Can AI be utilized for achieving quick financial success? Here’s what to know

Priya Walia

Artificial Intelligence

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The public’s fascination with generative AI, utilized by chatbots such as ChatGPT and Bing chat, is accompanied by concern over the software’s potential to render millions jobless. Furthermore, the technology has also disrupted the landscape of “get-rich-quick” schemes, with internet influencers promoting the idea that AI is an omnipotent tool that facilitates effortless profit attainment – allowing entrepreneurs to reap financial rewards without significant effort.

According to industry specialists in entrepreneurship and computer science, the common perception of relying solely on ChatGPT’s artificial intelligence for generating profit is misguided. The utilization of chatbots in developing a moneymaking scheme is prone to producing generic strategies due to the limited scope of their knowledge. Rather than relying on chatbots, the actual value of these tools lies in helping individuals with genuine business concepts accomplish the technical tasks required to establish a company, such as developing a business plan, constructing an income statement, and designing a marketing strategy.

As per an interview with influencer Basil Chatha conducted by The Washington Post, while many individuals express interest in utilizing [ChatGPT] to generate income, it is currently those who teach others how to leverage the platform, successfully seizing this opportunity. Ethan Mollick, an associate professor at the esteemed Wharton School of Business at the University of Pennsylvania, has opined that ChatGPT is unlikely to come up with a “billion-dollar idea.” Mollick further added that the idea of employing artificial intelligence for automating various tasks and making money out of it is implausible since this domain falls under the purview of things that AI cannot accomplish efficiently.

The report notes that YouTube and TikTok are teeming with numerous videos that offer ways for individuals to utilize generative artificial intelligence. This type of software creates text, video, and photo content based on the data provided, allowing people to profit from the process. According to the report, popular YouTube influencer Philipe Reis recommends creating children’s storybooks using AI, which could be sold for about $10 each. Meanwhile, online personality Ishan Sharma suggests capitalizing on the freelance gig platform Fiverr by using ChatGPT or other AI tools to provide services such as voice-over work using voice clones to complete tasks.

Several YouTube and TikTok influencers interviewed by the Washington Post refrained from disclosing their earnings from ChatGPT’s recommended business concepts. However, one of the influencers stated that their YouTube channel generates a monthly income of $6,300. The channel primarily focuses on utilizing artificial intelligence and conventional tools for money-making tactics.

Via Washington Post