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Forbes
2 days ago
- Business
- Forbes
4 Ways Young Entrepreneurs Can Use ChatGPT As Their Co-Founder
teen using chatgpt to help with his business Young entrepreneurs face a unique challenge: building businesses while managing school, limited budgets, and a lack of professional networks. With 66% of teens aged 13-17 expressing interest in starting businesses as adults, the entrepreneurial drive is strong, but the resources are limited. While young founders must rely on their creativity, empathy, and business instincts to succeed, ChatGPT has emerged as an unexpected solution: a $20-per-month co-founder that never conflicts with your class schedule and doesn't want equity. At WIT (Whatever It Takes), the organization I founded in 2009, I've watched over 10,000 young entrepreneurs navigate the early stages of business building. The most successful ones understand that AI can't replace their unique perspective or emotional intelligence, but it can serve as a strategic sounding board that amplifies their natural entrepreneurial abilities. Try this approach: "You're an experienced startup advisor. I'm a 17-year-old with an idea for [your concept]. Ask me 10 hard questions to evaluate whether this could make money and help real people." Example prompt: "I'm 16 and want to start a tutoring service for middle school students struggling with math. I'd charge $25 per hour and work after school and on weekends. You're my business advisor—ask me 10 tough questions to determine if this idea is realistic and profitable. Don't go easy on me just because I'm young." This prompt forces young founders to think beyond their immediate social circle and consider market realities. Unlike adult mentors who might sugarcoat feedback, AI delivers direct analysis that helps teens develop a realistic business sense. Young entrepreneurs often struggle to create professional-looking business plans, websites, and marketing materials with zero budget for designers or consultants. ChatGPT can draft comprehensive business documents, write website copy, and create marketing strategies that rival those of some agencies. Try this approach: "You're helping a teen entrepreneur create a professional business plan for [your idea]. Include market analysis, financial projections, and a growth strategy that shows I understand real business principles." Example prompt: "I'm a teenage entrepreneur creating a safety app for my generation. I need a comprehensive business plan that demonstrates my understanding of the market and outlines a realistic path to success. Include: 1) Market size and target customer analysis, 2) Revenue model and pricing strategy, 3) Development timeline and resource requirements, 4) Marketing approach specific to reaching teens, and 5) Financial projections for the first year." Example prompt: "I'm starting a podcast for teenage athletes about mental health and performance. Help me create: 1) Five compelling episode topics, 2) Interview questions that get guests to share meaningful stories, 3) Professional email templates for reaching out to potential guests, and 4) A content calendar for consistent publishing." Young entrepreneurs often excel at social media but struggle with strategic marketing that drives sales. ChatGPT helps bridge this gap by creating cohesive marketing campaigns that connect social media activity to business results. Try this approach: "You're my marketing strategist. I'm a teenage entrepreneur selling [your product/service] to [your target audience]. Create a complete marketing system: social media content calendar, email sequences, and sales messaging that speaks to my customers' real problems." Example prompt: "I'm a teen selling custom phone cases to high school students. My main competitors are big online retailers. Create a marketing system that includes: 1) Social media posts that highlight what makes my cases special, 2) Email sequences for turning followers into customers, 3) Strategies for getting word-of-mouth referrals from satisfied customers, and 4) Ways to create urgency without being pushy." The key difference for teen entrepreneurs is that AI helps them think strategically about their audience rather than just posting content that their friends might like. This shift from peer-focused to customer-focused thinking often determines which young businesses succeed. Young entrepreneurs face decisions they've never encountered: pricing strategies, hiring decisions, and partnership opportunities. ChatGPT provides analysis frameworks that assist inexperienced founders in navigating complex business decisions. Try this approach: "I'm a teenage entrepreneur deciding between [specific options]. Help me analyze the pros, cons, and long-term consequences of each choice. Include questions I should ask myself and potential outcomes I might not have considered." One teenage entrepreneur employed strategic analysis when deciding how to utilize the prize money from winning an entrepreneur competition. Rather than immediately scaling production, she invested in education and skill development—a choice that positioned her for sustainable growth. Example prompt: "I'm 16 and just won $2,000 in a business competition for my candle-making business. Should I use this money to buy more inventory, invest in marketing, hire help, or improve my skills? Analyze each option, including potential returns, risks, and what would help my business most in the long term." Young entrepreneurs gain specific advantages from AI collaboration that older founders might not experience: Time flexibility: Unlike human mentors, ChatGPT provides guidance at 2 AM or between classes. This availability aligns with the irregular schedules that most students maintain. No judgment about age: AI doesn't dismiss ideas because they come from teenagers. It evaluates concepts on merit