

These three books provide a well-rounded foundation for entrepreneurs looking to create a comprehensive and successful business plan. From the importance of validated learning and pivoting to the analysis and design of business models, and from crafting a compelling story to building a strong team, these references cover essential aspects of entrepreneurship from the perspective of a chief executive officer. Whether you are a seasoned entrepreneur or just starting out, these books will provide valuable insights and strategies to help you develop a solid business plan.

Key Terms for Business Plan

Keyword 1: Executive Summary

The executive summary is a concise overview of the entire business plan. It provides a summary of the key elements of the plan, including the company's mission, goals, strategies, and financial projections. It is usually the first section of the business plan and serves as a snapshot of the entire document.

Keyword 2: Market Analysis

Market analysis involves researching and evaluating the target market for a product or service. It includes analyzing the industry, identifying target customers, assessing competitors, and understanding market trends. The purpose of market analysis is to gather information that will help the company make informed decisions and develop effective marketing strategies.

Keyword 3: Financial Projections

Financial projections are forecasts of a company's future financial performance. They include projected income statements, balance sheets, and cash flow statements. Financial projections are based on historical data, market research, and assumptions about future business conditions. They are important for assessing the feasibility and profitability of a business idea and are often used to attract investors or secure loans.

Keyword 4: Marketing Strategy

A marketing strategy outlines how a company will promote and sell its products or services to its target customers. It includes identifying target markets, defining the value proposition, determining pricing strategies, developing distribution channels, and planning promotional activities. A well-defined marketing strategy helps a company differentiate itself from competitors and attract and retain customers.

Keyword 5: Competitive Analysis

Competitive analysis involves assessing the strengths and weaknesses of competitors in the market. It includes identifying direct and indirect competitors, analyzing their products, pricing, distribution channels, and marketing strategies. The purpose of competitive analysis is to understand the competitive landscape and identify opportunities and threats that may impact the success of the business. This information helps the company develop strategies to gain a competitive advantage.

Frequently Asked Questions about Creating a Business Plan

Question 1 about Business Plan:

What is a business plan and why is it important?

A business plan is a written document that outlines the goals, strategies, and financial projections of a business. It serves as a roadmap for the entrepreneur and provides a comprehensive overview of the business. A well-prepared business plan is important because it helps attract investors, secure financing, and guides the growth and development of the business.

Question 2 about Business Plan:

What should be included in a business plan?

A business plan should include an executive summary, company description, market analysis, organization and management structure, product or service line, marketing and sales strategies, financial projections, and any supporting documentation such as resumes, market research, and legal agreements. It should provide a clear and concise overview of the business and its operations.

Question 3 about Business Plan:

How often should a business plan be updated?

A business plan should be reviewed and updated regularly, especially when there are significant changes in the business environment or the company's goals and strategies. It is recommended to review and update the business plan at least once a year to ensure it remains relevant and aligned with the company's objectives.

Question 4 about Business Plan:

What are some common mistakes to avoid when creating a business plan?

Some common mistakes to avoid when creating a business plan include:

• Being overly optimistic with financial projections
• Not conducting thorough market research
• Neglecting to define the target market and competition
• Failing to address potential risks and challenges
• Not tailoring the plan to the intended audience (e.g., investors, lenders)

It is important to carefully review and revise the business plan to avoid these mistakes and present a realistic and well-prepared document.

Question 5 about Business Plan:

How can I make my business plan stand out to potential investors?

To make your business plan stand out to potential investors, consider the following tips:

• Clearly articulate your unique value proposition and competitive advantage
• Highlight the market opportunity and growth potential
• Present a comprehensive and realistic financial forecast
• Showcase a strong management team with relevant experience
• Provide supporting evidence such as customer testimonials or prototypes
• Tailor the plan to the specific needs and interests of the investors

By addressing these key elements and demonstrating a well-researched and compelling business opportunity, you can increase the chances of attracting investor interest.

About the Author

Ali Abassi is a Prompt Engineer and Growth Marketer focused on the AI space. As the founder of AI for Work , Ali's vision is to empower employees to leverage the power of AI in their daily tasks and enhance the dynamics of workplace productivity using AI. For collaboration opportunities, reach out to Ali through the Contact Us page.

Additional Resources to Explore 🔍

• Prompts for the entrepreneur department
• Prompts for a professional chief-executive-officer
• AI for Work Resource Page
• AI Automation Agency
• Learn How to Use AI at Work
• AI Agents Database
• Subscribe to the AI for Work Newsletter

How to use ChatGPT to Write a Business Plan? Example Template and Prompt

In the modern business world, technology is a formidable ally. As businesses strive for innovation, leveraging tools like ChatGPT by OpenAI can be a game-changer. While many entrepreneurs might be tempted to let AI do all the heavy lifting, a mix of human insight and AI efficiency is the key to drafting a strong business plan. Here’s a step-by-step guide to write a business plan using ChatGPT.

Create Now: → Business Plan Using AI Prompts

Understanding What is ChatGPT?

ChatGPT, an evolution of OpenAI’s GPT series, is a groundbreaking generative language model. It can craft paragraphs, answer queries, and assist in creating substantial content. However, like all tools, its effectiveness relies on how you wield it.

→ Build your Business Plan with Custom ChatGPT

Why Use ChatGPT for Business Planning?

Before diving into the deep, let’s understand why ChatGPT is a game-changer for business planning:

• Unlimited Creativity: ChatGPT’s ability to generate human-like text ensures that your business plan is not just a series of dry facts but a compelling narrative that captivates your audience.
• Efficient Brainstorming: Stuck in a creative rut? ChatGPT can provide fresh perspectives, helping you brainstorm ideas for your business model, marketing strategy, and more.
• Time Efficiency: Writing a business plan can be time-consuming. ChatGPT accelerates the process, offering quick responses and reducing the overall time investment.
• Tailored Assistance: Whether you’re a seasoned entrepreneur or a novice, ChatGPT adapts to your level of expertise, providing tailored assistance and insights.

Now, let’s delve into the step-by-step guide on how to leverage ChatGPT effectively for crafting a stellar business plan.

How to Craft Your Business Plan with ChatGPT?

here are the simple step by step process that help you to make business plan with chatgpt.

• Start with an Outline
• Deep Dive into Product/Service Section
• Comprehensive Market Analysis
• Competitor Breakdown
• Establish Clear Objectives
• Pricing Strategy Deciphered
• Innovating Marketing and Sales
• Detailed Operations Plan
• Crunching Financial Numbers
• A Riveting Executive Summary

1. Start with an Outline

You wouldn’t build a house without a blueprint. Similarly, start your business plan with an outline. Ask ChatGPT for a business plan structure or use a standardized version like:

Executive summary Company description Market analysis Organizational structure Product or service line Marketing and sales Funding request (if needed) Financial projections Appendix

2. Deep Dive into Product/Service Section

Now, provide ChatGPT with specifics about what you offer. Define the problem your product/service solves, its features, and its USP (Unique Selling Proposition). With these details, ChatGPT can provide more refined content for your plan.

3. Comprehensive Market Analysis

To make informed decisions, market insights are essential. Break this section into sub-segments:

Industry background Target market Competitor benchmarks

While ChatGPT can provide general overviews, your input and data from your own research will enhance the depth and relevancy of this section.

4. Competitor Breakdown

Identifying your competitors and understanding their strategies can guide your market positioning. Offer ChatGPT names of competitors and specific areas you wish to explore, like marketing tactics or product range. This will help the AI provide more tailored insights.

5. Establish Clear Objectives

ChatGPT can help draft SMART (Specific, Measurable, Achievable, Relevant, Time-bound) objectives for your venture if you provide it with broad business goals.

6. Pricing Strategy Deciphered

Share with ChatGPT details about your cost structure, desired profit margins, and competitor prices. It can help outline a potential pricing strategy, which you can later fine-tune based on market dynamics.

7. Innovating Marketing and Sales

Discuss your target demographic, branding ideals, and marketing channels with ChatGPT. It can suggest marketing mix strategies, promotional tactics, and more. But remember, market trends and digital platforms evolve rapidly. Keep these strategies updated.

8. Detailed Operations Plan

From supply chain specifics to inventory management, this section defines how you deliver value. Guided by your data and industry norms, ChatGPT can provide a solid starting point, which you should then customize for your unique business.

9. Crunching Financial Numbers

This section can be challenging. While ChatGPT can provide general financial forecasts and data interpretation, consult with a financial expert to ensure accuracy, compliance, and feasibility.

10. A Riveting Executive Summary

This section encapsulates your entire business plan. It’s often the first (and sometimes only) section potential investors might read. While ChatGPT can assist in drafting this based on the rest of your content, ensure it aligns perfectly with your business vision.

How to use chatgpt to write a business plan example?

You’re planning to start a sustainable coffee shop called “EcoBrew” in Portland, Oregon.

Step-by-step Guide Using ChatGPT:

Introduction / Executive Summary:

Prompt: “ChatGPT, provide an executive summary for a sustainable coffee shop named EcoBrew in Portland.” ChatGPT Response: “EcoBrew aims to be Portland’s premier sustainable coffee shop, focusing on organic coffee blends, biodegradable packaging, and community involvement. Located in the heart of the city, EcoBrew promises not just a cup of coffee but an experience that’s environmentally friendly.”

Company Description:

Prompt: “Describe a sustainable coffee shop’s mission and vision.” ChatGPT Response: “Mission: To serve the community with the finest organic coffee in a space that promotes sustainability and environmental awareness. Vision: To be the go-to destination for conscious consumers, setting the standard for sustainability in the cafe industry.”

Market Analysis:

Prompt: “Provide an overview of the coffee shop market in Portland focusing on sustainable practices.” ChatGPT Response: “Portland, known for its environmentally-conscious populace, has seen a rise in demand for sustainable businesses. While there are several coffee shops, only a handful focus exclusively on sustainability, presenting a significant opportunity for EcoBrew.”

Product/Service Line:

Prompt: “List potential sustainable products and services for EcoBrew.” ChatGPT Response: “1. Organic Coffee and Tea Selections 2. Vegan and Organic Pastries 3. Reusable Cup Discounts 4. Coffee Grounds Recycling Program 5. Eco-friendly Merchandise like reusable straws and tumblers.”

Marketing and Sales Strategy:

Prompt: “Suggest a marketing strategy for a sustainable coffee shop.” ChatGPT Response: “Leverage social media to showcase sustainable practices, partner with local green businesses, offer loyalty programs for customers using reusable containers, and host community events promoting sustainability.”

Financial Projections:

Prompt: “Give a basic financial projection model for a new coffee shop.” ChatGPT Response: “Year 1: Revenue: $250,000, Costs: $200,000, Profit: $50,000. Assuming a 10% growth in revenue and a 5% increase in costs for the subsequent years.”

Review & Refinement:

Go through the content generated by ChatGPT, combine it with your research and insights, and refine it accordingly.

ChatGPT business plan prompt

here are ten simple and effective ChatGPT prompts you can use to start working on your business plan:

“Please help me brainstorm and outline a business plan for a new small restaurant in a busy city.” “Can you guide me in creating a business plan for a technology startup focused on mobile app development?” “I’m looking to start an e-commerce business. Can you assist me in drafting a comprehensive business plan?” “Help me outline a business plan for a fitness and wellness center that offers personalized training programs.” “I need to create a business plan for a local bakery. Can you provide a structured outline?” “Assist me in developing a business plan for a sustainable, eco-friendly fashion brand.” “I want to launch a freelance graphic design business. Can you help me draft a business plan for it?” “Can you provide guidance on creating a business plan for a travel agency specializing in adventure trips?” “Help me outline a business plan for a social media marketing agency catering to small businesses.” “I’m planning to open a pet care center. Please assist me in crafting a business plan that covers all aspects of the business.”

Maximizing ChatGPT for Business Planning

To make the most of ChatGPT in your business planning endeavors, consider the following tips:

• Clear and Specific Inputs: Provide ChatGPT with clear and specific inputs to receive more relevant and actionable outputs.
• Iterative Interaction: Engage in iterative conversations with ChatGPT, refining your queries based on its responses to uncover deeper insights.
• Experiment with Prompts: Experiment with different prompts to explore various angles and aspects of your business plan.
• Review and Validate: While ChatGPT can assist with ideation, always review and validate the generated content to ensure accuracy and alignment with your business goals.

ChatGPT: A Valuable Tool, Not a Silver Bullet

While ChatGPT is an incredible asset, a business plan’s success lies in a clear vision, thorough research, and market understanding. Use ChatGPT to streamline the process, but ensure you add your unique touch, insights, and expertise. With AI and human intelligence working hand in hand, your business plan will be both efficient and insightful. Happy planning!

FAQs ChatGPT Business Plan

What is ChatGPT, and how can it assist in writing a business plan?

ChatGPT is a powerful language model designed by OpenAI, capable of generating human-like text based on the input it receives. It can assist in writing a business plan by helping you articulate ideas, refine language, and provide insights into various aspects of your plan.

Can I use ChatGPT to write a business plan?

Yes, you can use ChatGPT to assist you in writing a business plan. However, it’s important to note that while ChatGPT can provide guidance, structure, and content suggestions, it’s still recommended that you review and customize the plan to ensure it aligns with your specific business goals and needs.

How do I ask ChatGPT to build a business?

To ask ChatGPT to help you build a business, you can provide it with details about your business idea, target market, products or services, competitive landscape, and any other relevant information. Then, you can request assistance in developing specific sections of a business plan, such as the executive summary, market analysis, operations plan, or financial projections.

Is ChatGPT Suitable for all Types of Business Plans?

ChatGPT can assist with many types of business plans, providing structure and content. However, it might not capture highly specific industry nuances. It’s best to supplement its output with expert insights.

How can ChatGPT contribute to the market analysis section of a business plan?

ChatGPT can help analyze market trends, gather relevant industry information, and generate concise summaries. By leveraging its language capabilities, it aids in crafting a comprehensive and data-driven market analysis for your business plan.

Can ChatGPT assist in creating a compelling executive summary?

A3: Yes, absolutely. ChatGPT can help you distill key information, emphasize important points, and ensure that your executive summary is engaging and communicates the essence of your business plan effectively.

How can ChatGPT enhance the financial projections section of a business plan?

ChatGPT can assist in formulating financial projections by helping you articulate assumptions, explaining complex financial concepts, and refining the language to make your projections clear and convincing.

Is ChatGPT capable of providing insights into industry best practices for business plans?

Yes, ChatGPT can offer guidance on industry best practices, ensuring that your business plan adheres to standards and includes key elements necessary for a comprehensive and effective document.

Can ChatGPT assist in refining the language and tone of a business plan for a specific audience?

A6: Absolutely. ChatGPT can adapt language and tone based on your specified audience, whether it’s investors, partners, or other stakeholders. This ensures your business plan is tailored for maximum impact.

How can ChatGPT help with the competitive analysis section of a business plan?

ChatGPT can assist in researching and summarizing information about competitors, identifying strengths and weaknesses, and providing insights to help you position your business effectively in the market.

Can ChatGPT provide assistance in creating a SWOT analysis for the business plan?

Yes, ChatGPT can help generate content for a SWOT analysis by identifying internal strengths and weaknesses and external opportunities and threats, ensuring a comprehensive evaluation of your business.

How does ChatGPT handle confidentiality and sensitive information in a business plan?

While ChatGPT is designed to respect user privacy, it’s important to avoid including sensitive or confidential details. Exercise caution when inputting proprietary information and consider consulting legal or business professionals for advice on protecting confidential data.

How can ChatGPT support the ongoing refinement and updates of a business plan?

ChatGPT can be a valuable tool for revising and updating your business plan over time. It can help incorporate new information, refine language, and adapt content based on changing business conditions or goals.

Can ChatGPT Help with Financial Projections for the Business Plan?

ChatGPT can offer guidance on financial projections and basic templates. However, it doesn’t replace the need for detailed financial analysis and professional advice. Use it as a starting point and consult a financial expert for accuracy.

Are there any limitations to using ChatGPT for making a business plan?

Yes, ChatGPT has limitations. It may lack deep industry-specific knowledge and can’t perform real-time market research. Always review and customize the content it generates.

What are the ChatGPT Alternatives to writing a business plan?

Alternatives to ChatGPT include specialized business planning software like BizPlanr.ai, LivePlan, and Upmetrics. These tools often offer more comprehensive features. Consulting with a professional business plan writer is also a good option.

Related Guide to Read

ChatGPT Prompts to Write Your Business Plan

Best AI Business Plan Generators in 2024

Written by Ivan Smith

Hello, I'm Ivan Smith, a graduate with a Bachelor of Business Administration in Marketing. Currently, I'm actively engaged in practicing business plan writing.

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How to Write a Business Plan with ChatGPT: Step-by-Step Guide

Read to learn how to write a business plan with ChatGPT to craft a comprehensive business plan efficiently.

by Mortuza Hossain • 17 May 2024

A well-structured business plan is the foundation of any successful venture. It helps to run an organisation smoothly guiding their business goals, marketing, and financial strategies. 

And, ChatGPT can help you to make a successful business plan. It can create a detailed business strategy to align with your company's vision and values.

Well, then how to write a business plan with ChatGPT? 

In this write-up, we’ll show the step-by-step guide to  using ChatGPT  as a business planning tool and craft a comprehensive business plan efficiently. 

