This is what happened when I used AI to write a business plan

Can I tell you how much I panicked when ChatGPT arrived on the scene last year? A.I. was the hot new tech and I thought for sure that it was going to cause a major shift in the way my company does business. Perhaps that day is coming, but I now know it’s not imminent.

I played with ChatGPT and I tinkered. Not impressed! Then I got more serious about my inputs, because I imagined my competitors were trying the same thing. The results continued to disappoint and frankly scare me. But I’m not alone– in an article in Wired Magazine last week, Daron Acemoglu expressed the same sentiments.

At Rapid Business Plans, we actually do use artificial intelligence to an extent. We’ve been producing business plans for our clients using Liveplan’s already robust platform that has an A.I. integration. We use the integration, but mainly to reword segments, say for clarity or persuasion. Otherwise, after much staff testing of the feature that can write a segment from scratch, the results continue to prove unreliable and unverifiable. 

The other A.I. tool we use is Grammarly. Grammarly is not perfect, but it’s pretty good when used in conjunction with human supervision, as it is sometimes dead wrong. A person shouldn’t blindly accept every suggestion Grammarly makes.

I know many of us thought the artificial intelligence revolution was upon us. It is certainly a leap for humanity, but it looks like there are some more kinks to work out, and it might take a while. 

I will leave you with this: ChatGPT doesn’t actually think it should be writing business plans! I asked it for the top 10 reasons why not. Here they are:

What are 10 reasons why chat GPT should not be used to write an SBA business plan?

1. GPT chat programs are not designed to create comprehensive business plans and may lack the necessary knowledge and expertise to do so.

2. The content generated by GPT chat programs is often generic and lacks the level of detail needed in order to create an effective business plan.

3. Chat GPT bots cannot provide personalized advice tailored specifically to a business's goals and objectives.

4. Chat GPT may not be able to take into account the specific industry or market that your business operates in.

5. GPT software is not equipped to consider potential risks associated with a particular venture, such as competitive pressures, economic conditions, or legal issues.

6. The chatbot cannot provide an informed opinion on the feasibility and potential success of a business plan.

7. Chat GPT may not be able to distinguish between relevant information and irrelevant information when writing a business plan.

8. Chat bots do not have the emotional capacity to provide meaningful insight into topics such as customer service or organizational culture.

9. Many chat GPT programs are limited in their ability to understand complex text and as a result may produce inaccurate or incomplete information.

10. Chat GPT software is not able to provide feedback on the quality of the business plan, such as whether it meets all necessary criteria for success.

Overall, chat GPT programs have limited capabilities when it comes to creating an effective SBA business plan and should not be relied upon as the primary source of information or guidance. It is important to consult with experienced professionals when developing a business plan in order to ensure that all aspects of the document are accurate and well-thought-out.

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