You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.
Starting a business has always been hard. The good news is, the barriers to entry for starting your own business coming into the beginning of 2024 are getting lower and lower. Enter ChatGPT. One of the main barriers for new businesses has always been the sheer number of tasks and roles that need to be filled with decent competency. Fortunately, ChatGPT can do market research, to accounting, social media marketing and more.And while it’s exciting to think about, sometimes you need a little help brainstorming ideas for how to best harness your new AI tools.
Here are 4 prompts tailored to extract the best from ChatGPT for starting a business in 2024.
1. Business Audit
The Prompt, “Act as a business consultant and conduct a comprehensive audit of my current business model, including strengths and areas for improvement.”Use it at the initial stage of your business or when reassessing your business strategy. The variation of the same is “Provide a brief audit highlighting the top three strengths and areas of improvement in my business model.” Furthermore you could gain the brief about the business, industry, and current strategy.
2. Research Competitors
The Prompt is “Act like a market research consultant. Provide me with a detailed analysis of my top five competitors in the [specific industry].” Can be used before launching a product or entering a new market segment.” The variations are “Give a comparative analysis of my product features against top competitors.”You can also get product details, industry type, and main competitors. You’ll get much more relevant responses if you tell ChatGPT about the business you’re working on, and which market you are targeting. If you want to quickly generate a list of 10 highly relevant competitors for your business, you can do so in one click with Bizway on the ‘Market’ page while doing your market research.
3. Brainstorm Feature Idea
The Prompt to use, “Imagine you’re a product design consultant. Based on current market trends, suggest innovative features I can incorporate into my product.”can be used during product development or enhancement stages. Its variation is “List down features that are trending in the [specific industry] products.” You will have to provide the product type and target audience.
4. Brainstorm Taglines
The Prompt to use is, “I want you to think like a brand expert. Brainstorm catchy taglines that encapsulate the essence of my business.” Can be used when establishing a brand or rebranding. The Variation for this is “Provide taglines focusing on the unique selling proposition (USP) of my product.” you would need to provide the business values, mission, USP, and target audience.
