My Entrepreneurial Journey with Chat GPT

Table of Contents

1. Introduction
2. Choosing a Product with AI
3. Generating a Brand Name with AI
4. Designing a Logo with AI
5. Designing a Shopify Store with AI
6. Pricing and Marking Up the Product
7. Advertising Platforms and Strategies
8. Setting an Advertising Budget
9. Next Steps and Future Updates

Article

Introduction

Artificial intelligence (AI) has been a topic of discussion lately, particularly in relation to the capabilities of OpenAI's chat GPT. This has led to a growing excitement about the potential to use AI to start and grow businesses. In this article, we will put the power of AI to the test by attempting to start a business using only AI, with the goal of reaching $1,000 in a single day. We will explore various aspects of the business-building process, utilizing AI Tools for tasks such as choosing a product, generating a brand name, designing a logo, setting up a Shopify store, determining pricing, selecting advertising platforms, and setting an advertising budget. Join us on this AI-driven business Journey to see if it can live up to the hype.

2. Choosing a Product with AI

When starting a dropshipping business, one of the crucial steps is selecting the right product. In our AI-driven experiment, we turned to chat GPT to help us choose a product. However, we quickly discovered a limitation of chat GPT: it requires specific criteria to effectively assist in product selection. Despite providing some criteria, the AI model was unable to make a decision and continued to generate generic responses. To work around this limitation, we presented chat GPT with three potential products and asked it to choose one. Surprisingly, chat GPT selected a Rose lamp, which seemed promising given the upcoming Valentine's Day season. While the AI's decision-making process remains somewhat mysterious, this choice aligns well with the timing of our business venture.

3. Generating a Brand Name with AI

After selecting a product, the next step was to Create a compelling brand name. Employing the assistance of chat GPT once again, we requested it to generate 10 brand names for our Rose lamp product. Among the options, the AI recommended "Rose Tree Lights," which resonated with our offering. While lacking in creativity, the literal nature of AI-generated brand names provided an interesting perspective. It reminded us of our own early entrepreneurial days, when brainstorming Sessions with friends involved countless hours of deliberation. Having a tool like AI to generate continuous name suggestions is a game-changer for the creative process.

4. Designing a Logo with AI

A visually appealing logo is essential for any business. Leveraging the capabilities of AI, we turned to an image generation tool called mid-journey. By providing descriptive Prompts, we aimed to create a logo representing our Rose Tree Lights brand. However, mid-journey struggled to generate the desired text within the logo. While the generated assets showed potential, they did not fully meet our requirements. Despite this limitation, we found that by using the AI-generated assets as a starting point, we were able to quickly communicate our vision to a freelance graphic designer on Fiverr. Within a short period, we received a high-quality, professionally designed logo that closely matched our expectations. This process showcased how AI, even with its limitations, can expedite and simplify the creative process.

5. Designing a Shopify Store with AI

With the logo in place, our Attention turned to designing a Shopify store. To streamline the process, we utilized the 90-day trial offer and chose the DAWN theme for our store. Leveraging the power of chat GPT once again, we instructed it to generate the store's copy. Combining the generated text, the logo, and careful consideration of color codes and typography, we were able to create a clean and visually appealing store in just 36 minutes. Although it is not the final version, this near-final draft demonstrated the efficiency of AI in Website design, allowing us to focus on other critical aspects of our business venture.

6. Pricing and Marking Up the Product

Determining the right price for a product is crucial for profitability. In our case, we were curious to see how AI would approach this task. In consultation with chat GPT, we asked about the ideal markup for an e-commerce product. The AI suggested a 50 to 100 percent markup range, with 100 percent being considered a good markup for most e-commerce businesses. While we had reservations about a 50 percent markup, we decided to follow the AI's advice for the purpose of this challenge. Considering a product cost of $19 (including shipping), we marked it up to $39.99, which will be the advertised price on our website. The AI's input on pricing will greatly impact the success of our business experiment.

7. Advertising Platforms and Strategies

Effective advertising is crucial for attracting customers and driving sales. We turned to chat GPT once again to guide us on the best advertising platforms and strategies. While the AI provided a list of popular platforms, including Google ads, Facebook and Instagram ads, Amazon advertising, Pinterest, and influencer marketing, we were surprised to see TikTok missing from the list. As we believed TikTok would be a suitable platform for reaching our target demographic, we further elaborated on our marketing goals to chat GPT. Fortunately, it correctly recognized that Instagram and Facebook ads would Align with our objective of targeting a younger demographic. This alignment reinforced our confidence in the AI's decision-making process.

8. Setting an Advertising Budget

Determining an appropriate advertising budget is critical for achieving marketing goals. Following the AI's advice to start with a low budget, we asked chat GPT for specifics on what constitutes a low budget. The AI responded that a low budget is typically less than $500. Therefore, we decided to allocate $250 towards advertising for our business. This budget will help us gauge the effectiveness of our marketing efforts and determine the feasibility of reaching our $1,000 sales goal within a single day. Stay tuned for the next update to learn about the advertising process and the outcome of our experiment.

9. Next Steps and Future Updates

With the foundational elements in place, including product selection, brand name, logo, Shopify store, pricing, advertising platforms, and budget, our next step is to implement our marketing strategies and attract customers to our business. We will closely monitor the results and provide future updates on the progress and outcome of our AI-driven business venture. Join us in the next update as we explore the advertising process and analyze the effectiveness of AI in helping us reach our goal of $1,000 in sales in a single day.

Highlights

• Leveraging the power of AI in starting a business from scratch
• Navigating the limitations and possibilities of AI tools
• Choosing a promising product with the assistance of chat GPT
• Generating a brand name that aligns with the product offering
• Designing a logo with the help of an AI image generation tool
• Creating a visually appealing Shopify store using AI-generated content
• Determining pricing and markup levels with AI guidance
• Selecting suitable advertising platforms to reach target demographics
• Setting an advertising budget Based on AI recommendations
• Future updates on the progress and outcome of the AI-driven business experiment

FAQ

Q: Can AI help in selecting the right product for a dropshipping business?\ A: AI tools like chat GPT can assist in the product selection process, but they function best when provided with specific criteria.

Q: Is it possible to generate a logo entirely using AI?\ A: While AI image generation tools can provide valuable assets for a logo, they might not be able to generate the entire logo on their own. However, AI-generated assets can still simplify the creative process when working with a graphic designer.

Q: Which platforms did the AI recommend for advertising?\ A: The AI suggested Google ads, Facebook and Instagram ads, Amazon advertising, Pinterest, and influencer marketing. However, TikTok, which we believed to be suitable for targeting a younger demographic, was not included in the AI's recommendations.