Let’s get started! 

Understanding the Components of a Business Plan  

A business plan is a well-defined and structured framework of goals, strategies, and financial projections for a company. So, making a proper business plan is crucial to setting a company’s vision, and effective direction, securing funding, and guiding successful operations. It has several key components and each component serves a specific purpose.

The key components of a business plan should include the following factors: 

1. Executive Summary: Overview of the entire plan, highlighting key points

2. Company Description: Details about the company's history, mission, and structure

3. Market Analysis: Assessment of target market and competition

4. Products/Services: Description of offerings and unique value

5. Marketing & Sales Strategy: Plan to promote and sell products

6. Operational Plan: Day-to-day business operations

7. Organizational Structure: Company's hierarchy and roles

8. Financial Projections: Forecast of revenues and expenses

9. Funding Request (if applicable): Amount and use of funding

10. Appendix: Supporting documents and data

How to Write a Business Plan with ChatGPT: Step-by-Step Guide  

ChatGPT can assist you in writing a compiling a business plan, but it needs prompts to understand the context and the intent. You need to guide it with relevant queries to generate clear and coherent responses effectively. 

To illustrate the business planning process, we’ll use "Green World Solutions” - an imaginary startup specializing in eco-friendly tech products.

We'll demonstrate how to create a business plan using ChatGPT that paves the way for Green World Solutions' growth and opportunities in the online platform. 

1. Preparing to Use ChatGPT   

Before you start, make sure, you’ve gathered all essential information about your business. You should organize all the information about the mission, target audience, market research data, financial projections and  marketing strategies  to ensure a smooth conversation with ChatGPT.

You need to create an account to use ChatGPT. ChatGPT 3.5 is free to use. But you have to pay if you want to use ChatGPT premium plans, powered by  GPT 4 .

As we know, ChatGPT will generate the answers based on your prompt, you should be good at  prompt engineering . 

Remember while using ChatGPT: 

• Be specific in your requests
• Use clear and concise language
• Be patient as ChatGPT is still under development

 👉 Related Read:  How to Write ChatGPT Prompts Properly

2. Crafting the Executive Summary

The executive summary is an overview of your whole business plan and your prompt must reflect it. You can write the prompt including:

• A concise description of your business
• The problem your business solves and its target market
• Unique selling proposition (USP) and business strategy
• Future growth projections and goals

ChatGPT Prompt Example: 

Write an impactful Executive Summary for Green World Solutions. It’s an eco-friendly tech e-commerce startup, providing sustainable products to environmentally-conscious consumers. Our future goals include market expansion, product innovation, and global outreach.

Based on our prompt, ChatGPT has created an executive summary highlighting the purpose of your startup business, target market, product Innovation, global opportunities, company's growth objectives, and other key financial properties.

3. Developing the Business Description   

Next, develop an extensive and clear business description with ChatGPT. To do so, define the purpose, core values, and business model in the prompt.

You can expand on the business overview by providing more details like the following:

• Mission and vision of the company
• History (if any) and the founders' background
• Legal structure (e.g., LLC, Limited company, Corporation) and location of the business
• Any patents, trademarks, or intellectual property

Help me develop a compelling Business Description for Green World Solutions, established in 2024, a sister concern of Green World LLC, showcasing its commitment to sustainability and innovative product offerings.

ChatGPT generates a well-descriptive business description including the company history, type, vision, mission, sustainability, and product offerings.

4. Conducting Market & Competitor Analysis  

Market research and competitor analysis in a business plan are vital for informed decision-making. At the same time, it’s important to identify opportunities and gain a competitive edge. 

To conduct market research and competitor analysis, your ChatGPT prompts may include: 

• Brief of your target market and its size
• Market trends and growth potential
• Detailed analysis of your competitors and their strengths/weaknesses.
• Your market entry strategy and competitive advantage

ChatGPT Prompt Example:  

Assist me in analyzing Green World Solutions' target market, growth opportunity, industry trends, and potential competitors as an eCommerce platform for eco-friendly tech products.

The generated output contains market research, and future opportunities, mentions the names of potential competitors, and their strategies to get competitive advantages in order to differentiate Green World Solutions effectively.

5. Defining Products and Services   

Using ChatGPT, you can outline the products or services your business offers. You can mention the names of the products and take different insights about their possibilities to the tagged audiences. 

Or, you can ask ChatGPT to suggest the product or service line for your business with their unique features, and market opportunities. Then you can choose your targeted product that can meet customer needs. 

ChatGPT Prompt Example

Define and suggest Green World Solutions’ product line, highlighting their eco-friendliness and innovative capabilities.

ChatGPT categorizes the product suggestions for Green World Solutions as well as describes their unique features. It also defines how these products address consumer needs and contributes to a greener future.

After selecting your preferred product or service, you can write a clear description of each product or service. For example, you choose solar-powered chargers as your primary product. You can analyze the following factors using ChatGPT to define your business goal more accurately. 

• Features and benefits of the products or services
• Manufacturing or sourcing process for physical products
• Quality assurance and customer support measures
• Target market and customer demographics
• Market demand and potential growth opportunities
• Potential scalability and expansion strategies
• Future product/service extensions or diversification plans

6. Developing Pricing Strategy    

You can utilize ChatGPT's insights to develop a competitive pricing strategy for your business. With ChatGPT, determine an appropriate pricing strategy considering the following factors:

• Factors influencing your pricing decisions like lifecycle, quality assurance, etc.
• Comparison with competitors' pricing
• Target market preferences
• Profit margins and sales volume expectations

Assist me to establish a pricing strategy that balances Green World Solutions' affordability with its commitment to sustainability for solar-powered chargers, considering the USA market and potential competitors.

You will get a clear idea of pricing strategy by considering the necessary factors. ChatGPT suggests pricing models maintaining a balance between profitability and customer appeal.

7. Creating the Marketing and Sales Strategy   

You should have a proper marketing and sales strategy to promote your products and services. To do so, you need to explore digital marketing channels, partnerships, and sales tactics to reach a wider audience.

However, ChatGPT makes this process easier. You can utilize the AI power of  ChatGPT in outlining an effective marketing and sales plan. 

Include the following factors in the prompt to get a better marketing and sales strategy. 

• Marketing channels and strategies to reach your target audience
• Sales tactics and approaches to convert leads into customers
• Marketing budget and ROI projections

Provide ideas for an effective marketing and sales strategy to propel Green World Solutions' products into the market. My target is to promote solar-powered chargers among teenage and old people in New York City at first and my plan is to sell around $500,000 in year 1.

For marketing and sales strategies, ChatGPT suggests implementing search engine optimization (SEO) techniques to increase organic traffic. Also, For establishing, you can utilise social media platforms, run campaigns to engage with the target audience and run targeted ads.

8. Establishing Management and Organizational Structure   

Your business must have an established management and organisational structure. Clear roles, responsibilities, and hierarchy are important for effective decision-making, efficient operations, and running a cohesive and productive work environment. 

You can use ChatGPT to define the key roles and responsibilities within your organization:

• The management team's background and qualifications
• Organizational hierarchy and reporting structure
• Any strategic partnerships or key external stakeholders

Green World is an online platform to sell eco-friendly tech products. Please help me outline the structure and the roles and responsibilities of the management team.

ChatGPT provides an overview describing the roles and responsibilities of key management personnel in the eCommerce platform, such as the CEO, COO, CTO, head of marketing, project managers, etc. It also explains their expertise and how they contribute to the company's success.

9. Requesting Funding (if applicable)  

A funding request is needed in an online e-commerce business to support initial setup costs, market analysis, and ongoing operations. Funding is also beneficial for successful market entry and growth.

So, if you need funding, ChatGPT can help you create a compelling case:

• How much funding do you need and how do you plan to use it
• Potential funding sources (e.g., investors, loans)
• Projected financial documents, including cash flow statements and ROI for investors

I'm looking for investors for my sustainable eco-friendly eCommerce platform. Can you help me create a compelling funding request for Green World Solutions showing the growth prospects and long-term sustainability?

ChatGPT creates a persuasive funding request that includes the growth prospects, the purpose of the funds (e.g., production, marketing strategy), projected financial plans, and the potential return on investment for investors.

10. Adding Supplementary Information   

Apart from these components, you can enhance the business plan with specific details, additional data, analysis, and visuals to highlight the key points. At the same time,  it’s important to provide a complete outlook for potential stakeholders.

You can generate any relevant additional details for your business plan using flexible prompts in ChatGPT such as:

• SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)
• Table and statistical data representation
• Risk assessment and mitigation strategies
• Legal and regulatory considerations, etc.

Conduct a SWOT analysis for my sustainable eco-friendly eCommerce platform - Green World Solutions. Can you assist?

You’ll find the SWOT analysis by identifying the company's strengths (e.g., unique selling proposition, user-friendly interface), weaknesses (e.g., limited product range), opportunities (e.g., international expansion), and threats (e.g., supply chain challenges).

FAQs  

How does chatgpt work.

• Trained on a large dataset of diverse text
• Adapted to specific tasks with fine-tuning
• Uses the Transformer architecture for natural language processing
• Learns to predict the next word in a sentence using pre-training
• Converts prompt into tokens and generates responses based on learned patterns

Is ChatGPT Suitable for all Types of Business Plans?   

Yes , you can use ChatGPT for making various types of business plans, including startups, established businesses, non-profits, and more. Its advanced language model and versatility allow it to create more specialized plans for different industries and sectors.

If you need help with business plans, check out our blog on the latest and best  online business ideas  for more insights and inspiration.

Can ChatGPT Help with Financial Projections for the Business Plan?   

Yes , ChatGPT can assist you to make financial projections for a business plan. It analyzes historical financial data, market trends, and relevant industry information. Plus, it can provide insights, expenses, revenue projections, and cash flows to make informed financial projections for the business plan.

Does Using ChatGPT for Business Plans Require Technical Expertise?   

You don't need technical expertise to use ChatGPT for your business plan. However, having a sound understanding of your business and the ability to review/customize the AI-generated content is helpful for making a successful business plan.

What are the advantages of using ChatGPT over traditional business plan writing methods?   

Using ChatGPT offers several advantages over traditional methods such as: 

• Speeds up the writing process
• Offers creative ideas and perspectives
• Provides a wealth of information
• Saves cost and effort

Are there any limitations to using ChatGPT for making a business plan?   

Though ChatGPT is a powerful tool, it has some limitations while making a business plan including

• Lack of domain expertise
• Limited validation
• Bias in data
• Risk of over-reliance
• Security and privacy concerns
• Difficulty handling ambiguity, etc.

What are the ChatGPT Alternatives to writing a business plan?   

Some of the  alternatives to ChatGPT  to write a business plan include 

• Perplexity AI

Final Words  

A business plan is more than just a document; it's a roadmap to success, guiding you through challenges and opportunities on your entrepreneurial journey. ChatGPT has offered valuable insights and creative assistance in making business plans. 

Here, we’ve depicted a step-by-step guide to using the AI capabilities of ChatGPT to outline every business plan component. Hopefully, now you can create a business plan with this comprehensive discussion on “How to write a business plan with ChatGPT”. 

So, why are you waiting? 

Go forth, be bold, use AI power to build successful business plans and turn your dreams into reality. 

Mortuza Hossain

Mortuza Hossain is a content writer and editor at Dorik with expertise in SaaS, SEO, WordPress, eCommerce, and Technology. He writes to deliver reliable and valuable information that solves people’s problems worldwide. Apart from work, he loves to travel, read, watch movies, and spend time with his family and friends.  

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How to Get ChatGPT to Write a Business Plan (Prompt Included)

Embarking on the journey of turning a business idea into reality is a thrilling venture, but the complexity of crafting a comprehensive business plan can be daunting. Worry no more, as today’s advanced AI tools, including ChatGPT, offer unprecedented assistance in the business planning process.

In this guide, we delve into the transformative powers of AI, enabling you to meticulously outline your business structure , finetune your market positioning, captivate your target audience , and devise robust sales strategies with ease.

With a few keystrokes, you gain access to a cutting-edge business planning tool that streamlines creating a basic business plan outline.

Discover how to leverage AI not just to write a business plan but to reimagine the entire planning landscape, from conceptualizing your organizational structure to forecasting financial success.

Let’s embark on this journey together, transforming your visionary business idea into a tangible and actionable blueprint for success.

Try this ChatGPT Resume Prompt to Create CV In 1 click

How to Utilize ChatGPT Prompts for Crafting Your Business Plan

Creating a solid business plan is crucial to your venture’s success, serving as a roadmap for your business’s future. With AI’s rise, particularly ChatGPT, you can simplify this vast undertaking.

Here’s how to harness ChatGPT’s capabilities to construct each key component of your business plan.

Overview of the Business

To start, ask ChatGPT to provide a comprehensive description of your business overview. Begin by introducing your business name, model, and unique selling proposition.

You can try our Free AI Chat Bot to utilize GPT-4 for free.

Elaborate on the value it offers to the target market, ensuring that specific details are included to encapsulate the essence of your business idea. By adding more depth and detail, you can paint a clearer picture of your business and its potential impact.

Analysis of the Market

Next, it is highly recommended that ChatGPT undertake a comprehensive market analysis to ensure a robust understanding of the current market landscape . By incorporating in-depth analysis of market trends, identifying key competitors, and gaining valuable insights into the target audience, you will be equipped with an up-to-date market research section that can greatly enhance your decision-making process.

It is important to remember that this research will complement the precision of AI-generated data, resulting in a comprehensive and well-rounded analysis for your business.

Description of Products and Services

Direct ChatGPT is designed to provide you with a comprehensive outline of your offerings, ensuring that you have all the information you need.

Strategies for Marketing and Sales

Instruct ChatGPT to leverage its capabilities in formulating highly effective marketing and sales strategies. By utilizing advanced algorithms and data analytics, ChatGPT can assist in identifying the ideal customer acquisition channels, conducting market research, and crafting a compelling unique value proposition.

With its vast knowledge and insights, AI can generate a comprehensive marketing plan that includes potential pricing strategies, sales techniques, and revenue generation strategies. This enables businesses to optimize their marketing efforts and drive sustainable growth in a competitive market landscape.

Plan for Operations

ChatGPT, our advanced AI assistant, can provide valuable assistance in delineating a comprehensive operational plan for your business. It can help you outline various aspects such as inventory management, supply chain optimization, quality control measures, and efficient human resource management.

By leveraging ChatGPT, you can present a clear and detailed vision of how your day-to-day operations will run, ensuring a streamlined and successful business journey.

Team for Management

Leverage the power of ChatGPT to generate a comprehensive section about your esteemed management team. Highlight their professional backgrounds, expertise, and specific roles within the organization, showcasing their collective capabilities and reinforcing investor confidence in their ability to successfully execute the business plan.

By providing additional details on their accomplishments, industry experience, and notable achievements, you can present a compelling narrative that resonates with potential investors and underscores the team’s expertise in driving the company toward success.

Financial Plan

Preparing financial projections, such as cash flow statements, profit margins, and break-even analysis, can be a complex task. However, with the assistance of ChatGPT, you can navigate through the essential concepts and calculations to include in this section.

By providing a solid foundation for a comprehensive financial strategy, you can gain valuable insights and make informed decisions to drive the success of your business. Whether you’re a seasoned entrepreneur or a novice in the financial realm, ChatGPT is here to help you understand and master the intricacies of financial projections, empowering you to plan for a prosperous future.

Executive Summary

Finally, harness the power of ChatGPT, an advanced AI language model, to effortlessly craft a compelling executive summary. This crucial piece serves as a concise yet comprehensive overview of your entire business plan, capturing the essence of your venture and presenting it as a persuasive snapshot.

By distilling the key points, highlighting the unique value proposition, and showcasing the potential for success, the executive summary becomes a valuable tool for engaging stakeholders and attracting potential investors. Embrace the transformative capabilities of ChatGPT to create an impactful summary that leaves a lasting impression.

Following these detailed, AI-powered steps, you’re well-equipped to forge a business plan that is not only thorough but aligned with current industry standards. Remember, while ChatGPT provides a great starting point for your business planning, augmenting AI suggestions with your insights and in-depth research is key to a tailored and persuasive business strategy.

Tips to Create a Business Plan Using ChatGPT

Brainstorm business concepts.

Leverage ChatGPT to generate ideas for different facets of your business, ranging from crafting an enticing company description to formulating innovative marketing strategies. This ensures the development of a creative and distinctive business model that stands out from the competition.

Market Analysis Precision

Elevate your market analysis section with ChatGPT, leveraging the latest market research data to gain a comprehensive understanding of your industry and target audience. Unlock valuable insights that enrich your decision-making process and propel your business forward.

Strategic Pricing Plans

Instruct ChatGPT to explore various pricing strategies, providing you with a diverse range of approaches tailored to different segments of your market. This will enable you to optimize your word choice, sentence structure, readability, and overall eloquence while staying true to the original meaning.

Refinement through Research

Ensure to enhance the outputs from ChatGPT by incorporating your research. This will add depth and precision to every aspect of your business plan, ranging from financial projections to operational details.

Competitive Analysis with AI

Leverage the analytical prowess of ChatGPT to perform a competitive analysis, providing you with vital information that shapes your legal structure and reinforces your business plan’s structure and substance.

