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Generative artificial intelligence and entrepreneurial performanceEntrepreneurship is one of the best ways for people to achieve their personal and professional goals, build financial security and make positive contributions to society.However, entrepreneurs must clear significant barriers in order for their ventures to succeed.Whereas accessibility for different people despite their circumstances is a definitive conceptual aspect of entrepreneurship, the lack of necessary financial capital, critical expertise gaps and other kinds of missing resources or support can (and do) account for the difference between entrepreneurial success and failure.Moreover, in practical terms, the availability of such resources is not equitable.It varies for different entrepreneurs based on many different factors.The advent of generative artificial intelligence (AI) has created new potentials for better equity, greater access and fuller democratization of vital entrepreneurial resources.However, many entrepreneurs do not understand how generative AI can be instrumental to entrepreneurial performance.There is no shortage of generative AI tools.They include Chat GPT, Stability AI, Claude AI, Fyber AI, Midjourney, OpenAI (Dall-E, Dall-E 2), Pictory AI, Synthesia and many more.In this editorial, we draw from our experiences and discuss some ways that entrepreneurs can use generative AI to improve venture performance capabilities and enlarge wealth creation capacities. Content and asset generationGenerative AI can automate content creation for entrepreneurs.Such content includes website copy, social media posts, news articles, mission descriptions and policy statements.The initial results of such content generation are typically rough.The work thus benefits from additional editing for quality and accuracy.Yet overall, the efficiency and effectiveness gains are substantial.Going beyond text and simple imagery, generative AI tools can also enable entrepreneurs to generate 3D models and advanced graphic design elements.Previously, such firm assets were obtainable only through expensive solutions, took a lot of time to produce and required the work of specialists.However, generative AI tools can work at this level to create logos, websites, marketing materials and even artificial photographs and videos.Because of the low costs, high production efficiencies and good quality of the work, entrepreneurs can save more of their time and energy for core business activities and venture growth. Automated operationsAutomation is germane to wealth creation because it enhances operational efficiencies.Certain general aspects of marketing and customer supportin addition to accounting and back-office operationscan be automated by generative AI.There is a range of "conversational bots" that are accessible to small firms.All such tools are discoverable via online research.Generative AI is also a powerful tool for building predictive models of performance trajectories, workflow trends, business model automations and operational structures.The insights provided by such implementations of AI can streamline processes, reduce costs and raise one's capacity for other important entrepreneurial work.With some
Tran et al. (Thu,) studied this question.