Jason Feifer, Editor in Chief of Entrepreneur Magazine, discusses the role of AI in entrepreneurship, its impact on industries and business models, the efficiency of legal work with generative AI, and strategies for leaders to adapt and manage change in the AI era.
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Quick takeaways
Businesses should explore the potential of AI to improve solutions and stay competitive in the future.
Boring use cases of AI, such as translation tools and automation, can bring more value and efficiency to businesses, fostering growth and improving customer experiences.
Deep dives
Considering AI Transformation
Leaders should explore the potential of AI in their businesses, even in small ways, to improve their solutions and stay competitive in the future. While most businesses don't need to transform into AI companies, taking AI seriously and thinking about its impact on their industry is essential.
Boring Use Cases with Value
Exciting AI use cases may not always translate into usefulness. Boring use cases, such as efficient translation tools for property managers or automating mundane tasks, can bring more value and efficiency to businesses. By increasing efficiency, businesses can redirect human capital toward higher-value tasks, fostering growth and improving customer experiences.
The Threat to Established Business Models
AI technology can disrupt established business models, as seen in the legal industry with the potential for motion-writing becoming more efficient. Leaders must understand their core business and consider how AI may challenge traditional revenue models. By breaking what's already broken, organizations can pioneer new systems that align with emerging technologies and better serve their target market.
Navigating Change as Individuals
Amid AI integration into workflows, individuals should clarify their professional mission to adapt effectively. By having a concise mission statement focused on their core strengths and value, individuals can filter opportunities and manage change more confidently. Understanding personal purpose helps individuals leverage available resources and technologies, such as AI tools, to enhance their storytelling, problem-solving abilities, and work effectiveness.
I think it's safe to say that we are in the peak of the hype cycle with generative AI. Almost every week now, we see new startups with exciting new GenAI use-cases and products. However, exciting doesn't necessarily translate to useful. And now more than ever, it's important for leaders, whether at incumbents or startups, to adapt and drive value with generative AI and focus on useful use-cases. So how can they adapt well to these tectonic changes?
Jason Feifer is the editor in chief of Entrepreneur magazine and host of the podcast Problem Solvers. Outside of Entrepreneur, he is the author of the book Build For Tomorrow, which helps readers find new opportunities in times of change, and co-hosts the podcast Help Wanted, where he helps solve listeners' work problems. He also writes a newsletter called One Thing Better, which each week gives you one better way to build a career or company you love.
In the episode, Jason and Adel explore AI’s role in entrepreneurship, use cases and applications of AI, the effectiveness of certain AI tools, AI’s impact on established business models, frameworks for navigating change, advice for leaders and individuals on using AI in their work and much more.