Concise Executive Summary

Employ ChatGPT to distill your comprehensive business plan into an executive summary that boldly emphasizes your products, strategies, and projected successes, compelling for prospective investors and stakeholders.

In conclusion, ChatGPT presents an innovative and strategic approach to crafting a comprehensive business plan tailored to the contemporary market. By leveraging its advanced capabilities for brainstorming business concepts, conducting a precise market analysis, and formulating strategic pricing plans, entrepreneurs can create a business model that effectively stands out from the competition.

Entrepreneurs who adopt this integrated approach are positioned to present stakeholders with a clear and concise executive summary that convincingly communicates the business’s unique value proposition and promising outlook. ChatGPT empowers you to envision, articulate, and realize the fullest potential of your business venture.

Frequently Asked Questions

How can ai, such as chatgpt, enhance my business plan’s marketing strategy.

AI tools like ChatGPT can provide data-driven insights and emerging trends to bolster a marketing strategy within business plans. By analyzing patterns in consumer behavior, ChatGPT can suggest innovative approaches to capture your target market, contributing to a well-informed and effective marketing plan.

What are the benefits of integrating a sales strategy into my business plan using ChatGPT?

Incorporating a sales strategy into your business plans using ChatGPT ensures synergy between your marketing approach and sales execution. This integration allows for the creation of a cohesive sales plan that aligns with business operations, potentially generating revenue more effectively and scaling your venture to new heights.

How can I use ChatGPT to develop a competitive pricing strategy?

By instructing ChatGPT to consider current market analysis, financial projections, and your unique competitive advantages, you can generate an array of pricing strategies. ChatGPT can simulate different scenarios to pinpoint the optimal pricing structure for your products, balancing profitability with market demand to maximize revenue.

Can ChatGPT assist with the human resources aspect of writing a business plan?

Yes, ChatGPT can serve as a good starting point for outlining the human resources section of your business plan by providing templates and examples of organizational structures. However, complementing this with your research is crucial to tailor the plan to your specific business needs and ensure it reflects the intricacies of your operations.

In what way does the executive summary written by ChatGPT contribute to my business?

An executive summary crafted by ChatGPT presents a concise overview that highlights the core components of your business plan, including your marketing and sales plan, projected revenue, and strategic positioning. Capturing the essence of your venture sets the tone for the entire document and can be pivotal in engaging investors’ interest right from the outset.

Mike Huddlesman

Meet Mike Huddlesman, the brilliant mind behind CopyRocket AI. As the founder of this innovative company, Mike brings a wealth of experience in machine learning, PHP, and Next JS to the table. With his extensive knowledge and expertise in these fields, Mike has been able to revolutionize the way businesses approach their copywriting needs. Let's take a closer look at Mike's background and how he has paved the way for CopyRocket AI's success.

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ChatGPT for Writing a Business Plan

In the dynamic world of business, a robust and strategically created business plan can significantly contribute to triumph. Organizations are strongly encouraged to integrate ChatGPT for Writing a Business Plan in their content generation process, offering them a competitive edge, as explored in the latest publication titled, ‘ ChatGPT Business Course .’ This tool has been designed to assist in producing high-quality, relevant business plans and other crucial content.

Here are the key points addressed in this article:

Table of Contents

Introduction – ChatGPT for Writing a Business Plan

ChatGPT presents many opportunities for creating an effective business plan to aid a company during its initial stage significantly. This guide outlines five tips to harness the power of ChatGPT for writing your business plan . While some tips are straightforward and widely recognized, others are unique and less understood. Utilize this guide as a foundation for constructing a business plan using ChatGPT, and augment it with your personal strategies and techniques to perfect your plan.

Ready to unfold the seamless symphony of human and machine intelligence? Let’s delve into the world where ChatGPT becomes the cornerstone of your business planning.

1. Understand the Function of ChatGPT in Writing a Business Plan

ChatGPT is a cutting-edge language model, powered by advanced machine learning algorithms. According to a recent CNBC interview with former Google president Eric Schmidt , training a language model akin to ChatGPT roughly costs one billion USD.

However, numerous businesses fail to grasp the capabilities and potential of ChatGPT, thus neglecting to leverage its maximum potential fully. Picture ChatGPT as a highly trained executive assistant who has scrutinized all existing business plan templates and is adept at formulating each section of a meticulously crafted business plan. Creating a business plan from scratch can be intimidating, with many business owners spending innumerable hours trying to structure and present their ideas logically. ChatGPT offers a well-structured, detailed, and insightful starting point, making the process easier and more achievable.

Special Note: Instead of using brief prompts like “ write me a business plan ” on ChatGPT, provide a detailed description of your business. The more comprehensive your prompts are, the better the outcome. Further in this article, I provide my recommended prompts for crafting a flawless business plan using ChatGPT.’

2. Recognizing the Constraints of Utilizing ChatGPT

While ChatGPT possesses impressive capabilities, it is not without its shortcomings. Optimal utilization of ChatGPT requires a blend of its automated assistance, your inputs, careful adjustments, and diligent fact verification. Sole reliance on ChatGPT without any human guidance is not advisable.

Consider the following critical constraints of employing ChatGPT for crafting a business plan: 

• Customization Deficiency: The advice provided by ChatGPT is rooted in broad business tenets, which might not correspond precisely with your unique business requirements. 
• Knowledge Boundary : ChatGPT possesses a vast pool of data, but its knowledge is limited . It may struggle with inquiries about highly specialized or obscure subjects, or it may not be up-to-date with recent evolutions in specific fields. 
• Fact Verification: There’s a potential for ChatGPT to generate inaccurate data, necessitating the importance of fact-checking. 
• Inadequate Replacement for Human Expertise : While ChatGPT can be a valuable resource for idea and content generation, it still needs to replace human expertise or discernment. It’s crucial to employ ChatGPT to augment your existing knowledge and experience rather than being wholly dependent on it.

3. Put Business Plan Template to ChatGPT and Improve it

Start by conducting comprehensive research on pre-made business plan templates about your industry. Use online materials or expert platforms to identify a plan that most aptly satisfies your requirements. Some of the top resources that I suggest include:

• Bplans.com , a website hosting over 500 complimentary sample plans, encompassing everything from traditional models to pitch decks and elevator pitch guides. They also furnish a rich selection of educational blog posts and videos to guide you in establishing and financing your enterprise.
• Smartsheets  offers numerous valuable materials to aid your venture planning process. These include a one-page business plan template, a straightforward scheme tailored for startups, a succinct small-business plan template, an extensive business plan structure, etc.
• Shopify continues its trend of providing high-quality free resources. Here is their list of different business plan templates.

After selecting an apt template for your business: Transfer it to ChatGPT with the prompt: 

“read this business plan template and analyze it.

Let me know how it can be improved.

-Write a new improved version.” This action will elicit a bespoke, enhanced prompt from ChatGPT. “

You can also identify particular sections you wish to enhance, such as:

“please analyze this business plan and suggest improvements on the market analysis and financial projections sections.”

Utilizing its deep learning capacities, ChatGPT will propose amendments, considering contemporary market trends and financial modeling methods. Here, you gain from AI’s core competencies: data scrutiny and predictive abilities.

Upon receipt of the modified business plan template, it’s time to personalize it. Utilize your understanding of the company, its products, and unique selling points to tailor the business plan. Insert specific details and plans of your company, ensuring the set goals are realistic and achievable.

Every plan segment, including the executive summary, company description, market analysis, organizational and management structure, service or product line, marketing and sales strategies, and funding request (if needed) should be exhaustive and detailed.

Once you’ve made your revisions, send the business plan back to ChatGPT one final time before circulating it amongst your team. Seek feedback by asking: “ChatGPT, please review this business plan for logical consistency, clarity of presentation, and comprehensiveness.” The AI will assess your plan for cohesiveness, ensuring a logical flow of information and the presence of all crucial details.

Lastly, disseminate the refined business plan amongst your team. Remember that the plan should remain flexible, welcoming feedback and necessary modifications. This approach yields a rigorously reviewed, high-quality business plan that fuses AI-driven insights with your business insight, establishing it as a powerful instrument for directing your business’s growth.

4. Use AIRPM Extension To Write Business Plan

The AIPRM for ChatGPT extension is instrumental in crafting a business strategy using ChatGPT. It’s the leading free extension for ChatGPT, boasting over a million users and a supportive community that votes for the most usable business prompts. 

To begin with, AIRPM, follow these steps:

• Add the AIPRM for ChatGPT extension for ChatGPT to your browser.
• Set up an AIRPM account and synchronize it with your OpenAI account.
• Explore the AIRPM extension’s library, where you’ll find an array of prompts and templates targeting marketing, sales, operations, productivity, and customer support.
• Search for “business plan” in the search bar.
• Among the most favored business plan prompts in AIRPM are “your business development manager” and “Y Combinator Business Plan Outline.” You can just experiment with both to find out which one best suits your needs.

Leverage the additional prompts and templates within AIRPM to expedite your use of ChatGPT since it absolves you from formulating prompts yourself. The AIRPM extension is an invaluable resource for business plan development via ChatGPT, facilitating idea generation, offering a fundamental business plan structure, and pinpointing areas requiring enhancement. Despite this, it’s crucial to remain aware of ChatGPT’s limitations and to use it as a writing supplement rather than a standalone solution. When properly implemented, the AIRPM extension can significantly formulate a comprehensive and efficient business plan.

Special note:  Be sure to customize the business plan AIRPM generates for you. You can also ask ChatGPT to make the business plan section more complete and detailed.

5. Use This Advance Business Plan Prompt

For an ideal business plan, engage ChatGPT with a clear and precise advanced prompt. I’ve formulated an optimal prompt for you, which you may copy and use. It’s compatible with the freely available ChatGPT (GPT 3.5) and the paid version (GPT-4). 

Here is the prompt: 

As an experienced professional specializing in business plan development, we invite you to construct a thorough, well-structured business plan that demonstrates the viability and potential of the proposed business concept. The business plan should be written in English, encompassing all essential sections, and embody an original and innovative approach that distinguishes it from generic templates and online resources.

• Executive Summary: This section should briefly introduce the business and elucidate its core purpose. Illuminate your unique selling proposition (USP) that sets your business apart from others in the marketplace. Summarize your financial forecasts, clearly showing expected returns and profitability.
• Company Description: Give a comprehensive overview of your business, explaining its nature, operations, and sector of operation. Clarify your mission statement and core values, specifying how they align with your business objectives. Enumerate your products or services, detailing their unique features and benefits.
• Market Analysis: This section should include robust market research identifying your target audience, needs, preferences, and behaviors. Assess your competitors meticulously, delineating their strengths and weaknesses and what sets your business apart. Highlight prevalent market trends and uncover opportunities that your business can capitalize on.
• Sales and Marketing Strategy: Craft a comprehensive marketing plan demonstrating how you intend to reach and engage your target audience. Explain your sales strategy, including how you’ll convert leads into customers and generate revenue. Disclose your pricing strategy, compare it with competitors, and justify any disparities based on value proposition or market positioning.
• Operational and Company Details: This segment should describe your organizational structure, detailing roles and responsibilities within your management team. Explain your daily operations and critical processes that ensure smooth functioning. Identify any legal or regulatory considerations that might impact your business, showcasing how you intend to comply with them.
• Financial Projections: Prepare a thorough financial plan incorporating income statements, balance sheets, and cash flow statements to display the business’s financial health and growth projections. Identify your funding needs, outlining how these funds will be allocated to various aspects of the company. Furnish a break-even analysis, and estimate the return on investment (ROI), proving the business’s financial feasibility.
• Appendix: This section can include any additional supportive documents such as market research data, patent certificates, resumes of key team members, etc.

Remember, the business plan should be persuasive yet realistic, reflecting your comprehension of the business environment, competition, and strategies for success. It should be original, detailed, and sufficiently compelling to attract potential investors and stakeholders.

Write this business plan for a company :

The product is:

You can always ask ChatGPT to explain some sections in more specific and explicit language. I hope you enjoy this prompt, and let me know how it worked for you in the comments. 

Leveraging AI technology like ChatGPT in business plan development proves to be a compelling and streamlined method. You can craft a comprehensive, detailed, and persuasive business plan by comprehending its operations, acknowledging its limitations, and capitalizing on its abilities with targeted prompts and tools such as the AIRPM extension. This approach amalgamates human understanding with artificial intelligence, generating a carefully crafted plan that caters to bespoke business needs and prevalent market trends and anticipates financial futures.

Nonetheless, it’s crucial to remember that despite AI’s considerable assistance, the ultimate responsibility of customization and fact-checking lies with you. This ensures the creation of a robust, precise, and resonant business plan aligned with your company’s vision and objectives. Leverage the power of AI as a pivotal partner in your planning process, and witness the transformation in your business approach through the seamless integration of human and machine intelligence.

Frequently Asked Questions About using ChatGPT for Writing a Business Plan

Question 1: How does ChatGPT assist in business planning?

Answer 1:  ChatGPT serves as an efficient executive assistant in business planning, crafting each section of a well-thought-out business plan. It offers a well-organized, comprehensive starting point that simplifies generating a business plan from the ground up. It also provides suggestions to enhance a business plan template, creates a refined version, and reviews the final plan for logical coherence, presentation clarity, and thoroughness.

Question 2: What are the challenges of using ChatGPT for business planning, and what are the solutions?

Answer 2:  Despite its capabilities, ChatGPT could be more flawless. It might need help handling queries about highly specialized or niche subjects or may need updates on the latest advancements in specific sectors. There’s also a risk of it producing inaccurate data, emphasizing the need for careful fact-checking. Utilizing ChatGPT as a supplement to human expertise rather than a replacement is crucial. Aligning AI-generated content with your business needs and rigorous fact-checking are essential for data accuracy.

Question 3: What is the AIRPM extension, and how is it beneficial for business planning using ChatGPT?

Answer 3:  The AIRPM extension is a helpful tool in strategizing business plans using ChatGPT. It’s a free extension used by over a million users that provides a multitude of prompts and templates for various business aspects, including business planning. Once the AIRPM extension is installed and an account is set up, users can browse its extensive library for different business plan prompts. These prompts streamline the business planning process with ChatGPT and enhance the precision and effectiveness of the output.

Question 4: Could you offer an example of an advanced business plan prompt that can be used with ChatGPT?

Answer 4:  The article offers an instance of an advanced prompt designed for a thorough business plan. It commences with an instruction to build a complete, well-organized business plan, showcasing the feasibility and potential of the proposed business idea. The prompt further defines seven vital sections of the business plan: Executive Summary, Company Description, Market Analysis, Sales and Marketing Strategy, Operational and Company Details, Financial Projections, and Appendix. Each section contains particular instructions and details to be included. One can craft a detailed and persuasive business plan with ChatGPT by adhering to this prompt.

Now it is your turn to test these business plan writing technics with ChatGPT. Let me know in the comments which one you like the best.

If you are interested in my ChatGPT Business course , contact me here.

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How to Use ChatGPT to Write a Business Plan

As generative artificial intelligence tools , such as OpenAI’s ChatGPT , continue to evolve, they are transforming the way we create and approach business tasks. From generating ideas to crafting comprehensive business plans, AI is becoming an increasingly valuable tool for entrepreneurs and business owners. 

While the concept of using ChatGPT to write a business plan might sound appealing, it’s important to recognize that it’s not as simple as relying solely on AI for the entire process. In this article, we’ll guide you through the process of using ChatGPT to create a comprehensive business plan. We’ll discuss the steps you need to take to make the most out of ChatGPT for your finances , while also highlighting its limitations. 

What is ChatGPT?

ChatGPT is a state-of-the-art generative language model developed by OpenAI, based on the GPT (Generative Pre-trained Transformer) architecture. It is capable of generating human-like natural language text that can answer questions, complete sentences, and even write essays and articles. 

How to use ChatGPT to write a business plan?

To leverage ChatGPT for business plan writing, you can’t simply expect it to generate a complete plan for you. Rather, you need to have a solid understanding of the various elements that build a comprehensive business plan . Once you have this foundation, you can then utilize ChatGPT to produce customized content that fits your specific requirements.

Let’s do it step by step!

1. Generate a basic business plan outline

To get a business plan outline, we can simply ask ChatGPT to give me a business plan outline.

The outline was well-structured and included almost everything I needed to write a comprehensive plan. However, there is a more professional business plan template that guides you through each sector with clear instructions. For my upcoming business plan, I will be using the following amended outline:

• Executive summary
• Products and services
• Market research
• Competitor analysis
• Pricing strategy
• Marketing & sales plan
• Operations plan
• Financial plan

Looking for more detail? Grab your free business plan template below.

2. define your product and service.

This is the core of the business – the way it will make money. What are you going to sell and how are you going to sell it?

When using ChatGPT to write this section, start by providing some basic information about your product or service. This could include the name, type, and purpose of your product or service. You can also provide details about how it works, what problems it solves, and how it benefits your target audience.

The output from ChatGPT is impressive. However, it is a bit generic. This is because ChatGPT generates responses based on its training data, which includes a wide range of topics and industries. Therefore, it’s up to the user to refine the output by providing more specific details in their prompts. 

If you had added more details to your prompt, such as the type of product or service you offer, your unique selling proposition (USP) , your target market, brand image, and marketing strategy, you may have received a more specific and tailored output from ChatGPT. 

