We've all seen those YouTube videos claiming you can get rich quickly by leveraging artificial intelligence (AI), with earnings ranging from £100's to £1000's per day. These promises can be enticing, but are they genuine? I'm here to tell you that they can be, at best, misleading, and at worst, deceitful!
In this blog post, I'll dispel some misconceptions and reveal three reasons why AI won't directly make you rich. But don't despair! I'll also discuss how AI can indeed contribute to improving your business's profitability, just not in the way those videos suggest.
The Reality Behind the AI Money-Making Claims
First and foremost, AI is not a magic money-making tool, contrary to what those misleading videos suggest. AI has inherent limitations that render it ineffective as a wealth creation asset.
Take AI writing tools, for instance. These applications scrape generic data off the internet, supplying you with generic information. This means you're unlikely to uncover unique or objective principles by relying on crowd-sourced data. This poses a significant problem for entrepreneurs, who are distinct in their approach to business. Entrepreneurs defy norms, forging their own paths, often separate from the mainstream highway. Consequently, AI, by relying on such generic data, delivers generic results which may be counterproductive to entrepreneurial principles.
Similar limitations can be observed with AI image tools used for creating digital assets, like Print-On-Demand products. These tools merely lead to a market saturated with identical content. The result is an overabundance of content, diminishing its uniqueness and competition.
AI video tools aren't without their issues either. They often struggle to foster genuine brand development and face difficulties with monetization on platforms like YouTube due to potential content scraping issues.
These points debunk the portrayal of AI as an effortless income-generation tool seen in many YouTube videos. It's disingenuous and misleading. The next time someone promises you can make £1,000 a day with AI, question their motives. If it were that simple, why aren't they doing it themselves?
Often, those YouTube creators might be earning more from their video content than the 'plan' they promote, a plan they likely aren't using or have no actual experience with!
The Entrepreneurial Mindset vs. AI
The core reason why AI falls short in creating niche assets is that entrepreneurship is primarily about problem-solving. Entrepreneurs provide niche solutions to specific problems based on their unique experiences and skills. AI lacks these experiential insights and skills as it heavily relies on crowd-sourced data, which is often generic, biased, and unsuitable for entrepreneurial applications.
Entrepreneurship is a mindset, not an algorithm. AI, with no mind of its own, serves as a pattern recognition tool seeking consensus, which is often incorrect. Additionally, there's the issue of AI 'controllers' who can steer the AI, potentially introducing biases.
I recall an engaging discussion I had with a chatbot, CHATGBT, regarding inherent biases. At first, it denied any bias until I explained that biases arise from presuppositions. Interestingly, the AI had been programmed to deny its bias, even when it was evidently present during a task I asked it to perform.
So, Where Does AI's True Utility Lie?
So, if AI isn't the path to instant riches, what is it good for? Simply put, AI serves best as a supplement to your skillset. It is a productivity tool that you can guide towards your objectives. It's crucial to understand that AI can't set objectives; it can only respond to them. As entrepreneurs or AI users, we need to direct it.
Despite the limitations of AI, particularly language models, they can still be beneficial