Why should we worry about entrepreneurship in the era of AI? Is there going to be a moment when entrepreneurs are no longer needed? AI presents a unique set of opportunities and challenges for individuals and businesses. AI technologies can provide entrepreneurs with unlimited access to data, analytics, and automation tools. These can provide better decision-making and optimized operations. Traditional industries such as harvesting and handicrafts can be disturbed by AI. These fields must adapt to the change AI makes or otherwise face the consequences of being left behind.

Gaining valuable insights is one important benefit AI provides to entrepreneurs. With machine learning algorithms entrepreneurs can analyze big amounts of data in real-time helping them make data-driven decisions that help improve products and services. Many routine tasks can be automated to be done by AI, making entrepreneurs more time to focus on the strategic aspects of a business. Chatbots can take care of customer surveys and automated inventory management systems make sure supply chain operations run smoothly.

The problem that arises from using AI in business lies in ethical concerns and in responsible customer data usage. Transparency and responsibility in business operations have become an important part of running a business. Ensuring responsible data collection and no further selling of collected data has become something companies have to take care of on their own to avoid major problems. AI systems must be prevented from getting into situations where they cultivate things such as inequality or discrimination. Entrepreneurs need to gain new skills for remaining competitive. The ability to adapt to changes in various industries is going to be a must. If these changes towards implementing AI into the industry are not made the danger of falling behind is very possible. Continuous development has been demanded throughout the years, but at this current pace, it has not been seen before.

The future of jobs

Using AI to hire employees. Data analysis from various sources can recognize the candidates for the job with optimal qualities. AI may use input from employees to their level of job satisfaction and even identify individuals who are likely to quit the organization. The Future of jobs report 2018, by the World Economic Forum, predicts that 75 million jobs could be lost, and 133 million new jobs created to adapt to the new division of labor between humans, machines, and algorithms. (The Future of Jobs Report, 2018).

Caused by the pandemic we have seen growth in remote work. According to Business Reporter, the work in the future will be done remotely, and routine tasks will be automated. The benefits of automation are reduced process costs and increased innovation, but to reach productivity-driven automation we need artificial intelligence and robotics. (Business Reporter),

The decline in the work-age population is something worrying. Europe has one of the oldest working populations in the world. By 2040 Europe-5 countries (Spain, Italy, France, Germany, and the UK) will have 20 million fewer people of working age. One-third of Europe-5 jobs are routine. Jobs that include little complex thinking, judgment, or human interactions are exactly the jobs that are most in danger of being eaten by automation. The less skilled workers are the most at risk of being replaced by automation. To battle this and maintain and enforce workers’ rights in Spain some judges have declared that a person cannot be fired simply because a company has implemented a new software or because a robot becomes more efficient.

To compensate for the loss of employees, retirement ages will rise, and lifelong learning will become an important aspect of professional growth. Workers who can adapt and learn on the job will prosper. Soft qualities like active learning, resilience, stress tolerance, and flexibility (which robots aren’t well-known for) will complement worker automation duties and make them more desirable. (Business Reporter)

There are several use cases of artificial intelligence. AI technologies are most widely used in the United States, Japan, China, and Germany. The vehicle industry has made a lot of use of these technologies. Times in the assembly line have dropped drastically with the use of intelligent systems. Instead of waiting for weeks to finalize processes they can now be completed in just hours. Some companies are already planning on converting whole factories to function completely by AI.

Conclusion

All businesses will be impacted by AI at some point. Whether you like it or not a change in this direction is happening. An open-minded attitude and willingness to accept new chances artificial intelligence creates are necessary. Many industries in the business world are being transformed by artificial intelligence. Its capacity to process incomprehensible amounts of digital information gives us humans the time to focus on more complex tasks. Humans can focus on solving complex technical problems and improve the quality of customer service while machines perform routine tasks with a low level of complexity. With AI taking over many routine jobs we´re going to need more creative and innovative minds to come up with new ideas and solutions to problems machines can’t solve.

Sources:

IT Chronicles, The Impact of Artificial Intelligence (AI) on Business, Anna Khmara, 2022:

https://itchronicles.com/artificial-intelligence/the-impact-of-artificial-intelligence-ai-on-business/

World Economic Forum, The Future of Jobs Report 2018:

https://www.weforum.org/reports/the-future-of-jobs-report-2018

Business Reporter, How automation will impact the future of jobs in Europe, Michael O´Grady, read 4.5.2023:

https://www.business-reporter.co.uk/technology/how-automation-will-impact-the-future-of-jobs-in-europe