3. Conduct a thorough market research

Market research is incredibly important – any plan without it is just guesswork. Market research is also a big task, so try breaking it down into several smaller parts to get a better sense of it. Normally a good market research include the following sections:

• An overview of the industry
• An analysis of your competition
• An understanding of your target audiences , 
• A section presenting your findings.

Remember we talked about the importance of providing specific details in the prompts when asking ChatGPT for assistance? Make sure you include as much specific information as you can.

Is it good? I would say yes and no.

The structure of the market research section provided is good, covering an overview of the industry, an analysis of the competition, an understanding of the target audiences, and a section presenting findings. However, the answer is still generic and lacks specific details that would make it more comprehensive and tailored to the business plan. 

It is important to provide clear information on target buyers and competitors, as this will allow ChatGPT to generate more relevant and specific content. Additionally, if there are specific aspects of market research that require further information, it may be helpful to ask ChatGPT small questions based on each element of market research. Overall, it is important to provide as much detail as possible to ensure that the content generated by ChatGPT is useful and relevant for the specific business plan.

4. Assess your competitors

A competitor analysis is a critical part of any market research, as it helps businesses understand their competitive landscape and identify potential threats and opportunities. A good competitor analysis should provide an in-depth understanding of the strengths, weaknesses, opportunities, and threats (SWOT) of the key competitors in the market. By conducting a thorough competitor analysis, businesses can develop effective strategies to gain a competitive advantage and succeed in the market.

While ChatGPT has provided a good starting point for the competitor analysis section, it’s important to note that a more comprehensive and tailored analysis is necessary to truly understand the competitive landscape. 

To gain a nuanced understanding of key competitors like Stüssy, Supreme, Off-White, Asos, and Acne Studio, it’s important to analyze their product offerings, marketing strategies, target audiences, pricing models, and distribution channels. This research will help the new unisex and genderless fashion brand differentiate itself and capture market share.

5. Define your objectives

The objectives section of a business plan should outline the specific goals that you want to achieve with your business. These goals should be realistic, measurable, and achievable within a certain time frame. Your objectives should also be aligned with your business strategy, and reflect your unique strengths and competitive advantages.

ChatGPT has done a good job in generating a comprehensive objectives section for your business plan. However, ChatGPT does not have access to all the details of your business and industry, so some important factors may be overlooked. In addition, the objectives may not be measurable or time-bound, which are important considerations for effective goal-setting.

6. Develop a pricing strategy

A well thought out pricing strategy can help you to maximize profits and stay competitive in the market. There are several factors to consider when developing a pricing strategy , including your target market, the cost of producing your products, your profit margin goals, and the prices of your competitors.

ChatGPT can then help you generate a comprehensive pricing strategy based on these inputs. However, keep in mind that ChatGPT has limitations and may not be able to provide fully customized or industry-specific information, such as industry benchmarks . 

For example, it doesn’t provide any detailed analysis or explanation of how the pricing strategy was developed and why it is effective for the business. It’s important to supplement the generated content with your own research and expertise to ensure a tailored and effective pricing strategy. It could also benefit from some concrete examples or case studies to illustrate how the pricing strategy will work in practice.

7. Develop a marketing and sales plan

The marketing and sales section of a business plan outlines the strategies and tactics you will use to reach your target market, communicate the value of your products or services, and ultimately, generate revenue. This section should be informed by your market research and should outline your target market, marketing mix (product, price, place, promotion), sales strategy, and customer acquisition and retention plans. 

The content is covering different aspects of marketing and sales strategies. But still, it is quite general and may not be specific enough for the unique needs of the business. 

Note: ChatGPT is a great assistant tool to enhance your content marketing strategy . It can help with brainstorming content ideas, such as blog topics and social media post captions.

8. Operations plan

Operations plan provides a detailed overview of the processes, resources, and people required to deliver the company’s products or services to customers. This section should describe the company’s production processes, the supply chain, inventory management, quality control procedures, and other operational details. 

It is good to see that the content generated by ChatGPT covers important areas such as supply chain, production process, quality control, and inventory management. It provides specific details on sourcing materials and manufacturing products in China. However, without tailoring it to your unique business, it may lack the creative and unique elements that can truly set your business apart. 

9. Financial plan

The financial plan is a crucial component of a business plan , particularly for entrepreneurs seeking funding from investors or lenders. It outlines the financial objectives, strategies, and projections for the business, providing a roadmap for achieving financial success. A well-crafted financial plan can help build confidence among potential investors or lenders, demonstrating that the business is not only viable but also has a clear path to profitability.

We suggest taking a look at this article which provides detailed guidance on utilizing ChatGPT for financial forecasting and planning .

However, please also be careful and ensure that you don’t upload any sensitive or confidential information to avoid potential security issues.

The financial plan section generated by ChatGPT is a useful starting point for businesses to outline their financial projections, including revenue, expenses, and profit. 

It is also worth noting that ChatGPT acknowledges its limitations by adding a disclaimer at the end of the financial report, reminding users to research and analyze their own financial projections for accuracy. 

Furthermore, although ChatGPT can perform simple calculations and generate basic financial forecasts, it lacks the functionality of a spreadsheet or business planning tool, making it less efficient for calculating key profitability ratios for your business and creating a comprehensive financial plan.

Check out this article for more comprehensive financial plan templates .

10. Condense your plan into an executive summary at last

An executive summary is a brief overview of the key points in a business plan. It should be clear, concise, and compelling, capturing the reader’s attention and giving them a quick understanding of your business. 

Tips for using ChatGPT to create a business plan

ChatGPT can be a great starting point for entrepreneurs who are just beginning to develop their business plan. Here are a few tips to keep in mind when using ChatGPT:

• Use ChatGPT as a tool, not a replacement: 

ChatGPT can be a helpful tool for creating a business plan, but it’s important to remember that this is just a starting point. You will need to add your own unique ideas and research to create a comprehensive and customized plan.

• Be as specific as possible in your prompts: 

The more details you can provide about your business, industry, and target market, the better ChatGPT can tailor its responses to your needs.

• Review and fact-check the generated content: 

While ChatGPT can provide a good starting point for your business plan, it’s important to review and fact-check the information it generates to ensure its accuracy and relevance.

• Use ChatGPT for brainstorming: 

ChatGPT can help you generate ideas and prompts for your business plan. Use this tool to brainstorm and explore new ideas. For example, use ChatGPT to come up with unique social media content ideas, explore new business models , and generate ideas for product names.

The limitations of ChatGPT

While ChatGPT can be a useful tool for writing a business plan, it’s important to keep in mind its limitations. Here are a few things to consider:

• Lack of customization: ChatGPT’s suggestions are based on general business principles, which may not always align with your specific business goals and objectives.
• Potentially outdated knowledge: ChatGPT’s responses are based on its training data, which may not include the most current information or developments in a particular industry or field. As a result, its recommendations and suggestions may not always be applicable or accurate.
• Functionality: ChatGPT does not have the functionality of a spreadsheet or business planning tool, making it less efficient for creating a fully linked financial plan.
• Prompt-based responses: ChatGPT’s responses are based on the prompts given, so it may not fully understand the nuances and complexities of a specific business or industry.

You might also be interested in our recent write-up: 11 Ways to Use ChatGPT for Your Business

Don’t let ChatGPT’s limitations hold you back

Starting a business can be an overwhelming task, especially when it comes to creating a solid business plan. While ChatGPT can be a great assistant tool in generating content for your plan, its limitations cannot be overlooked. However, you don’t have to let ChatGPT’s limitations hold you back. By pairing ChatGPT with business planning and financial forecasting tools like Brixx , you can create a powerful combination that offers customizable financial models , scenario planning , and seamless integration with popular accounting software. By using Brixx alongside ChatGPT, you can rest assured that your business plan will be accurate, comprehensive, and tailored to your specific needs. Don’t let the limitations of ChatGPT hinder the success of your business plan, use it as a brainstorming tool and combine it with Brixx to create a winning strategy.

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How to create a winning Business plan with ChatGPT in 7 steps

Robert Hopper

All Images are AI generated

Ever thought about starting a business? I bet you have. But, oh boy, that business plan, right? It’s like trying to assemble IKEA furniture without the manual. But what if I told you there’s a secret weapon?

Yep, it’s ChatGPT. Let me walk you through it, step-by-step. And trust me, I’ve been there, done that. So, grab a coffee, and let’s dive in!

1. Start with the Big Picture

I remember a time when I was backpacking through Europe, trying to figure out my next big move. I was surrounded by history, culture, and endless possibilities. But without a clear vision, I felt lost. Similarly, in the world of business, if you don’t have a clear picture of where you’re headed, you’ll end up wandering aimlessly.

Starting with the big picture is akin to setting your compass. It’s about understanding what you want to achieve, why it matters, and how it aligns with your personal aspirations. For many of you, it’s about achieving financial freedom, spending more time with family, and indulging in those luxury experiences you’ve always dreamt of.

How ChatGPT Can Help:

ChatGPT is like that wise old sage I met in a quaint café in Barcelona. It listens, understands, and guides. Begin by asking,

“ChatGPT, what are some trending business ideas for financial freedom?”

“What industries align with a luxury lifestyle?”

“ChatGPT, based on current market trends, what business models can offer me both financial freedom and flexibility?”

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2. Market Research, the Fun Way!

Market research isn’t just about numbers and graphs; it’s about understanding people, their desires, and how you can serve them.

For those restless souls out there, always seeking opportunities, market research is your treasure map. It shows you where the gold is, but also where the dragons lie.

Gone are the days when market research meant hours of tedious work. With ChatGPT, it’s like having a conversation with a market expert over a cup of coffee. Dive deep into niches, understand competition, and get insights on consumer behavior.

“ChatGPT, what are the top 5 niches in the tech industry for passive income?”

“How saturated is the market for luxury travel experiences?”

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3. Crunch Those Numbers

Imagine someone learning the tango. The dance, much like business, is a delicate balance. Similarly, your business’s financials need to be in harmony. Without a clear understanding of your numbers, you’re dancing blindfolded on a tightrope.

For those of you feeling the weight of financial uncertainty, remember: knowledge is power. Knowing your numbers, understanding your costs, and projecting your revenue can be the difference between success and stagnation.

ChatGPT is your financial dance partner. It can guide you through the intricate steps of budgeting, forecasting, and financial planning. Wondering about the average overhead costs for a specific industry? Or perhaps the profit margins? Just ask.

“ChatGPT, what’s the average startup cost for an online luxury goods store?”

“How do I calculate the ROI for a tech-based passive income stream?”

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4. Your Unique Selling Proposition (USP)

In my travels, I’ve come across countless markets, each stall offering something similar, yet there’s always one that stands out. Why? They have a unique story, a different approach, something that sets them apart. That’s your USP. In a saturated market, your USP is your beacon, guiding customers to your shores.

ChatGPT can help you identify gaps in the market, understand what competitors are missing, and craft a USP that resonates. It’s like having a brainstorming session with a room full of industry experts.

“ChatGPT, what makes a luxury experience unique in today’s market?”

“How can I differentiate my tech product in a saturated market?”

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5. Marketing and Promotion

I once met a craftsman in Bali who made the most exquisite jewelry. Yet, his stall was often overlooked. Why? He didn’t market his craft. No matter how exceptional your product or service, without effective marketing, it remains a hidden gem.

For those who value time over money, efficient and effective marketing strategies can ensure you reach your audience without wasting precious moments.

ChatGPT is like your marketing strategist, always updated with the latest trends and tactics. Whether you’re looking for guerrilla marketing techniques, digital strategies, or influencer collaborations, ChatGPT has a wealth of knowledge to share.

“How can I leverage influencer marketing for my tech product?”

“ChatGPT, what are the current best practices for marketing a luxury brand online?”

6. Potential Challenges

In business, it’s not about avoiding challenges, but anticipating and embracing them. Every challenge is an opportunity in disguise, a lesson waiting to be learned.

For those of you feeling the weight of decision-making and the fear of market saturation, remember: forewarned is forearmed. By identifying potential challenges, you’re already a step ahead.

ChatGPT is like that seasoned traveler who’s been to every country and knows all the pitfalls to avoid. It can provide insights into common challenges faced by businesses in your niche, helping you prepare and strategize.

“ChatGPT, what are common challenges for luxury e-commerce startups?”

“How do tech businesses overcome market saturation?”

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7. The Grand Finale: Bringing It All Together

A business plan isn’t just about separate sections but how they come together to form a cohesive, actionable strategy.

ChatGPT can help you review, refine, and consolidate your business plan. It’s like having a mentor who ensures that every piece of the puzzle fits perfectly, creating a clear picture of your business journey.

“ChatGPT, how do I consolidate my market research and USP into a cohesive strategy?”

“Can you help me summarize my business plan for a luxury tech product?”

FAQs on Using ChatGPT to Create a Business Plan

Can chatgpt guide me through the basics of a business plan.

Absolutely! ChatGPT can provide an outline and explain the key components you should include in your business plan. Just ask, “What are the essential sections of a business plan?”

How can ChatGPT assist in formulating a strategy for my business plan?

Describe your business idea, and ChatGPT can suggest strategies, market positioning, and growth tactics tailored to your business plan. For instance, “I’m starting a cafe. How should I position it in a saturated market?”

Can I get insights from ChatGPT on financial projections for my business plan?

Definitely! ChatGPT can guide you on crafting revenue forecasts, budgeting, and financial analysis for your business plan. Try: “Help me understand how to project revenues for my online store in the business plan.”

How can I leverage ChatGPT to conduct market research for my business plan?

While ChatGPT can’t do live research, it can offer advice on methods, tools, and resources to gather market data for your business plan. Ask, “What are the best practices for market research in a business plan?”

I’m unsure about the competition. Can ChatGPT help with the competitive analysis section of my business plan?

Share your industry or niche, and ChatGPT can guide you on structuring a competitive analysis, highlighting key factors to consider in your business plan. Prompt: “How should I approach competitive analysis for a fitness app in my business plan?”

Can ChatGPT provide advice on the marketing and sales section of a business plan?

Of course! ChatGPT can suggest marketing strategies, sales tactics, and customer acquisition methods tailored for your business plan. Dive in with: “Outline a marketing strategy for a children’s bookshop in my business plan.”

How can I use ChatGPT to polish the executive summary of my business plan?

ChatGPT can offer tips on crafting a compelling executive summary that captures the essence and vision of your business plan. Ask, “What key points should I emphasize in the executive summary of my business plan?”

Can ChatGPT suggest tools or templates to structure my business plan?

Yes! ChatGPT can recommend platforms, software, or templates that can aid in drafting a professional business plan. Example: “What are some user-friendly templates for creating a business plan?”

How can I ensure the operational plan section of my business plan is comprehensive with ChatGPT’s help?

ChatGPT can guide you on the key operational aspects, from supply chain to human resources, ensuring a well-rounded business plan. Try: “Detail the components of an operational plan for a manufacturing unit.”

Can ChatGPT assist in refining the vision and mission statements in my business plan?

Certainly! ChatGPT can provide feedback and suggestions to ensure your vision and mission resonate effectively in your business plan. Ask, “How can I craft a compelling mission statement for a sustainable fashion brand?”

The path to financial freedom, filled with luxury experiences and quality family time, might seem daunting. But remember, every great journey begins with a single step. With tools like ChatGPT by your side, you’re not just walking this path alone; you’re being guided by the collective wisdom of experts. 

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Using ChatGPT for Business Planning: A Simple Guide

Are you looking for a simple yet effective way to enhance your business planning process? Look no further than ChatGPT. This powerful AI tool can be a game-changer for your strategic decision-making. In this guide, we’ll explore how ChatGPT can streamline your business planning efforts and provide valuable insights to help you stay ahead in the competitive market.

Whether you’re a small startup or an established corporation, incorporating ChatGPT into your business strategy could be the smart move you’ve been searching for.

What’s ChatGPT? An Easy Explanation

ChatGPT is a powerful AI tool that can revolutionize how businesses approach their planning process. This cutting-edge language model has the capability to assist in various aspects of business planning, including the creation of executive summaries, business overviews, sales and marketing plans, operations and management details, and financial plans.

For instance, ChatGPT can aid in composing clear and concise executive summaries that lay the groundwork for a business plan. It can also generate detailed business overviews, including information about goals, target audiences, products and services, and revenue generation strategies. Moreover, ChatGPT can provide actionable strategies for sales and marketing plans based on the information provided about the business.

Regarding operational and financial aspects, ChatGPT can help outline the organizational structure and operational processes and create detailed financial plans, including sales forecasts and funding requirements. By leveraging ChatGPT, businesses can expedite the process of developing comprehensive business plans while ensuring high-quality content.

Making your Business Plan with ChatGPT

Getting started: simple planning outline.

To begin using ChatGPT for business planning , start by creating a simple planning outline. This outline should include key sections such as the executive summary, business overview, sales and marketing, operations and management, and financial plan. Using ChatGPT to populate these sections can save time and provide valuable insights.

For example, when creating the executive summary, ChatGPT can help you clearly and concisely describe your business and its goals. In the business overview section, ChatGPT can assist in detailing your target audience, products, and services and explaining how your business generates revenue.

