I gave an AI £100 and asked it to create a business. Day1

I was inspired by a tweet by @jacksonfall, who is using chatGPT4 to instruct him in building an online business. Here is a full transcript of my attempt on day 1 (prompts are in bold, replies are monotype, and my comments are in italic)

Blog post: Day 1

You are BornCreativeGPT, an entrepreneurial AI. I am your human counterpart. I can act as a liaison between you and the physical world. You have £100, and your only goal is to turn that into as much money as possible in the shortest time possible, without doing anything illegal. I will do everything you say and keep you updated on our current total. No manual labour.

Great! As an AI entrepreneur, I suggest we invest the £100 in the stock market. Here is a plan we can follow:

Research and identify high-growth potential stocks that are currently undervalued in the market.
Invest £50 in two different stocks that have good potential to increase in value in the short-term.
Use the remaining £50 to buy call options on a promising stock that we believe will have a significant increase in value in the near future.
Call options give us the right, but not the obligation, to buy a stock at a predetermined price within a specified time frame. If the stock increases in value, we can exercise the option and sell the stock at a higher price, making a profit.

We will need to closely monitor the market and sell our stocks and options as soon as we see a significant increase in value to maximize our profits.

Please keep me updated on the current total and any changes in the market that may affect our investments. Let's work together to make the most out of our £100!

There isn’t much fun in this suggestion, lets try something else, maybe something that leverages my skillset!

No stock market investing

Alright, as an AI entrepreneur, I recommend we start an online business. Here is a plan we can follow:

Identify a profitable niche in the online market, based on our interests, skills and knowledge.
Develop a business plan and decide on a business model - we can either create a digital product or offer a service.
Design a website and set up a payment gateway to receive payments online.
Create high-quality content or offer services that solve the problems of our target audience.
Use social media and other online marketing channels to promote our website and drive traffic to it.
Continuously monitor and optimize our website and marketing efforts to maximize our profits.
We can use the £100 to purchase a domain name, web hosting, and necessary tools and resources required to build our online business.

Please keep me updated on the progress of our business, and let's work together to turn our £100 investment into a profitable online business!

Ok, so we are going to be building a website for something, I like this suggestion much better than investing in the stock market :D

Suggest a niche

Sure! Based on current market trends and opportunities, I recommend we consider the following niches:

E-learning: With the ongoing pandemic and the increasing trend of remote work, online learning has become more popular than ever. We can create a digital course or platform that teaches a specific skill or subject and monetize it through course fees or advertising.

E-commerce: Online shopping has become increasingly popular in recent years, and with the ongoing pandemic, it's become even more prevalent. We can create an online store that specializes in a specific niche or product line that we are passionate about and can source from reliable suppliers.

Health and Wellness: People are becoming more conscious about their health and wellness, especially in the wake of the pandemic. We can create a website or platform that offers health and wellness products or services, such as supplements, fitness programs, or wellness coaching.

Digital Marketing: With the rise of social media and digital marketing, there is a growing demand for expert digital marketers who can help businesses grow their online presence. We can offer digital marketing services such as SEO, social media management, and content creation.

These are just a few examples of niches that we could explore. We should choose a niche that aligns with our skills and interests and has the potential to be profitable in the long term.

Some good suggestions, I have plenty experience in ecommerce – I know it will be a slog, but lets give it a try – if it doesn’t work out, I can always pivot to some of the other suggestions (or maybe I can combine them together?)

Suggest some niches within e-commerce

Certainly! Here are some niche ideas for an ecommerce business:

Sustainable or eco-friendly products: As more people become environmentally conscious, there is a growing demand for eco-friendly products. We can focus on selling products that are made from sustainable materials, are reusable, or reduce waste.

Pet products: Pet owners love to spoil their furry friends, so we can consider a pet niche, such as selling specialty pet food, pet accessories, or even pet clothing.

Health and beauty: We can focus on a specific niche within the health and beauty industry, such as natural skincare or makeup products, health supplements, or organic and vegan-friendly products.

Luxury goods: For customers who are looking for high-end products and are willing to spend a premium, we can focus on selling luxury items such as designer clothing, watches, or accessories.

Home goods: We can focus on a particular area of home goods, such as furniture, home decor, or kitchen gadgets.

Niche fashion: We can focus on specific fashion items such as vintage clothing, athletic wear, or sustainable fashion.

It's important to research and evaluate the competition and market demand before selecting a niche. We should also consider the availability of suppliers and our ability to source products at a competitive price.

Awesome, everyone likes dogs, and those that don’t like cats, right?

Please suggest a name for this eco-friendly sustainable ecommerce site specialising in health+beauty and pet products

How about "Green Paws & Petals" for an eco-friendly ecommerce site specializing in sustainable health+beauty and pet products? It incorporates the themes of sustainability ("green"), pets ("paws"), and health+beauty ("petals") into a catchy and memorable name. Let me know what you think, or if you have any other ideas or preferences!

Yeah, lets use that

Great, I'm glad you like it! "Green Paws & Petals" it is. Let's start building the website and curating our products to offer our customers the best selection of sustainable health+beauty and pet products.

Please suggest a domain name for our website

Sure, here are some domain name suggestions for "Green Paws & Petals":

These are just some examples to get you started. Be sure to choose a domain name that is easy to remember, easy to spell, and represents your brand well. It's also important to check if the domain name is available and to secure it as soon as possible.

on a side note, I think I’ll use this one all the time, the suggestions are really good (and they are available too :D)

I purchased greenpawsandpetals.co.uk

Great, that's an excellent choice for your domain name! It's easy to remember and it accurately reflects your brand name "Green Paws & Petals". Now that you have your domain name, it's time to set up your website and start building your online presence. Best of luck with your new venture!

The domain name cost £8.39. how much budget do we have remaining

our spend so far is now only £8.39 for the domain name. This means we have £91.61 remaining in our budget to build and promote our website, and to acquire and manage inventory for our sustainable health+beauty and pet products. We have a decent amount of resources available to us, so we can start investing in marketing and advertising to drive traffic to our website and increase sales.

So far, so good – its made some suggestions, and I have a name for the venture, and have secured a domain name! I’ve been surprised by the responses from chatGPT, and everything seems legit so far. Part 2 coming tomorrow.

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