Prompt Playbook: AI Entrepreneurship 101 Part 1

In this Playbook I’m talking about AI entrepreneurship. This is a concept I’ve been exploring and building out for the last year in my newsletter.

I too often meet two types of people.

On one side seasoned entrepreneurs who are convinced AI is just a passing fad and refuse to even consider how it might impact their industry.

On the flip-side expert AI builders who create fantastic AI applications but have zero idea how to monetise.

These two people illustrate why we're here. One has the tech skills but lacks business acumen, the other has business experience but is blind to the AI revolution.

The real opportunity lies in bridging this gap. This is the crux of AI entrepreneurship: bringing these two worlds together.

And that's exactly what we're going to do in this Playbook We're going to grow your AI knowledge and business skills in parallel, starting right here with the fundamentals.

Let’s get started

Speed and Volume

Building Your AI Knowledge Base

Let's talk about building your AI knowledge. I'm not saying you need to become the next Alan Turing, but you do need to understand more than the average Joe about AI.

Here's the good news - you don't need a Ph.D. to get started. In fact Ph.D. would probably harm your ability to bridge between AI and entrepreneurship. Don’t believe me? Ask yourself how many university lecturers are millionaires? 😅 

There are tons of free resources out there to help you build a solid foundation. I'd recommend starting with the courses on deeplearning.ai. They're free and absolutely brilliant.

Focus on courses like "AI for Everyone" and "Generative AI for Everyone." These will give you a great overview of AI concepts without drowning you in technical jargon.

Remember, the goal here isn't to become an AI developer (unless that's your thing, in which case, go for it!). The goal is to understand AI well enough to spot opportunities and communicate effectively with both techies and business folks.

This is Stage 1. As we progress through the week we’ll talk about developing your AI expertise - specifically into workflows, app building and consultation. But first: the basics!

Developing Crucial Business Skills

Now, let's talk business. If you're coming from a tech background, this might be new territory. But trust me, it's just as important as the AI stuff. We need to develop both simultaneously.

Start by brushing up on basic business concepts. Understanding things like market analysis, value propositions, and business models is crucial. There are great resources out there - personally, I'm a fan of the "Personal MBA" by Josh Kaufman. It's a solid primer on business essentials. It’s also free online. I actually have an MBA (and spend $100k+ on it) but still think the Personal MBA is more useful!

I also personally have a framework called BATON (Business, Audience, Tribe, Offer, Network) that I cover extensively elsewhere in Playbooks and full video courses. All my Playbooks cover specific business strategies and so are a great place to start fleshing out entrepreneurial knowledge. You can get them all in Premium.

Translating AI for Your Industry

Here's where things get interesting. You're not just learning about AI and business separately - you're combining them in a way that's specific to your industry.

This is how we’re going to make money. We’re going to focus our skill development on this industry and the problems within it.

We won’t be learning any and all things about AI and entrepreneurship.

Quite the opposite. We’ll be learning what’s relevant and specific to the needs of the industry. And learning by teaching, creating content, building projects, talking to people in the industry etc. It’s all specific.

Start with your own background. Where do you already have experience? Then, start thinking about how AI could be applied there. What problems could it solve? What processes could it optimise?

If you’ve worked in the education industry start here. If in eCommerce start there. If in manufacturing then start there. ALL industries need AI so you can combine your prior experience, contacts and expertise with AI to much more rapidly start to solve problems and build a business.

Your unique value as an AI Foundations Specialist lies in your ability to translate complex AI concepts into practical applications for your chosen industry. This will is your superpower and foundational to the rest of the Playbook.

Let's use a prompt to help identify some potential AI applications in your industry

You are an AI expert specialising in industry-specific applications. Based on the following industry, suggest 5 practical ways AI could be applied to solve common problems or improve processes:

Industry: [Insert your chosen industry here]

For each suggestion, provide:

1. A brief description of the AI application

2. The specific problem it solves or process it improves

3. The potential impact on the business (e.g., cost savings, efficiency gains, improved customer experience)

4. Any potential challenges or considerations for implementation

Present your response in a clear, easy-to-understand format that a business person without technical AI knowledge could grasp.

Run this prompt with your chosen industry, and you'll have a great starting point for understanding how AI can be applied in your field. This is just a starting point to get you thinking. As we move forward we’ll be identifying real world applications and focusing there.

Where to start?

You’ve got an industry where you’ll be building your business. You’re starting to learn more about AI. Great: that’s a powerful combination already.

But to really kick everything off I want you to start documenting your learning journey. Share insights about AI applications in your industry. Write blog posts, create videos, or start a podcast - whatever format suits you best.

The key is to make it valuable and accessible. Explain AI concepts in simple terms. Share case studies of AI being used effectively in your industry. Offer practical tips for businesses looking to adopt AI.

This content serves two purposes: it helps solidify your own understanding (this is the Feynman method of learning) and it positions you as a go-to expert in your field. It’s a 2 for 1.

This is basically how I build Prompt Entrepreneur. Researching, learning and then documenting everything in newsletter format and short form video.

Do the same but for your specific industry and you’ll be able to capture your niche. There are very few people doing this at the moment so a great opportunity to rapidly build a reputation and audience.

Your capstone mission at this stage of AI Entrepreneurship, should you choose to accept it is to prepare a workshop on AI for your industry. This isn't just a theoretical exercise - you're going to deliver this workshop, either online or in person.

Don't panic! Remember, you're not teaching people how to build AI from scratch. You're introducing them to the possibilities of AI in their industry. You're translating the complex world of AI into practical, actionable insights for your audience.

Here's a basic structure you could follow

1. Introduction to AI: What it is, what it isn't, and why it matters for your industry.

2. Current Applications: Real-world examples of AI being used in your industry.

3. Future Possibilities: Potential applications that could revolutionise the industry.

4. Getting Started: Practical first steps for businesses to start exploring AI.

5. Q&A: Address concerns and answer questions.

I personally deliver workshops for businesses and charge $1000-$4000 a hour. There’s a lot of demand for this, across all industries. If you are interested in licensing my materials and learning how to find clients, tailor and deliver workshops like this then there’s an application process.

What's Next?

Congratulations! You've taken the first step towards becoming an AI entrepreneur. By focusing on building both your AI knowledge and business skills, you're positioning yourself at the forefront of this exciting field.

In the next part, we'll dive into Stage 2: AI Workflow Consultant. We'll explore how to start applying your AI knowledge to optimise business processes and create value for clients.

Keep Prompting,

Kyle