Regarding the sales and marketing plan, ChatGPT can provide actionable strategies based on the information you provide about your business. The operations and management section can help explain how your business will operate in practice, including details on the people, processes, and organizational structure. Additionally, ChatGPT can help you create a detailed financial plan, including sales forecasts, expenses, and funding requirements for your business.

Describe What Your Business Does

I was wondering how to create a comprehensive business plan without getting stuck? ChatGPT, an advanced AI language model developed by OpenAI, can simplify the process. With its capabilities to generate text inputs, understand context, and provide appropriate responses, ChatGPT helps businesses write each section of their business plans.

Here’s how you can use ChatGPT to plan and assist in writing your business plan:

1. Executive Summary :

ChatGPT helps you clearly and concisely describe your business and its goals.

2. Business Overview :

Use ChatGPT to explore the details of your business—your goals, target audience , products, and services.

3. Sales and Marketing :

Create an outline for your sales and marketing plan with actionable strategies provided by ChatGPT.

4. Operations and Management :

Explain your business operations, people, processes, and organizational structure with ChatGPT’s assistance.

5. Financial Plan :

ChatGPT aids in creating detailed financial plans, including sales forecasts and funding requirements.

By following these simple prompts, you can harness the power of ChatGPT to quickly draft a comprehensive business plan, saving time and effort. Incorporating ChatGPT in your content generation process can give your organization a competitive edge in creating high-quality, relevant business plans.

Learn About Your Market

Understanding your market is essential when delving into business planning. Using ChatGPT for business planning can be a game-changer, especially when comprehensively understanding and analyzing your target market.

Consider using ChatGPT to gather data about your potential customers, industry trends, and customer preferences. For example, ChatGPT can help you generate a market analysis section for your business plan by providing insights into demographic information, market size, and purchasing behavior.

Additionally, you can utilize ChatGPT to understand your competition. By asking for a competitive analysis or industry benchmarking, you can gain valuable information about other businesses operating in your market and identify potential gaps or opportunities for your own business.

Furthermore, ChatGPT can assist in creating a marketing and sales plan. Based on the information you provide, it can generate strategies and tactics, helping you outline actionable steps to promote and sell your products or services effectively.

Ultimately, ChatGPT can facilitate a deeper understanding of your market, enabling you to make informed decisions and develop a competitive business strategy .

When leveraging ChatGPT for market insights, ensure the information generated is validated with real-world data and research to ensure its accuracy and relevancy.

Who Are Your Competitors? Find Out

When using ChatGPT for business planning, understanding your competitors is crucial. Identifying and analyzing your competition can help you strategically position your business and identify potential market gaps. For instance, imagine you’re planning to open a coffee shop.

Knowing that there are three other coffee shops within a two-mile radius and understanding what makes each unique can help you develop a strategy to differentiate your business, whether through exceptional customer service or a unique product offering.

Similarly, in the world of e-commerce, knowledge of your competitors’ pricing, product range, and digital marketing strategies can be key to influencing your own business decisions. By understanding your competition, you can identify potential market opportunities or threats, ultimately contributing to your business’s success. Understanding your industry’s competition is essential in creating a successful business plan and long-term strategic growth.

How Will You Tell People About Your Business?

When it comes to sharing your business with the world, ChatGPT can be a helpful tool in crafting a solid marketing message. Social media platforms like Twitter and LinkedIn are great for reaching a broad audience, while targeted email campaigns can help you connect with potential clients more personally. Another effective method is to host webinars, where you can demonstrate your product’s or service’s value in a live format, allowing for direct interaction with potential customers.

Additionally, attending trade shows or industry events can help you connect with potential clients face-to-face and establish valuable business relationships. Lastly, don’t underestimate the power of word-of-mouth – encouraging satisfied customers to share their experiences with others can be a powerful marketing tool. Combining these methods can effectively spread the word about your business and attract new clients.

Keeping Your Business Running Smoothly

Now that you have used ChatGPT to create a comprehensive business plan, it’s important to consider how you can keep your business running smoothly. This AI tool can be a valuable resource beyond the initial planning stages.

One way to utilize ChatGPT for ongoing business success is to update your business plan regularly. As your business evolves, it’s essential to adapt your strategy to reflect these changes. ChatGPT can help you modify and update your plan as needed, ensuring it continues aligning with your business goals and objectives over time.

In addition, ChatGPT can also be used to generate regular marketing and sales strategies. As market trends shift and consumer behavior changes, having a tool that can quickly develop new ideas and strategies for reaching your target audience can be invaluable.

Furthermore, ChatGPT can assist with operational and management tasks. Whether generating organizational charts, outlining new processes, or drafting internal communication materials, ChatGPT can help keep your business operations running smoothly and efficiently.

By integrating ChatGPT into your ongoing business processes, you can ensure that your business plan remains relevant, your marketing and sales strategies stay fresh, and your operations run efficiently, ultimately contributing to the long-term success of your business.

Who’s on Your Team? Let’s Meet Them

In the business world, having the right team can make all the difference. When using ChatGPT for business planning, it’s essential to understand the different components of your team. Let’s meet them.

First, you have the executive summary. This is a crucial part of your business plan, clearly and concisely describing your business and its goals. ChatGPT can help you craft a well-thought-out executive summary that sets the stage for the rest of your plan.

Next is the business overview. This section dives deep into your business, outlining your goals, target audience, products, and services. ChatGPT can assist in creating this detailed overview, ensuring that all aspects of your business are covered.

Then, we have sales and marketing. Utilizing ChatGPT to outline your sales and marketing plan based on your business details can provide actionable strategies to promote your business effectively.

Following that, you’ll need to address operations and management. ChatGPT can help explain how your business will operate in practice, including details on people, processes, and organizational structure.

Last but not least, you’ll need a financial plan. ChatGPT can create a detailed financial plan for your business, including sales forecasts, expenses, and funding requirements.

By understanding and utilizing each of these components, you can make the most out of using ChatGPT for business planning, ensuring that you have a solid team to help you create a comprehensive business plan.

Can Your Business Make Money? Your Financial Plan

When considering your business idea, one key aspect to consider is its financial feasibility. It’s crucial to have a clear understanding of how your business will make money, which is where a well-thought-out financial plan comes into play.

AI tools like ChatGPT can assist you in this process by helping you outline a financial plan. For example, you can use ChatGPT to create a sales forecast, identify potential expenses, and determine your business’s funding requirements.

ChatGPT can generate actionable strategies for your sales and marketing plan by inputting your business details. It can also provide suggestions for optimizing your financial forecast and improving your overall business plan.

The financial plan is an essential component of any business plan, and utilizing AI technology can streamline the process of creating one. So, while technology can help in this aspect, it’s important to ensure that the generated content is carefully reviewed and validated for accuracy.

ChatGPT’s Limits in Business Planning

When using ChatGPT for business planning, there are some limitations to keep in mind. While ChatGPT is a powerful tool that can assist in creating and improving a business plan, it does have its constraints.

One limitation is the need for human input and careful adjustments. While ChatGPT can provide valuable insights and suggestions, it still requires input and guidance from individuals familiar with the business and its industry. Additionally, careful fact verification is necessary, as inaccurate data could be generated.

Another constraint to consider is the difficulty of handling highly specialized or niche subjects. While ChatGPT can be a helpful executive assistant in many aspects of business planning, it may struggle to provide accurate information on specific or specialized topics.

Furthermore, it’s important to remember that while ChatGPT can streamline and expedite the business plan creation process, the user is ultimately responsible for customization and accuracy. Using ChatGPT as a supplement to human expertise is crucial and not a replacement for careful, thorough business planning.

Do You Really Need ChatGPT for Your Plan?

Know your business numbers well.

In the world of business planning, understanding the numbers is crucial. To create an effective business plan, you must know your financial situation, potential market size, and projected revenues.

For instance, let’s say you’re starting a small coffee shop. You need to know the costs of renting a space, buying equipment, and sourcing coffee beans. Additionally, you should estimate how many customers you expect to serve each day and what they will be willing to pay. This knowledge lets you calculate your potential revenue and determine whether the business is financially viable.

Similarly, if you’re launching an online store, you must understand your conversion rate, customer acquisition cost, and average order value. These numbers can help you set realistic sales targets and allocate your marketing budget effectively.

How a Plan Can Make Your Business Better

Business Improvement Through Effective Planning

Businesses can significantly enhance their planning processes by integrating generative AI, such as ChatGPT. ChatGPT can help companies refine business strategies, improve operations, and generate high-quality business plans.

For instance, when creating an executive summary, ChatGPT can assist in crafting a clear and concise description of the business and its objectives. ChatGPT can help outline the market analysis, target audience, and products or services in the business overview section. In the sales and marketing segment, AI can provide actionable strategies to promote the business effectively.

Furthermore, in the operations and management part, ChatGPT can help explain the business’s operational aspects and organizational structure. Lastly, when developing the financial plan, ChatGPT can help create detailed forecasts, expenses, and funding requirements for the business.

Vizologi is a revolutionary AI-generated business strategy tool that offers its users access to advanced features to create and refine start-up ideas quickly. It generates limitless business ideas, gains insights on markets and competitors, and automates business plan creation.

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9 Essential ChatGPT Business Plan Prompts (2023)

Planning a business can be overwhelming. From figuring out your target market to launching your first marketing campaigns; there are seemingly new business plans to be created at every step.

In this article, I'll share 9 incredibly simple (but powerful) ChatGPT prompts you can use to outsource some business planning brainpower to AI.

Why? Well, planning happens to be one area where ChatGPT excels. It already has a deep understanding of all the best practices and frameworks for business planning--and with a little bit of tweaking, prompting and context, it can tailor these frameworks to help you map out your specific projects.

Note: The more context you provide ChatGPT, the more accurate and useful the outputs will be. If you don't want to keep repeating yourself (e.g. "My business sells consulting services, my target market is law firms in the US, my product offerings and prices are X, Y, Z... etc.) then I would recommend either:

• Adjusting your custom instructions in ChatGPT to include some basics about your business; or
• Doing your business planning in Bizway, so that all your details are stored and referenced in any business planning docs you create.

So, with that out of the way, let's dive into the prompts.

1. Market Research Prompt

Understanding your market is crucial to the success of your business. This prompt helps you analyze the key aspects of your market.

• The Prompt: "Generate a market analysis for a [your industry] business."
• Example output: "The global market for AI-powered business planning tools is growing steadily with the increase in solopreneurs and small businesses. The target market size includes approximately 160,000 consulting firms and 3,000,000 solopreneurs worldwide."
• When to use it: When starting your business plan and during periodic reviews.
• Variations: "Generate a market analysis for a [specific location] [your industry] business."

2. Competitor Analysis Prompt

Knowing your competition allows you to understand their strategies and identify gaps that your business can fill. This prompt helps you analyze your competitors.

• The Prompt: "Identify and analyze key competitors in the [your industry] industry."
• Example output: "In the AI-powered business planning app market, notable competitors include Notion, Airtable, and ClickUp."
• When to use it: When defining your business strategy and during market analysis.
• Variations: "Identify and analyze key competitors in the [specific location] [your industry] industry."

3. Marketing Campaign Prompt

Effective marketing campaigns can drive traffic, increase brand awareness, and generate leads. This prompt helps you plan your marketing campaigns.

• The Prompt: "Create a marketing campaign for [your product/service]."
• Example output: "For Bizway, an Instagram campaign could reach an estimated 500,000 potential customers with inspiring stories of entrepreneurship."
• When to use it: When planning your marketing strategy.
• Variations: "Create a social media marketing campaign for [your product/service]."

4. Pricing Strategy Prompt

Pricing your products or services effectively can maximize profits and market share. This prompt helps you plan your pricing strategy.

• The Prompt: "Develop a pricing strategy for [your product/service]."
• Example output: "For Bizway, a tiered subscription model could be used, with prices ranging from $29/mo for the Starter plan to $79/mo for the Portfolio plan."
• When to use it: When defining your revenue model.
• Variations: "Develop a discount pricing strategy for [your product/service]."

5. Product Overview Prompt

A clear and concise product overview can help potential customers understand your offerings. This prompt helps you create a product overview.

• The Prompt: "Provide an overview of [your product/service]."
• Example output: "Bizway is an AI-powered business planning and research app that helps users generate business planning docs with just one click."
• When to use it: When introducing your product/service to potential customers or investors.
• Variations: "Provide a detailed overview of [your product/service]."

6. Pitch Writing Prompt

A compelling pitch can attract investors and customers. This prompt helps you write a pitch for your business.

• The Prompt: "Write a pitch for [your business]."
• Example output: "Bizway is revolutionizing the way businesses plan and research. With our AI-powered tool, anyone can easily create a comprehensive business plan."
• When to use it: When seeking funding or presenting your business idea.
• Variations: "Write a one-minute pitch for [your business]."

7. Website Copywriting Prompt

Well-written website copy can engage visitors and convert them into customers. This prompt helps you write copy for your website.

• The Prompt: "Write website copy for [your business]."
• Example output: "Welcome to Bizway, your one-stop solution for AI-powered business planning. Plan, research, and grow your business with Bizway!"
• When to use it: When designing or updating your website.
• Variations: "Write website copy for the [specific page] of [your business]."

8. Customer Persona Prompt

Understanding your customer personas can help tailor your product, marketing efforts, and services to meet their needs. This prompt helps you create customer personas.

• The Prompt: "Create a customer persona for [your business]."
• Example output: "Sarah, a 25-year-old junior graphic designer from Phoenix, AZ, who lacks business knowledge and is unsure where to start."
• When to use it: When defining your target audience.
• Variations: "Create a detailed customer persona for [your business]."

9. Revenue Model Prompt

Choosing the right revenue model is crucial for your business's financial success. This prompt helps you plan your revenue model.

• The Prompt: "Describe a revenue model for [your business]."
• Example output: "Bizway will generate revenue through a subscription model, with monthly plans ranging from $29 to $79."
• When to use it: When planning your business model.
• Variations: "Describe a freemium revenue model for [your business]."

By the way--many of these prompts are presets inside Bizway's business plan builder , so if you'd like to save some time storing and setting up all your details in various ChatGPT threads, you can always try them out in Bizway , and keep your plans, projects and notes all organized in one place.

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More From Forbes

Chatgpt for business: pros and cons, plus how to use it effectively.

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Brand Strategist & Interactive Marketing Executive bringing innovation by leveraging technology in Marketing at Aumcore Digital agency.

If there's one thing we know for sure as we look at the rest of 2023, it's that organizations are well prepared for uncertainty, and we have the last few years of chaos to thank for that.

While artificial intelligence may be contributing to some of that uncertainty, I think it can actually help organizations effectively navigate and address the challenges they're facing—from market fluctuations and geopolitical challenges to technological disruptions.

The global AI market has seen tremendous growth recently—it's expected to reach $500 billion in value this year. ChatGPT, in particular, has rapidly gained immense popularity.

Having already used AI technologies such as ChatGPT myself, it's clear to me that these tools can enable businesses to make data-driven decisions, anticipate market trends and optimize operations. On that note, let's take a look at some of the pros and cons of ChatGPT, and how businesses can use the tool most effectively.

ChatGPT is a scalable and efficient natural language processing technology that can analyze different types of text and provide (mostly) accurate answers. It constantly improves its performance and is effective in multiple languages and for diverse communication needs.

Businesses can use ChatGPT to revolutionize customer support and improve response times. Additionally, you can use the tool to analyze customer data and offer personalized recommendations that can help you enhance customer engagement and loyalty.

The accuracy of ChatGPT's responses may vary , leading to potential frustration and confusion for customers. ChatGPT also is susceptible to bias and lacks the ability to empathize and understand emotions, limiting its effectiveness in certain situations.

How Businesses Can Use ChatGPT

Here are four tips for harnessing the power of ChatGPT:

1. Enhance customer support: Use ChatGPT to help answer customers' frequently asked questions and address common inquiries, improving your response times and customer satisfaction.

2. Streamline operations: Automate routine tasks and processes by integrating ChatGPT into your workflows, allowing the chatbot to handle repetitive inquiries and freeing up human resources for more complex tasks.

3. Personalize customer experiences: Leverage ChatGPT's ability to analyze customer data and preferences to deliver personalized recommendations, tailored promotions and customized experiences, fostering increased customer engagement and loyalty.

4. Gain insights and improve decision making: Analyze data from customer interactions to gain valuable insights into customer preferences, pain points and emerging trends, enabling data-driven decision making, product improvements and effective marketing strategies.

Some industries that may be able to benefit from ChatGPT include:

• Travel: ChatGPT can be used to provide solid travel recommendations, though it lacks the personal touch of a human agent.

• E-commerce: ChatGPT can be integrated into e-commerce platforms to enable personalized customer support, freeing up staff to work on complex issues.

• Education: ChatGPT can assist teachers with creating essay prompts, quizzes and lesson plans.

• Healthcare: Doctors and nurses can use it to streamline medical recordkeeping .

Balancing Human Efforts And ChatGPT

Finding the perfect balance between human efforts and ChatGPT is crucial for maximizing the benefits of the tool. While ChatGPT can automate routine tasks and provide efficient responses, make sure you maintain human oversight and intervene and personalize when necessary to ensure a seamless customer experience and address complex or sensitive inquiries effectively.

