Starting Entrepreneurs Are Increasingly Relying on AI Tools. Why is That?
When individuals use Google to make an inquiry or search for a specific product or company, it is an Artificial Intelligence (AI) tool that decides what they are allowed to see. Similarly, when a job recruitment site facilitates companies’ hiring initiatives, they rely on machine learning algorithms to do the bulk of the work.
This means that, undoubtedly, the way in which we conduct business on a global level- particularly in an e-commerce setting, has irrevocably changed as a result of the growing influence of AI.
Small companies and young startups in particular have begun to increasingly incorporate certain AI tools into their structure and day-to-day operations as a way of significantly driving growth and saving a prolific amount of time.
In light of the apparent affordability of most top AI tools (some being entirely free), it no longer makes sense for small and starting business owners to neglect these (in the past, their relatively exorbitant pricing meant that they were a luxury that could only be enjoyed by the very large and multinational companies).
Below we will discuss the current 5 best AI Tools for young startup and small business owners.
1.TRUiC’s Business Name Generator
Titled the ‘’World’s Most Advanced Business Name Generator’’, The Really Useful Information Company’s (TRUiC) generator can undoubtedly serve as an extremely useful AI tool for starting businesses.
Most commonly, finding an adequate and SEO-friendly name for your business is one of the most challenging (yet important) initial steps that you will have to make. This is because it can (and usually does) play a vital role in relation to the way in which you can market your company’s brand image in the future.
TRUiC’s business name generator can facilitate the process of ‘’brainstorming’’ for names by generating a prolific number of business names that directly relate to your company, brand, or industry. The fascinating AI tool additionally enables entrepreneurs to instantly ascertain whether their desired name has a ‘’.com’’ domain availability- saving significant time that can be better used in other areas of the company.
2. Legal Robot
Legal Robot is an AI tool that aims to make all legal-related support easy and accessible. Through its complicated algorithm, it helps business owners fully understand the legal implications of any contract that they wish to sign.
Powered by deep learning and natural language processing, the AI tool can create a large ‘pool’ of legal contracts that is later used as a database- covering a very wide range of scenarios, and saving significant costs that would unnecessarily be spent on hiring a qualified lawyer.
X.ai is an Artificial Intelligence-based personal assistant founded in New York City, U.S.
It aims to ‘’free’’ up extra time for starting entrepreneurs by automatically handling all of their administrative and communicative tasks. These include: a) organising their calendar, b) reminding them of any specific meeting dates and times that are coming up, and c) sharing their preferred scheduling times with other clients.
As briefly touched on above, Artificial Intelligence has irrevocably altered the ways in which we do business, a fact which extends to the sphere of accounting. FreeAgent is an AI tool designed specifically for freelancers and small entrepreneurs which specialises solely in accounting tasks.
The prominent AI tool is cloud-based (meaning that it is accessible via any browser), and it comes with a mobile app for both Apple and Android devices which allow its users to quickly and easily: send and request invoices, monitor their business’s cash flow, track their total expenditure, and produce photograph receipts.
ProWritingAid corrects businesses’ spelling and grammar mistakes, and even provides general writing-tips for them (such as when to use an active voice, how to avoid general clichés and plagiarism, and how to remain as efficient and succinct as possible).
This can be very beneficial for starting business owners, as comprehensive and thorough writing can go a long way in ensuring that a business maintains a professional and reliable image.
Overall, there are undoubtedly a very large amount of useful Artificial Intelligence-based tools, and so it goes without saying that the above list is by no means exhaustive.
Having said that, it should provide a good insight for the young entrepreneurs that are looking to emerge themselves into the propelling world of AI.
We hope you enjoyed reading.