There are brief periods that occur from time to time that hold the power to change human history: the Renaissance, the Industrial Revolution, and today, AI. In the past, within each such transformative period, we have seen that the potential for entrepreneurs is massive.
Data shows that the AI market is set to grow rapidly over the next few years. From a $184 billion market size right now to $826 billion over the next six years…it’s going to be a crazy time.
If you can be the first wave to take advantage of something new, you have the potential to create a legacy that lasts for centuries. Rather than waiting till it’s too late, it’s worth starting something today when the full potential of AI is yet to be seen. Let’s explore this subject further.
How Do You Get Your Foot in the Door?
The key tenets of entrepreneurship hold true even with AI. You first need to find a problem that AI can solve. Without finding a problem, any product or service you put out there is just going to be ignored. The issue is that everyone is trying to hustle with AI right now. Odds are, if you can think of a problem that AI can solve, someone else already has.
Thus, you really need to know how to take unique perspectives and find problems, both existing and potential ones. This might involve sitting down with experts not just in AI, but in different industries. Doing so will allow you to find angles that you won’t get from brainstorming on your own.
Finding the problem and solution is the first step, though. Once you have them, you need to secure funding so that you can actually create the solution. This is where having a background in business and entrepreneurship can help. If you have the time, it wouldn’t be a bad idea to invest in a one-year MBA program of sorts.
According to Spring Arbor University, these degrees can even be done part-time, so you can easily fit the coursework into your schedule. Not only does it give you key insights into the leadership of a business, but it also adds credibility to your portfolio.
Why? Unless you manage to capture the lightning in a bottle, investors are going to favor people with relevant credentials, like an MBA, over someone with an unrelated degree. With the backing of investors, your foot is definitely in the door, and you can start focusing on your project.
Dealing With the High-Competition AI Market
One concern that every entrepreneur in this field is dealing with right now, is competition. Everyone knows the potential that’s here, and everyone wants to be the next Sam Altman. This means that even if you manage to find a great solution that uses AI, you will have to compete with several similar alternatives.
This is why you will want to look into strategies that allow you to keep your service unique in some form or another. For instance, instead of developing and launching a standalone AI service, try to integrate it into something broader that businesses or companies need on a large scale.
This makes it tougher for your competitors to simply copy you because it isn’t just a specific tool that you offer but a broader solution. Likewise, other strategies can involve building partnerships with businesses that give you dedicated contracts with them.
Which Niche Should You Choose?
It’s natural to be a little unsure about which area to focus on, so let’s look at some ideas. While most people are already aware of AI in tech, opting for niche use cases is an easy way to cut down on some competition. Right now, a really popular niche is the faceless YouTube channel market.
It allows creators to focus on content and not have to worry about their on-screen presentation skills. You can work on AI services that help content creators streamline this process. This can include offering realistic text-to-speech solutions and AI-generated scripts, pictures, animations, and even videos.
Images and video are going to be tough since you will be competing with the likes of StableDiffusion, Midjourney, and Dalle, so keep that in mind.
You could also target the e-learning industry and find ways to help its entrepreneurs solve problems related to course building, delivery, and marketing.
In conclusion, capitalizing on AI is a process that will require you to think outside the box. In fact, when you consider that everyone else is also trying to think outside the box, you have to think even harder.
Maybe, even outside every box or shape that currently exists. It’s the only way that you can strike gold. Yes, it’s going to be tough, but put in the effort now, and you won’t regret it.