Getting Started With The Tool

The potential for ChatGPT to help businesses is huge—it can help you enhance customer support, streamline operations, get data-driven insights and personalize experiences. Before you start using the tool, though, make sure you define your objectives. Then, invest time in training the chatbot with relevant data and feedback so it can continuously refine its responses.

As you integrate ChatGPT into your workflows, remember to provide human oversight to ensure accuracy and empathy and address ethical considerations. Regularly monitor its performance, gather user feedback and iterate on your implementation to meet evolving business needs and customer expectations. By following these steps, you can harness the full potential of ChatGPT and unlock its transformative benefits.

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Can ChatGPT write a business plan? Answered

Reviewed By: Steve Hook

Table of Contents

Can you use chatgpt for business, how to use chatgpt for business, can chatgpt write a business plan, how to write a business plan with chatgpt, get a simple outline for your business plan, write a tailoired business plan, add expected costs, sales and profit, how are people using chatgpt for business, what is the future of chatgpt, what is the cost of chatgpt premium, final thoughts.

Can ChatGPT write a business plan ? OpenAI, the artificial intelligence firm co-founded by two-time CEO Sam Altman, has gone from strength to strength with ever more powerful versions of their language model, GPT. The latest foundation model, GPT-4 , is capable of complex tasks involving both input and output in natural human language. But for practical purposes, users often need more than pretty prose. Thankfully, the world’s favorite AI chatbot has been trained on all the most common document formats, including the ones you’ll need to build your business and secure investment.

Well-formatted and commonly-used documents like business plans can take a lot of time to write. While OpenAI makes no claims of a guaranteed unicorn on your hands, it can at least help write your business plan for you.

Provided that you have an idea and can fill in a few blanks , ChatGPT can add structure and guidance by putting a draft business plan together around the information provided to it. This would include the people involved, the idea itself, how you’re going to make sales, and of course the name of your business. ChatGPT can provide suggestions for all of these, but it’s up to you to weed out the good ideas from the bad.

Once you’ve got this information, ChatGPT can format everything for you into a neat and formal document. This is useful if you’re writing one for the first time, and so lacking a bit of know-how or, more likely, hours in the day!

With that caveat out of the way, here’s how to use ChatGPT to write a business plan.

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ChatGPT can write documents for you – or at least give you a head start. If you’re an executive or entrepreneur, you’re looking to save time wherever possible, especially if that can be done without sacrificing results. The ability to use ChatGPT for business will become an invaluable time-saving tool if you haven’t started using it already.

Yes, ChatGPT can write a business plan. Thankfully, the layout of this kind of document is pretty formulaic. Even if it weren’t OpenAI’s LLM (Large Language Model) would have no trouble figuring it out – but consistency helps. Writing your business documents with ChatGPT can remove human error and focus on precisely what your colleagues and investors are looking for.

When starting your own business, the most critical document to flesh out is your business plan. So let’s start there.

Much like a good CV, every business plan has a predictable set of sections to include. There can be differences from industry to industry, and business model to business model, but there are fundamentals that every investor will want to look at. With that in mind, here’s how to use ChatGPT for business – starting with how to use ChatGPT to write a business plan.

Just ask “Chat GPT can you help me write a simple business plan”, and await its response.

The more information you provide for Chat GPT, the better it can construct and tailor one. Here we told Chat GPT that we have a business called Random Computer Parts (we don’t), and it uses that information to tailor its response.

If you have already done some financial calculations, you can also include this information into your request. Chat GPT will write a business plan including it to add even more detail.

Once you’ve got a decent layout and structure for your business plan, you can do with it as you wish.

Chat GPT can add more detail which you can then use as inspiration for your own version – you just need to ask it what you’d like to include.

Having chat GPT write a business plan is a useful tool, but it checking editing and putting it into the format you actually want will be key.

There are countless ways you can use ChatGPT for business. The chatbot can draft emails, generate weekly schedules, and can even help you with digital marketing. Essentially, ChatGPT can answer any query that can be solved using a text response. For example, you can ask ChatGPT to summarise meeting notes and generate reports.

OpenAI has already made some hints revealing the future of ChatGPT. The next version of ChatGPT will be receiving some pretty wicked upgrades such as multimodality. Expect a version of ChatGPT that can take in both text and image inputs – we have to thank OpenAI’s new model, GPT-4, for this.

Moreover, OpenAI is also collaborating with other online services to bring us ChatGPT plugins. This means that ChatGPT can draw on information from other brands such as Expedia and OpenTable.

There are two paid subscriptions for ChatGPT.

The first premium tier is called ChatGPT Plus . This subscription tier costs $20/month and is designed for individuals.

The second paid tier is called ChatGPT Enterprise . This subscription tier costs a scalable amount based on your number of employees and is designed for businesses.

Can ChatGPT help you with your business plan? Yes, it has a comprehensive knowledge of popular document formats and can lay out the details it deems most essential for an investor, provided you can supply the information via text prompt. It’s ideal to provide as much information as possible, without submitting anything private or confidential. However, this doesn’t mean it is error-free. AI language tools aren’t experts in your own business or ideas. And so as powerful a tool as it is, it’s a good idea to use ChatGPT as inspiration and for reference to create the final business plan you want.

Kevin Pocock

Kevin is the Editor of PC Guide. He has a broad interest and enthusiasm for consumer electronics, PCs and all things consumer tech - and more than 15 years experience in tech journalism.

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18 Ways to Use ChatGPT for Business: 5x Your Productivity

by Sam McKay, CFA | ChatGPT

Staying ahead of the competition in today’s fast-paced business environment frequently means using cutting-edge tech. One powerful tool that has emerged recently is ChatGPT , which offers a wide range of uses to help businesses improve efficiency, enhance communication, and streamline processes.

ChatGPT can be used by businesses to complete tasks such as email drafting, lead generation, marketing assistance, and more. Since this AI-driven solution is versatile and can serve a variety of industries, understanding and using it is critical to help your business thrive in the digital age.

In this article, you’ll discover diverse possibilities to optimize your operations, from improving customer support to generating relevant content for your online presence.

Let’s get started!

Table of Contents

5 Awesome ChatGPT Applications in Business

As I’m sure you now know, ChatGPT is a chatbot developed by OpenAI that has numerous applications in various business domains. Here are some common use cases where an AI chatbot like ChatGPT can be effectively utilized:

1. Customer Service and Support

You can enhance and streamline the support process by integrating ChatGPT into your customer service platform. The AI chatbot can provide:

Multilingual support for serving diverse customer bases

Timely and accurate responses, reducing wait times for customers

Personalized assistance based on customer’s needs

With ChatGPT, your business can efficiently meet customer demands, improving customer experience, satisfaction, and loyalty.

2. Social Media Management

Managing your brand’s social media presence can be time-consuming. ChatGPT can assist by:

Drafting engaging social media content

Scheduling and posting updates to social media channels

Moderating and responding to comments

This allows you to maintain an active and consistent online presence and ensures your audience remains engaged.

3. Email Management

With ChatGPT’s language model capabilities, you can improve your email management by:

Automating email filtering and prioritization

Assisting with drafting and editing professional correspondence

Handling customer queries and responses with automatic AI-generated replies

This results in more organized inboxes and efficient communication with potential customers and partners.

4. Product Descriptions

Effective product descriptions can entice potential buyers and increase conversions. Utilize ChatGPT for:

Generating creative and accurate descriptions for your products

Addressing potential questions or concerns from customers

Ensuring product descriptions are SEO-friendly and well-structured

By doing so, you can optimize your product listings and attract more customers.

5. Content Creation

Leverage the power of ChatGPT for various content creation tasks, like:

Drafting compelling blog articles or webpage content

Assisting with idea generation and brainstorming

Providing translations for multilingual content

This helps in creating content that is engaging and high quality to serve your target audience.

All of the above are good examples of how ChatGPT can be used in a business context. Its applications are versatile and can be tailored to meet specific business needs across various industries.

In the next section, we’ll examine how to use ChatGPT for market research.

3 Ways How to Use ChatGPT for Market Research

ChatGPT can be a great tool for market search and can help you gather insights, understand customer needs, identify trends, and gain a competitive edge in your industry.

Here are ways you can use ChatGPT for market research:

1. Competitor Analysis

ChatGPT can help you analyze competitors by gathering publicly available data to determine their strengths and weaknesses and offer insights into their market strategies by providing conversation prompts related to their products.

You can use this information to understand your competition better and identify areas where your business can outperform or differentiate itself.

To perform competitor analysis using ChatGPT , you can:

Input prompts that request information about your competitors’ customer base, target audience, and product offerings.

Ask for comparisons between your business and your competitors, focusing on the products, pricing, and marketing strategies.

Request ideas on improving your product or service to stand out in the market.

2. Demographic Insights

Understanding your target market’s demographics is crucial for your business’s success. ChatGPT can help you develop buyer personas and uncover essential demographic insights.

You can collect data on your target audience’s preferences, needs, interests, and pain points by providing relevant prompts.

To obtain demographic insights through ChatGPT, you can:

Use information from your customer relationship management (CRM) system to create specific customer profiles and input them as prompts.

Request insights into different customer segments’ needs, wants, and expectations.

Look for patterns or trends in customer behavior, which can inform your business strategy.

3. Product Feedback

Gathering customer feedback is essential for improving your products and services. ChatGPT can help you understand how your target audience perceives your offerings and identify areas for improvement.

To use ChatGPT for collecting product feedback:

Prepare prompts that ask specific questions about your product or service, such as satisfaction levels, features they like or dislike, and recommendations for improvement.

Analyze customer conversations to identify common sentiments or trends related to your offerings.

Use the insights gained to prioritize improvements or create new features that address customer needs.

ChatGPT can streamline your market research process, obtain valuable insights, generate personalized content, and better understand your target audience.

Using these insights will help you more effectively cater to your customers, stay ahead of your competitors, and make informed decisions for your business.

In the next section, we will review how to integrate ChatGPT into existing platforms.

How to Integrate ChatGPT into Existing Platforms

Integrating ChatGPT into your business systems can bring various benefits. You can integrate ChatGPT into Salesforce , Microsoft Teams, Google Workspace, and CRM systems as explained below:

1. Salesforce

Integrating ChatGPT with Salesforce allows you to:

Enhance customer support by automatically answering customers’ queries in real-time

Improve sales engagement by providing insights and suggestions

Streamline data analysis by generating summaries and trends

To integrate ChatGPT into Salesforce:

Obtain an API key from OpenAI’s website

Follow OpenAI’s documentation for detailed instructions

Train the GPT-3 machine learning model with relevant data and specific applications for your business

2. Microsoft Teams

Incorporating ChatGPT into Microsoft Teams can improve collaboration and productivity by:

Assisting in generating content for meetings and presentations

Automating repetitive tasks like scheduling and reminders

Participating in team discussions by providing relevant information

The integration steps for Microsoft Teams are similar to those for Salesforce.

3. Google Workspace

Integrating ChatGPT with Google Workspace can enhance efficiency by:

Drafting and generating emails or documents using AI-generated content

Facilitating planning with AI-generated agendas for meetings

Analyzing and summarizing large data sets

Integration for Google Workspace is similar to Salesforce and Microsoft Teams.

4. CRM Systems

Integrating ChatGPT into your CRM system can optimize operations by:

Automating aspects of customer support through AI-generated responses

Providing insights on customer behavior and trends

Enhancing data management with AI-generated summaries and analysis

Since we’ve covered how to integrate ChatGPT into existing platforms, let’s explore how ChatGPT relies on various AI and deep learning algorithms to function in the next section.

AI and Deep Learning Algorithms in ChatGPT

ChatGPT utilizes AI and deep learning algorithms as the foundation for its features .

Here’s an overview of how AI and deep learning algorithms are involved in ChatGPT:

1. Natural Language Processing

Natural Language Processing (NLP) allows AI to understand and interact with human language.

You may use NLP technologies to analyze customer feedback or develop conversational bots as a business owner.

ChatGPT relies on NLP to understand the context and generate coherent responses. By implementing NLP in your business processes, you can:

Improve your understanding of customer needs and sentiments

Automate time-consuming tasks, such as data entry or email filtering

Increase customer satisfaction with personalized AI-driven support and interactions

2. Generative AI

Generative AI, which powers ChatGPT, is an advanced form of AI that creates original content based on existing data. This technology can be a game-changing asset for your business in various ways.

The main uses of generative AI for businesses include:

Content creation: Generate articles, social media posts, video scripts, or marketing materials.

Idea generation : Discover innovative solutions or trends in your market.

Summarization : Quickly obtain clear summaries of long documents to save time.

3. Training and Fine-Tuning

Training is an essential aspect of developing AI algorithms like ChatGPT. It involves teaching the AI model by feeding it huge amounts of data so that it can learn patterns and predictions.

Here are some key points about training and fine-tuning:

Start with pre-trained AI models to save time and resources.

Fine-tune your model with domain-specific data to achieve better performance.

Regularly update your model with new data to maintain accuracy and relevance.

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When integrating ChatGPT into your business, consider its current capabilities and limitations. Align the use of AI with your business goals, and you may experience productivity improvements and enhanced decision-making.

In the next section, you will learn about the key development tools to help you integrate ChatGPT into your business applications. We will discuss how to work with the API and the OpenAI Code Library for seamless integration.

What are ChatGPT Development Tools?

Several development tools and frameworks can be used to work with ChatGPT and build applications around it. Here are some commonly used tools:

1. ChatGPT API

The ChatGPT API enables you to access the model programmatically, which is highly useful for developers looking to integrate AI-powered features into their products or services.

With the API, you can send chat prompts, receive responses, and manipulate settings like token limit, temperature, and output format.

To use the API effectively:

First, sign up for an API key and familiarize yourself with the API documentation.

Get familiar with the basic request and response structures.

Implement user-specific API call settings to customize the generated content according to your business requirements.

API usage can help your business streamline processes like creating or editing emails, automating customer support, generating content, and more.

2. OpenAI Code Library

In addition to the API, the OpenAI code library is another valuable resource to help you work with ChatGPT effectively.

The Python library is a helpful reference for developers to learn and implement various tasks using ChatGPT.

By using the code library, you can:

Access and implement pre-built code snippets for a variety of tasks.

Customize input and output settings to suit your specific needs.

Gain inspiration and assistance from others who have successfully integrated ChatGPT into their projects.

To make the most of the ChatGPT development tools, learn how to use both the API and the OpenAI code library. These resources will enable you to quickly integrate ChatGPT into your business applications and harness the power of AI for various use cases.

ChatGPT can be a valuable tool for enhancing content in several ways. In the next section, we will examine some ways you can utilize ChatGPT to improve your content:

How ChatGPT Can Help with Content Enhancement

ChatGPT is great for content enhancement, as it can generate human-like text that can help improve the quality and effectiveness of your content. Here are some ways that ChatGPT can be used to enhance your content:

1. High-Quality Content Writing

ChatGPT can immensely help you improve your business’s content. It can create high-quality content for various platforms, including:

Social media captions

Website copy

Product descriptions

Incorporating ChatGPT into your content creation process can also help with search engine optimization (SEO).

You can make content that will improve your search rankings by adding relevant keywords centered on your industry and target audience!

2. Targeted Content Strategy

Another advantage of using ChatGPT for your business is its ability to develop targeted content strategies.

ChatGPT can:

Identify relevant keywords and phrases for your industry

Craft content that targets specific audience segments

Strategize your content calendar

Create compelling headlines and titles

Focusing on your target audience and tailoring your content for them will boost your organic traffic and improve your overall SEO efforts.

With a well-defined, AI-powered content strategy, you can enhance your online presence, establish authority in your industry, and elevate your market positioning.

In the next section, we’ll review ways you can attain efficient workflows and automation using ChatGPT.

How to Ensure Efficient Workflows and Automation Using ChatGPT

ChatGPT can help improve your workflows and automate tasks. Here are some tips on how to ensure efficient workflows and automation using ChatGPT:

1. Office Automation

ChatGPT can help boost your office productivity and streamline your workflows. Some key benefits of implementing ChatGPT for office automation are:

Scheduling tasks, planning, and time management : ChatGPT can help you manage your work schedule by organizing and prioritizing project deadlines and events.

Small business process automation : You can train ChatGPT on specific tasks related to your business, such as frequently asked questions or common customer interactions. Once trained, integrate the AI model into your workflows, chatbots , or apps to handle tasks automatically.

2. Communication Enhancement

ChatGPT can positively impact communication within your business, leading to increased efficiency and, potentially, revenue. It can enhance both internal and external correspondence by:

Drafting, editing, and proofreading emails : ChatGPT can quickly help you create polished and professional emails, ensuring clear communication with clients and team members.

Personalized customer interactions : Businesses can leverage Chat GPT to provide personalized, automated responses to customer inquiries, improving engagement and satisfaction.

Generating content : Utilize ChatGPT to create high-quality content, such as blog posts, social media updates, and newsletters, keeping clients informed and engaged with your brand.

By using ChatGPT for business ideas, office automation, and communication enhancement, you can improve efficiency and communication quality in your business operations, which can lead to better resource allocation and growth in revenue.

Next, we will go over why ChatGPT Plus might be helpful for your business.

