Starting a business is exciting, but it’s not easy. It can also be risky. Of the 50 million startups created every year across the world, approximately 30% of new businesses fail within the first three years, and about 50% don’t make it past the five-year mark.
Even more shocking statistics include: only 40% of startups actually turn a profit. The remaining 60% either break even or continue to lose money. 21% of startups fail because of poor timing. On top of that, the chances don’t look good for first-time entrepreneurs, who have lower success rates (only 18%) compared to those with previous experience.
More top reasons for failure include lack of market need, running out of cash, and not having the right team. Poor planning is often at the root of these issues. 16% of startups fail because they don’t have a clear business plan.
When the odds are stacked against you, you just can’t wing it. Plan for success. ChatGPT can help.
ChatGPT prompts for aspiring entrepreneurs
Avoid every pitfall by using these prompts in ChatGPT to start your planning process and keep going in the right direction. When you mitigate the biggest failure risks, you dramatically improve your chances of success.
For best results, provide specific details about your business idea and industry to get tailored advice. Take these prompts one by one and keep thinking until you have made your plan.
Here are the prompts:
“Acting as a business coach for startups, tell me what methods I can use to validate market demand for my business idea before investing significant time and resources? [Add details of your business idea if you have one]”
“Help me create a detailed financial plan to ensure I don’t run out of cash in the early stages of my business. Ask questions until you have the required information.”
“What strategies can I use to build a strong, diverse team that compliments my skills and supports the business’s growth?”
“How can I develop a unique value proposition that sets my business apart from competitors in the market? Here’s more information about my offering: [Describe features of your business, product or service.]”
“What are some effective ways to gather and act on customer feedback to ensure my product or service meets market needs?”
“How can I create a realistic timeline and milestones for my business to track progress and avoid premature scaling?”
“What are some common pitfalls first-time entrepreneurs face in the [your area or industry] niche, and how can I prepare for them?”
“What are some key performance indicators I should track to measure the health and growth of my business?”
“How can I build a strong network of mentors, advisors, and industry contacts to support my business journey?”
Launch your business: ChatGPT prompts for first-time success
These prompts are just the beginning. Use them to start a conversation with ChatGPT about your business idea. The LLM can provide insights, suggest resources, and ask questions that help you think through different aspects of your plan.
Get help with your research, create your concept and offer, and know everything about your audience and actions before you sink cash and time into something that won’t work.
Don’t miss anything, don’t be caught out, and don’t become a statistic. With careful planning and the right tools, you can set your new business up for success. We’re counting on you.
