If you're considering launching a new business and need guidance, you should first look into AI chatbot tools like OpenAI's ChatGPT or Anthropic's Claude. This advice comes from Steve Blank, an entrepreneurship expert who has co-founded four tech startups and now teaches at Stanford University. Blank emphasizes the importance of engaging with potential customers to refine your business concept. He believes that AI can enhance this process, serving as a "force multiplier" for entrepreneurs. For example, you can use ChatGPT to ask questions about your business idea, which can help streamline market research and feedback. Some chatbots can even draft a full business plan, saving you significant consulting fees. However, Blank warns that while AI tools are valuable, they have limitations.

Their responses can sometimes contain inaccuracies, known as "hallucinations. " Therefore, it's important to critically evaluate their suggestions. He suggests treating AI-generated advice like that from a knowledgeable friend—useful for brainstorming but requiring further validation. Blank advises that while AI can provide insights, it cannot replace traditional market research. Engaging directly with potential customers remains crucial for understanding their needs and ensuring your business concept is viable. Before proceeding with your idea, ask AI some basic questions about customer demographics and preferences to clarify your approach. Neglecting to use AI tools could put you at a disadvantage in a competitive market. According to Blank, leveraging AI can help manage various aspects of your business, making it a beneficial resource for aspiring entrepreneurs.