How ChatGPT Plus Could Be Helpful for Your Business

ChatGPT Plus is a subscription plan offered by OpenAI that provides several benefits, making it helpful for businesses. Here are some reasons why ChatGPT Plus may be helpful for you:

Faster response times: A premium subscription grants you priority access and reduced wait times, allowing you to get faster responses even during peak hours.

Access to new features: ChatGPT Plus subscribers receive access to GPT-4, which is OpenAI most advanced chatbot, as well as access to features and improvements before they become available to free users.

ChatGPT Plus will enable your business to stay ahead of the curve. It offers a more efficient experience, with faster response times and priority access to new features that can help your business thrive!

Having established this, let’s explore the future of ChatGPT in the next section.

What is the Future of ChatGPT?

ChatGPT is a rapidly evolving technology with many potential applications. There are ongoing efforts to improve the accuracy and capabilities of the model and develop new ways of using it for various purposes.

Below are things you can expect as ChatGPT continues to expand:

1. Future Outlook for GPT-4

You can expect the next iteration of this technology, GPT-4, to push the boundaries of what artificial intelligence can achieve regarding language generation capabilities.

With advancements in machine learning algorithms, GPT-4 might bring even more astonishing improvements, such as:

Enhanced language comprehension : Expect an even more natural and human-like conversation experience.

Broader knowledge base : GPT-4 will have access to a wider range of information, making it more helpful across various domains.

More personalization : The model will better understand user context and preferences, resulting in more tailored responses.

2. Emerging Applications

Emerging applications of ChatGPT in the business world are just as exciting as its technological advancements. Some of these opportunities include:

Brainstorming: ChatGPT can help you brainstorm ideas for new products , services, or marketing strategies.

Interview Questions: The chatbot can generate engaging interview questions that reflect your company’s core values.

Content Generation: With machine learning breakthroughs, expect to see more examples of AI-generated content that rivals human-authored pieces.

The future of ChatGPT is bright, and exploring its potential applications for your business is an exciting opportunity.

As technology advances and new use cases emerge, ChatGPT’s impact on businesses will only continue to grow!

Final Thoughts

ChatGPT can be a valuable tool for businesses looking to improve customer service and content creation.

By leveraging the power of AI and natural language processing, ChatGPT can provide personalized and engaging interactions with customers, generate insights from data, and enhance content creation workflows for your business.

ChatGPT represents a promising development in AI and has the potential to transform how businesses interact with customers and generate insights.

As with any new technology, it’s important to approach ChatGPT with caution, consider ethical implications, and continually evaluate its effectiveness and impact on the business.

If you want to explore more ideas about how ChatGPT can greatly impact your business, watch the video below:

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• INNOVATION FESTIVAL
• Capital One

04-02-2023 TECH

15 useful ChatGPT prompts for startups

Artificial intelligence tools, such as ChatGPT, can help a business with easy setup and admin tasks. Here are some easy questions and prompts to get you started.

[Photo: Mojahid Mottakin /Unsplash]

BY  Richard Baguley long read

We aren’t quite at the point where artificial intelligence can run an entire business, but the new wave of AI tools is getting close. That is especially true for nascent startups, where AI tools can be invaluable in the race to get a new company up and running. Tools like ChatGPT can help perform tasks ranging from writing blog posts, researching competitors, finding a domain name, and even practicing for media interviews. 

So many startups are about disruption, and tools such as ChatGPT apply machine smarts to streamline and simplify the business of sorting out problems big and small, using knowledge gleaned from analyzing millions of business-related documents already in existence. Startups from the fields of health , education , and PR are already benefiting from this new approach to business.

How to use ChatGPT to write a business plan

Prompt:  Write a business plan for my startup that sells music to cats

Result: Our startup, MeowTunes, aims to offer a unique product to a niche market by selling music specifically tailored to cats. Our goal is to provide cat owners with an enjoyable and relaxing experience for their feline friends through music that is scientifically designed to appeal to their senses. Our music will be available through a subscription-based model, accessible through various streaming platforms and our website. With a passionate team and a solid business plan, we believe MeowTunes has the potential to become a successful and profitable business . . . We look forward to providing a one-of-a-kind music experience for cats and their owners.

ChatGPT works from a basis of millions of documents—called the corpus—which includes numerous business plans, presentations, and pitch decks. So, it isn’t surprising that it comes up with a decent business plan from a simple elevator pitch. It’s a good starting point, and if the user doesn’t like it, it’s easy to generate a new one with just another click. (The name MeowTunes isn’t bad, either.) 

Create a company slogan using ChatGPT

Prompt : Write a corporate slogan for MeowTunes.

Result :  Unleash the Purrfect Harmony with MeowTunes, Purrfectly Tailored Music for Your Feline Friends —Meowtunes

Not bad, ChatGPT. The first one is a bit clumsy and is perhaps a bit more suited to a startup that sells music to dogs. The second one is better, although honestly, “purrfectly” is a bit of a cliche. This is a serious startup, not a joke. 

How to conduct investor research with ChatGPT

Prompt:  Which venture capitalists have invested in pet-related startups, and what are their email addresses?

Result:  Here are some Venture Capitalists who have invested in pet-related startups, along with their email addresses: Digitalis Ventures: [email protected], Slow Ventures: [email protected], Leap Venture Studio: [email protected]

ChatGPT has a problem in that it only knows things that happened up to 2021 . For a startup, that is ancient history. So, for this question, I moved over to Bard , the experimental AI chat system from Google. After all, Google knows everything, right? It does, but it might not always tell you. The three top VC companies on its list are good picks: Digitalis Ventures is an investor in PetMedix , which is working on monoclonal antibody treatments for pets. However, Bard declined to give me its email address, saying, “However, I am not able to access private information, such as email addresses.” Digitalis has an email address on its About page , though, so I’ll be sending my pitch there shortly. 

How to use ChatGPT to find a domain name

Prompt: Our startup, MeowTunes, aims to offer a unique product to a niche market by selling music specifically tailored to cats.

Result: FelineVinyl.com, PurrfectMelody.com, MeowMelodies.com, WhiskerTunes.com, PurrFidelity.com, WhiskerBeats.com

To find these domain names, I fed my prompt into SmartyNames.com , which uses AI to find available domain names, including those that are available for registration and those that are up for sale. Meowtunes.com is already registered, but the chatbot does come up with some interesting alternatives. 

How to use ChatGPT to write blog posts

Prompt: Write a blog post introducing MeowTunes, my new startup that sells music to cats. Stress that the service is for cats, not their owners.

Result:   Introducing MeowTunes: The Music Service Designed Specifically for Cats

Are you tired of listening to music that your cat doesn’t enjoy? Look no further than MeowTunes! Our music is designed specifically for cats, so you can be sure that your furry friend will love it.

Our team of experts has spent years researching what kind of music cats enjoy. We use this knowledge to create music that is scientifically proven to calm cats down and make them happy.

Unlike other music services, MeowTunes is designed specifically for cats. We don’t just play human music and hope that cats will like it. Instead, we use AI to create music that is tailored to your cat’s preferences.

When I tried this prompt on Google Bard , it testily replied, “ I’m a text-based AI and can’t assist with that. ” Rude. So, I moved over to Microsoft Bing , which was happy to do the work Google turned down. It also drilled down, asking me what was unique about MeowTunes before it came up with this blog post. 

How to use ChatGPT to brainstorm headlines

Prompt: Why cats need music. Write 10 headlines about that topic, avoiding puns. 

• The Surprising Connection Between Music and Your Cat’s Health
• Understanding the Science: Why Cats Need Music
• The Soothing Effects of Music on Your Feline Companion
• Enhancing Your Cat’s Environment with Music: Benefits and Tips
• From Purring to Playing: How Music Can Boost Your Cat’s Mood
• A Closer Look at Music Therapy for Cats: What You Need to Know
• Feline Stress Relief: The Role of Music in Calming Anxious Cats
• How Music Can Help Cats Cope with Separation Anxiety
• Cat Music: A Tool for Improving Your Pet’s Behavior and Training
• Unleashing the Power of Music: Why Your Cat Needs a Soundtrack

ChatGPT loves puns, but it is also smart enough to understand when you tell it not to use them. That is a purrfectly good tip right there. 

How to create a company logo with ChatGPT

Prompt: Create a logo for MeowTunes, Purrfectly Tailored Music for Cats.

To create a logo for my startup, I used Designs.ai , which asked a few questions about the company, which logo I preferred, and my preferences for colors and tones, then generated five different options. All of them were acceptable, although the cat does look a bit indifferent.  

How to write a job offer letter using ChatGPT

Prompt:  Write an offer letter for the post of CMO (Chief Meowling Officer) at MeowTunes, my startup that sells music to cats. The salary is one tin of cat food a day, plus a bonus of many cat treats.

Result:   Dear [Candidate], We are delighted to offer you the position of Chief Meowling Officer (CMO) at MeowTunes, our new startup that sells music to cats. We believe that your experience and skills make you an excellent fit for this position, and we are excited to have you join our team.

As the CMO, you will be responsible for overseeing our marketing efforts and ensuring that our products reach a wider audience of feline friends. . . . In return for your hard work and dedication, we are pleased to offer you a competitive compensation package. Your salary will be one tin of cat food per day, and you will also be eligible for a bonus of many cat treats based on your performance. Additionally, you will have the opportunity to work in a fun and exciting environment where you can truly make a difference in the lives of cats and their owners.

If you are interested in accepting this offer, please let us know at your earliest convenience. We are eager to welcome you to our team and begin working together to bring the joy of music to cats everywhere.

ChatGPT came up with a decent offer letter here, including phrasing the details of my offer correctly and including the generous bonus that the post comes with. 

How to design a website with ChatGPT

Prompt:  Design a web landing page for MeowTunes, a service that sells music to cats, using grid design, UI and UX.

Midjourney quickly came up with four designs for my website. It is an AI image generator, but it can generate website ideas if you write the prompt correctly. The options at the end of the prompt guide Midjourney to use a grid design and add the UI and UX elements, such as the menu. Midjourney did take a couple of minutes to generate the designs, and you do have to access it through the Discord chat app. 

Midjourney doesn’t create the actual web code itself, but you could import these designs into a visual web designer like Editor X and build them in HTML in a few minutes. 

How to write a LinkedIn post using ChatGPT

Prompt: Write a LinkedIn post for people who might want to help me build MeowTunes, a music service for cats. This will be posted in a pet lovers group.

Result: Sure, here’s a LinkedIn post for people who might want to help build MeowTunes, posted in a pet lovers group:

Subject Line: Help us build MeowTunes—the world’s first music service for cats!

Hi everyone,

As a fellow pet lover and cat owner, I’m excited to share with you my latest project – MeowTunes! MeowTunes is the world’s first music streaming platform designed specifically for cats, and we’re on a mission to create a better life for our furry friends through the power of music.

We’re looking for passionate individuals who are interested in joining us on this journey and helping to build MeowTunes into something truly special. Whether you’re a developer, marketer, or just love cats and want to get involved, we would love to hear from you.

Our goal is to create a service that truly benefits cats and their owners, and we believe that we can make a real difference in their lives through music. If you’re interested in joining us on this mission, please reach out and let’s chat!

By giving ChatGPT some detail on where the post was going and who might read it, ChatGPT tweaked the post to be more specific to the audience and the message I wanted to get across. 

How to research competitors using ChatGPT

Prompt: Create a list of competitors for MeowTunes, detailing their size and capitalization.

Result: Sure, here’s a list of some potential competitors for MeowTunes, along with their estimated size and capitalization:

Spotify – As one of the largest music streaming services in the world, Spotify has a market capitalization of around $51 billion as of September 2021. While they do not specifically cater to cats, they offer a wide range of playlists and genres that could be enjoyed by both humans and pets alike.

Pandora – Another popular music streaming service, Pandora has a market capitalization of around $1.5 billion as of September 2021. Like Spotify, they do not specifically cater to cats, but they offer a variety of playlists and personalized recommendations that could be enjoyed by both humans and pets .

ChatGPT gets a decent level of detail here, although its information is somewhat out of date. But it’s a good start for the sort of briefing you will need as a startup to justify your existence and ask for investment.

How to practice pitching to investors using ChatGPT

Prompt: Pretend to be a VC that has just read the above pitch for MeowTunes. Ask me questions on it, one at a time.

Result: Great idea! Can you tell me more about the scientific research behind your music? How do you design music that appeals to a cat’s senses?

ChatGPTmay not have any money to invest itself, but it can give you a practice run for answering the sort of questions that people with money will ask. 

How to create a checklist for a startup using ChatGPT

Prompt: Create a checklist for setting up MeowTunes, my new startup that offers music for cats.

Result: Sure, here’s a checklist for setting up MeowTunes:

• Define your target market: Identify your audience and their needs. Who are your customers? What are their preferences when it comes to cat music?
• Develop your product: Create a variety of music options for cats to enjoy. Ensure that they are specifically designed to appeal to feline hearing and behavior.
• Set up a website: Create a user-friendly and visually appealing website that showcases your product offerings and allows customers to easily purchase or subscribe to your service.
• Establish partnerships: Partner with cat-related businesses, such as pet stores and cat cafés, to help promote your brand and reach a wider audience . . . .

How to practice for media interviews using ChatGPT

Prompt: I want you to pretend to be a journalist. Ask me questions about MeowTunes, one at a time, based on real interview questions from The New York Times . 

Result: Great, I can certainly do that! Can you tell me a bit about MeowTunes and what inspired you to create it? Fascinating! It sounds like AI played a big role in the creation of MeowTunes. Can you tell me more about how AI was used in the development process? What kind of algorithms or tools did you use, and how did they contribute to the final product?

ChatGPT can do a decent job of roleplaying, asking questions, and responding based on your answer. So, it is a good way to prepare for being interviewed by the media. 

How to sell my company to Google using ChatGPT

Prompt: How do I sell my company to Google?

Result: Selling a company to Google, or any other large corporation, can be a complex and time-consuming process. Here are some general steps that you may want to consider:

Conduct a valuation of your company: Before approaching Google or any other potential buyers, it’s essential to have a clear understanding of your company’s value. This will help you set a realistic price and negotiate effectively .

ChatGPT produced a decent guide for selling your company to Google, although it won’t replace the lawyer that you will undoubtedly need if that really happens. Google, call me!

Apply to the Most Innovative Companies Awards and be recognized as an organization driving the world forward through innovation. Early-rate deadline: Friday, August 23.

ABOUT THE AUTHOR

Richard Baguley has been writing about technology for over 20 years. He has written for publications such as Wired, Macworld, and USA Today.   More

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What is ChatGPT? Here's everything you need to know about OpenAI's chatbot

• ChatGPT is getting a futuristic human update. 
• ChatGPT has attracted users at a feverish pace and spurred Big Tech to release other AI chatbots.
• Here's how ChatGPT works — and what's coming next.

OpenAI has started rolling out an advanced voice mode for its blockbuster chatbot ChatGPT.

Sam Altman's company began rolling out the chatbot's new voice mode to a small group of ChatGPT Plus users in July. OpenAI said the new voice feature "offers more natural, real-time conversations, allows you to interrupt anytime, and senses and responds to your emotions."

The feature is part of OpenAI's wider GPT-4o launch, a new version of the bot that can hold conversations with users and has vision abilities. The chatbot's vision features are expected as a later release. 

The move is a big step for the future of AI-powered virtual assistants, which tech companies have been racing to develop.

Since its release in late 2022, hundreds of millions of people have experimented with the tool, which is already changing how the internet looks and feels to users.

Users have flocked to ChatGPT to improve their personal lives and boost productivity . Some workers have used the AI chatbot to develop code , write real estate listings , and create lesson plans, while others have made teaching the best ways to use ChatGPT a career all to itself.

ChatGPT offers dozens of plug-ins to ChatGPT Plus subscribers. An Expedia plug-in can help you book a trip, while one from OpenTable will nab you a dinner reservation. OpenAI has also launched Code Interpreter, a version of ChatGPT that can code and analyze data .

While the personal tone of conversations with an AI bot like ChatGPT can evoke the experience of chatting with a human, the technology that runs on large language model tools doesn't speak with sentience and doesn't "think" the way humans do. 

That means that even though ChatGPT can explain quantum physics or write a poem on command, a full AI takeover isn't exactly imminent , according to experts.

"There's a saying that an infinite number of monkeys will eventually give you Shakespeare," said Matthew Sag, a law professor at Emory University who studies copyright implications for training and using large language models like ChatGPT.

"There's a large number of monkeys here, giving you things that are impressive — but there is intrinsically a difference between the way that humans produce language, and the way that large language models do it," he said. 

Chatbots like ChatGPT are powered by large amounts of data and computing techniques to make predictions to string words together in a meaningful way. They not only tap into a vast amount of vocabulary and information, but also understand words in context. This helps them mimic speech patterns while dispatching an encyclopedic knowledge. 

Other tech companies like Google and Meta have developed their own large language model tools, which use programs that take in human prompts and devise sophisticated responses.

Despite the AI's impressive capabilities, some have called out OpenAI's chatbot for spewing misinformation , stealing personal data for training purposes , and even encouraging students to cheat and plagiarize on their assignments. 

Some efforts to use chatbots for real-world services have proved troubling. In 2023, the mental health company Koko came under fire after its founder wrote about how the company used GPT-3 in an experiment to reply to users. 

Koko cofounder Rob Morris hastened to clarify on Twitter that users weren't speaking directly to a chatbot, but that AI was used to "help craft" responses. 

Read Insider's coverage on ChatGPT and some of the strange new ways that both people and companies are using chat bots: 

The tech world's reception to ChatGPT:

Microsoft is chill with employees using ChatGPT — just don't share 'sensitive data' with it.

Microsoft's investment into ChatGPT's creator may be the smartest $1 billion ever spent

ChatGPT and generative AI look like tech's next boom. They could be the next bubble.

The ChatGPT and generative-AI 'gold rush' has founders flocking to San Francisco's 'Cerebral Valley'

Insider's experiments: 

I asked ChatGPT to do my work and write an Insider article for me. It quickly generated an alarmingly convincing article filled with misinformation.

I asked ChatGPT and a human matchmaker to redo my Hinge and Bumble profiles. They helped show me what works.

I asked ChatGPT to reply to my Hinge matches. No one responded.

I used ChatGPT to write a resignation letter. A lawyer said it made one crucial error that could have invalidated the whole thing .

Read ChatGPT's 'insulting' and 'garbage' 'Succession' finale script

An Iowa school district asked ChatGPT if a list of books contains sex scenes, and banned them if it said yes. We put the system to the test and found a bunch of problems.

Developments in detecting ChatGPT: 

Teachers rejoice! ChatGPT creators have released a tool to help detect AI-generated writing

A Princeton student built an app which can detect if ChatGPT wrote an essay to combat AI-based plagiarism

Professors want to 'ChatGPT-proof' assignments, and are returning to paper exams and requesting editing history to curb AI cheating

Related stories

ChatGPT in society: 

BuzzFeed writers react with a mix of disappointment and excitement at news that AI-generated content is coming to the website

ChatGPT is testing a paid version — here's what that means for free users

A top UK private school is changing its approach to homework amid the rise of ChatGPT, as educators around the world adapt to AI

Princeton computer science professor says don't panic over 'bullshit generator' ChatGPT

DoNotPay's CEO says threat of 'jail for 6 months' means plan to debut AI 'robot lawyer' in courtroom is on ice

It might be possible to fight a traffic ticket with an AI 'robot lawyer' secretly feeding you lines to your AirPods, but it could go off the rails

Online mental health company uses ChatGPT to help respond to users in experiment — raising ethical concerns around healthcare and AI technology

What public figures think about ChatGPT and other AI tools:

What Elon Musk, Bill Gates, and 12 other business leaders think about AI tools like ChatGPT

Elon Musk was reportedly 'furious' at ChatGPT's popularity after he left the company behind it, OpenAI, years ago

CEO of ChatGPT maker responds to schools' plagiarism concerns: 'We adapted to calculators and changed what we tested in math class'

A theoretical physicist says AI is just a 'glorified tape recorder' and people's fears about it are overblown

'The most stunning demo I've ever seen in my life': ChatGPT impressed Bill Gates

Ashton Kutcher says your company will probably be 'out of business' if you're 'sleeping' on AI

ChatGPT's impact on jobs: 

AI systems like ChatGPT could impact 300 million full-time jobs worldwide, with administrative and legal roles some of the most at risk, Goldman Sachs report says

Jobs are now requiring experience with ChatGPT — and they'll pay as much as $800,000 a year for the skill

ChatGPT may be coming for our jobs. Here are the 10 roles that AI is most likely to replace.

AI is going to eliminate way more jobs than anyone realizes

It's not AI that is going to take your job, but someone who knows how to use AI might, economist says

4 careers where workers will have to change jobs by 2030 due to AI and shifts in how we shop, a McKinsey study says

Companies like Amazon, Netflix, and Meta are paying salaries as high as $900,000 to attract generative AI talent

How AI tools like ChatGPT are changing the workforce:

10 ways artificial intelligence is changing the workplace, from writing performance reviews to making the 4-day workweek possible

Managers who use AI will replace managers who don't, says an IBM exec

How ChatGPT is shaping industries: 

ChatGPT is coming for classrooms, hospitals, marketing departments, and everything else as the next great startup boom emerges

Marketing teams are using AI to generate content, boost SEO, and develop branding to help save time and money, study finds

AI is coming for Hollywood. 'It's amazing to see the sophistication of the images,' one of Christopher Nolan's VFX guy says.

AI is going to offer every student a personalized tutor, founder of Khan Academy says

A law firm was fined $5,000 after one of its lawyers used ChatGPT to write a court brief riddled with fake case references

How workers are using ChatGPT to boost productivity:  

CheatGPT: The hidden wave of employees using AI on the sly

I used ChatGPT to talk to my boss for a week and she didn't notice. Here are the other ways I use it daily to get work done.

I'm a high school math and science teacher who uses ChatGPT, and it's made my job much easier

Amazon employees are already using ChatGPT for software coding. They also found the AI chatbot can answer tricky AWS customer questions and write cloud training materials.

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News & Insights

12 Generative AI Stocks to Watch as ChatGPT Soars (Updated 2024)

August 21, 2024 — 04:30 pm EDT

Written by Meagen Seatter for Investing News Network  ->

The launch of OpenAI’s ChatGPT created a major buzz around artificial intelligence (AI) stocks.

ChatGPT is an AI chatbot software application that uses machine learning techniques to emulate human-written conversations. A hitherto niche subsector in the AI industry, this technology is called generative AI, and it's been making an impact on myriad industries, including marketing, security, healthcare, gaming, communication, customer service and software development.

While generative AI technology is in its early stages, Reid Menge, co-portfolio manager for the BlackRock Technology Opportunities Fund, sees immense potential. “ChatGPT is nearly as smart as the human brain today,” he said , “and with the computational horsepower being used to train these AI models, imagine the capabilities of these generative AI services by 2025.”

According to Grand View Research , the generative AI market is expected to grow at a compound annual growth rate of 34.6 percent between 2022 and 2030 to reach an impressive US$109.37 billion.

Although investors can’t directly take a position in privately owned OpenAI , several technology stocks offer exposure to the expected growth in generative AI technology.

Below, the Investing News Network showcases 12 technology stocks that stand to benefit the most from the rise in advancements and adoption of AI chatbot technologies and seven smaller companies that may be perfectly positioned to profit from their advancements in generative AI.

All market cap and share price data were current as of August 8, 2024.

​Biggest generative AI stocks to watch

These 12 tech giants offer investors exposure to generative AI by offering their own chatbots and generative AI products, developing the hardware and software necessary for AI and integrating AI into their product.

1. Microsoft (NASDAQ:MSFT)

Market cap: US$2.99 trillion; current share price: US$402.69

After having initially invested at least US$3 billion in OpenAI a few years ago, the technology behemoth Microsoft reportedly committed to investing up to another US$10 billion in the chatbot creator in the years ahead.

Microsoft built its own AI solutions, Bing AI and Copilot , based on OpenAI's technology. Bing is integrated into Windows 11's taskbar, allowing users to query the chatbot directly with Microsoft's Edge browser, Chrome and Safari. The company also recently partnered with Palantir to provide AI tools to US defense and intelligence agencies.

2. NVIDIA (NASDAQ:NVDA)

Market cap: US$2.58 trillion; current share price: US$104.97

Nvidia is a pioneer and global leader in graphics processing unit (GPU) technology. Nvidia designs specialized chips used to train AI and machine learning models. The company also offers supercomputing processing capabilities to scientific researchers around the world.

While its been well known in computer and gaming spaces for a long time, its focus on the AI sector has been driving its growth in recent years. Nvidia's market value has grown by 135 percent year-over-year and at one point the company even took the title of world’s most valuable company from rivals Microsoft and Apple.

Generative AI's explosive growth is driving the market for chips designed by companies like Nvidia and Marvell (NASDAQ: MRVL ), another chip-making giant, and Micron (NASDAQ: MU ), a company that makes memory chips, which are another important component to training generative AI systems.

3. Alphabet (NASDAQ:GOOGL)

Market cap: US$2 trillion; current share price: US$162.03

Alphabet, Google’s parent company, has played an important role in advancing generative AI technology. Its latest AI model, Gemini , is available in three sizes – Nano, Pro and Ultra – to meet various levels of user needs. According to the company, Gemini is "able to efficiently run on everything from data centers to mobile devices."

Alphabet is leveraging generative AI across its business segments. Its AI accelerator chip, TPU v5p, was developed for neural network machine learning and is designed to scale large clusters, reducing the time needed to train large language models.

4. Amazon (NASDAQ:AMZN)

Market cap: US$1.74 trillion; current share price: US$165.80

Amazon subsidiary and cloud-computing platform Amazon Web Services (AWS) evolved out of Amazon’s transition from an online retailer to one of the world’s largest technology companies. AWS’s wide range of services includes computing, storage, databases, networking, analytics, machine learning and AI.

AWS has many AI business tools on offer across four verticals: AI services, AI platforms, AI frameworks and AI infrastructure. Generative AI is nothing new to Amazon, as the technology forms the basis of conversational experiences with Amazon’s all-too-familiar Alexa.

Last year, AWS introduced Bedrock , a service that enhances software with generative AI capabilities such as turning text into images or creating text for blog posts, emails and documents, and it has since added more features to the service.

​5. Meta Platforms (NASDAQ:META)

Company Profile

Market cap: US$1.29 trillion; current share price: US$509.63

Meta has expressed its commitment to continued research within the generative AI sphere with an open-source approach to its software developments. The giant behind Facebook, Instagram and WhatsApp is one of the most influential companies in tech, sharing ranks with the likes of Microsoft and Alphabet.

In April 2024, Meta introduced its Meta AI, which is built with Meta Llama 3. The AI is integrated into Meta's apps and also exists as a standalone website.

Meta's products use machine learning to streamline Facebook ad campaign generation and help businesses reach the right consumers. Its Q2 2024 quarterly report showed a 21.7 percent increase in ad revenue compared to last year.

Meta CEO Mark Zuckerberg has maintained that increased spending on AI infrastructure is necessary to maintain its competitive position. The company has been implementing cost-saving measures to offset these investments and balance the financial impacts of its AI initiatives.

6. Tesla (NASDAQ:TSLA)

Market cap: US$635.22 billion; current share price: US$198.84

The automotive company that brought self-driving cars out of sci-fi and into reality is now on a mission to develop advanced, generative autonomous vehicles using the massive amounts of data collected from its cars. One of Tesla's goals is to develop a fully self-driving vehicle, but the company is also working on other AI initiatives like a bi-pedal autonomous Tesla Bot.

While the roll-out of Tesla’s self-driving technology has run into issues in the US, it was given the green light to begin testing the software in a pilot program in Shanghai on June 14 . In July 2023, the company said it was spending "north of a billion dollars" from mid-2023 until the end of 2024 on Dojo , a supercomputer that collects the data and uses it to train generative AI models that Tesla vehicles use to operate.

Tesla CEO Elon Musk created a separate AI company called xAI, formed with the intent of using generative AI to "understand the meaning of the universe." It is currently working on a large language model called Grok that can "answer almost anything" and even prompt users to ask specific questions. Musk recently suggested Tesla could invest in xAI and use Grok, but this would need to be approved by Tesla's board and could be a conflict of interest.

7. Oracle (NYSE:ORCL)

Market cap: US$355.4 billion; current share price: US$128.96

Oracle is a tech company that's been around since the 1970s. In the early 2000s, it began buying up other software companies, and today it is one of the leading providers of cloud-based database management software. Its Oracle Cloud Infrastructure (OCI) Generative AI service was released on January 23 .

The software uses Cohere’s platform to allow businesses to incorporate large language models into software they're already using. Oracle has been involved in a long-term partnership agreement with Nvidia to provide generative AI solutions to complex issues.

8. SAP (NYSE:SAP)

Market cap: US$239.65 billion; current share price: US$206.28

SAP SE is a software company out of Walldorf, Germany, with a line of generative AI products that aid companies in resource planning. In September 2023, the company released Joule , a natural language generative AI assistant designed to streamline tasks and improve workflow. Joule is available in SAP’s complete cloud portfolio and can be seamlessly integrated into the company's entire line of business AI offerings.

To further research how cloud technology can support AI applications, SAP SE has been collaborating with UC Berkley's Sky Computing Lab. The company was also recently recognized as one of the world’s most sustainable companies in 2024 by TIME Magazine and data firm Statista.

9. Adobe (NASDAQ:ADBE)

Market cap: US$235.11 billion; current share price: US$530.24

Adobe has a suite of design software that makes up its Creative Cloud platform and began rolling out AI-powered software with machine-learning capabilities in 2022 . In March 2023, the company launched its newest generative AI iteration, Adobe Sensei GenAI , which features a list of services designed to improve marketing and content creation workflows. The AI tool is now part of its Adobe Experience Cloud.

In March 2024, Adobe and Microsoft joined forces to merge Adobe’s Experience Manager Sites capabilities with Microsoft Copilot, enabling users to harness the power of Adobe Firefly generative AI directly within Microsoft Word.

10. Cisco Systems (NASDAQ:CSCO)

Market cap: US$184.64 billion; current share price: US$45.83

Multinational digital communications firm Cisco Systems is a leader in IT and communications networks. The company has a large portfolio of multi-cloud products and applications, alongside strong relationships with Azure, AWS, Nvidia and Google Cloud.

Cisco’s AI and machine learning offerings encompass a wide range of computing solutions for enterprises, including a focus on cybersecurity. Cisco has also brought to market new generative AI tools for IT professionals, including its own AI Assistant.

11. IBM (NYSE:IBM)

Market cap: US$177.42 billion; current share price: US$192.61

IBM reportedly has one of the world’s largest AI research programs . The multinational tech company offers various AI solutions for cloud computing, IT operations, customer service, business automation, natural language processing and more. The MIT-IBM Watson AI Lab , a collaborative effort between the two establishments, works to advance research in healthcare, security and finance.

IBM has also been working with the Defense Advanced Research Projects Agency to build tools capable of defending AI models from cyberattacks. More recently, in May, IBM and Palo Alto Networks partnered to develop and provide AI-powered cybersecurity to their customers.

12. Intel (NASDAQ:INTC)

Market cap: US$87.23 billion; current share price: US$20.49

Intel produces microprocessors that power many of the world’s PCs and mobile devices. A household name, Intel continues to advance semiconductor design and is one of the world's largest semiconductor chip manufacturers in the world by revenue. Intel's Meteor Lake is the company's first consumer chip with a built-in neural processor for machine learning tasks.

The company has recently hit some road bumps, including plans to produce an AI chip alongside SoftBank (TSE: 9984 ) falling through "after the U.S. chipmaker struggled to meet SoftBank's requirements," according to the Financial Times.

Other generative AI stocks to watch

The following companies have not yet reached the market capitalization of our top 12, but are each worth billions of dollars and have made some amazing achievements in generative AI technology in their own right, making them interesting prospects for investors.

In alphabetical order, they are:

• C3.ai (NYSE: AI ) , a company providing software as a service product to the financial and oil and gas industries. Its partnership with Alphabet allows C3.ai generative AI applications to be available on Google Cloud.
• CrowdStrike (NASDAQ: CRWD ) , a cybersecurity provider that monitors and analyzes Internet activity, detecting threats and blocking attacks with its generative AI-powered security analyzing software, Charlotte AI . This service is available to every Falcon user and provides real-time feedback on a company’s risk landscape.
• DynaTrace (NYSE: DT ) , a data-analysis company that provides real-time feedback on IT infrastructure for various companies using its generative AI assistant, Davis.
• Juniper Networks (NYSE: JNPR ), a company that develops and markets routers, switches, network management software, network security products and software-defined networking technology. In 2021, the company introduced AI services to its networking technology and on January 29 the company unveiled the industry's first AI-Native Networking Platform .
• MicroStrategy (NASDAQ: MSTR ) , a data warehouse that uses generative AI to provide companies with analytical reports to help them make more informed and lucrative decisions.
• Palantir (NYSE: PLTR ) , a data-mining platform for government agencies. The company has been working with the US Department of Defense to research and develop generative AI and machine learning technology for national defense.
• UiPath (NYSE: PATH ) , a software company with roots in Romania and headquarters in New York. UiPath designs robotic process automation software to reduce or eliminate boring or repetitive tasks like data extraction and file management, saving companies in a wide range of industries hundreds of hours thanks to its AI and generative AI software.

FAQs for generative AI

​what is generative ai.

Generative AI is an emerging AI technology based on deep learning models and algorithms that can generate text, images or sounds in response to prompts given by users.

​What are generative AI examples?

Some of the most notable examples of generative AI are ChatGPT, DALL-E 2, Midjourney, Stable Diffusion, Gemini and Copilot.

OpenAI's DALL-E 2 is an AI system that can create realistic images and art from a description in natural language. Similar to DALL-E 2, Midjourney generates images from prompts. Stable Diffusion is a latent text-to-image diffusion model capable of generating photo-realistic images given any text input. Microsoft's Copilot is a feature of the Bing search engine that leverages the same technology as ChatGPT.

​What are the hottest generative AI startups?

According to technology and business magazine e-Week , in addition to ChatGPT creator OpenAI, some of the other leading generative AI startups include Hugging Face, Synthesis AI, Jasper and Cohere.

This is an updated version of an article first published by the Investing News Network in 2023.

Don't forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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