rather than the founder's age or experience level. Educational value: Each interaction teaches business principles that enhance both entrepreneurial skills and academic learning. This dual benefit appeals to parents and teachers who want to see educational value in business activities. Cost-effectiveness: Most teen businesses operate on minimal budgets. AI consultation costs significantly less than professional business advice while providing comparable strategic value. Today's young entrepreneurs are creating ventures that older generations couldn't have imagined: mental health apps, sustainability platforms, and digital services that address problems adults might not have recognized. AI partnership enables them to build these businesses without waiting for adult approval or traditional funding. At WIT, we've seen teens utilize AI to develop business plans for a range of initiatives, from launching podcasts to creating fashion brands. These young founders aren't just copying existing businesses—they're identifying new opportunities and building solutions that reflect their generation's values and capabilities. The partnership model also teaches essential skills for the AI-driven economy these teens will inherit. Learning to collaborate effectively with artificial intelligence may be as valuable as the businesses they create. Begin by identifying a problem you've personally experienced or observed in your community. Use AI to validate this opportunity and develop a plan for addressing it. The key is maintaining your authentic perspective while gaining business sophistication through AI collaboration. Start with specific, detailed prompts that include your age, available time, and resource constraints. The more context you provide, the more relevant guidance you'll receive. Remember that AI amplifies your capabilities—it doesn't replace your creativity, empathy, or unique understanding of your generation's needs. The most successful young entrepreneurs utilize AI to think more strategically while maintaining the innovation and energy that give them an advantage over older competitors. For young entrepreneurs willing to learn prompt engineering and strategic ChatGPT use, this partnership offers something unprecedented: the ability to build professional-quality businesses while still in high school.
Associated Press
27-05-2025
- Business
- Associated Press
Deeper Bank Relationships Can Elevate Small Businesses
Most small business owners are chief everything officers. Even when outsourcing or hiring to fill needs, their hands run deep in operations, finance, marketing, technology, and sales. Consequently, some meaningful relationships go underdeveloped—including the important relationship between small business owner and bank. It's not that small business owners don't value their bank. Most do. Rather, for time-crunched owner-operators, the relationship is transactional. The bank is home to their accounts and the place to deposit and withdraw money. It's where they turn to access capital and loans. For some, the bank is even a resource for managing cash flow. Yet for many, the bank—and by extension their banker—is not a trusted business advisor. It should be. Conversations lead to more targeted solutions At the close of 2024, there were nearly 4,000 FDIC-insured banks in the U.S. Most offer a range of similar solutions. Even rates and terms tend not to vary dramatically. So, what differentiates one bank from another? What makes a bank feel more than simply a checking or savings account? The answer is simple. It is the relationship. It is a banker understanding the specific demands of a business and being able to provide much-needed advice and a tailored solution to a unique problem to achieve a specific outcome to help the business run better. In addition to being the wearer of many hats, business owners are experts in their trade. Often times, that expertise is not financial. But that's where business bankers come in. Their knowledge equips them to address a range of complex scenarios. From a knowledge of products that may improve efficiency and profitability to experience helping address a host of financial challenges, business bankers can offer advice and expertise that small business owners neither have themselves nor can easily access. Examples include payments and receivables, invoicing, liquidity management, process automation, and fraud protection. Business bankers are also well versed in cash flow management—the lifeline of every successful enterprise. The challenge is that financial operations is a bridge typically not crossed together. And this is a mistake, for the business…and the bank. In fact, the shift to a more consultative approach to business banking falls more on the bank than the business. Banks thrive when their clients thrive. Helping business owners understand how the money flows through their operation and where there may be opportunities to benefit from managing their collection and payable processes differently creates opportunities for all. Of course, this starts with conversations and building a relationship. Transforming the relationship between business and bank Banks realize differentiation is about more than the products and solutions they offer. Differentiation is about changing the relationship from transactional to consultative. KeyBank, for example, has launched a Certified Cash Flow Advisor Program. The program empowers business owners to navigate their financial operations by providing them with a highly trained advisor who can work with them holistically across the business to reduce friction, improve efficiency, and identify and act on opportunities for growth. This advice-driven approach goes beyond traditional banking and offers strategic insights that help owner-operators make informed decisions to reach their financial goals. It puts small business owners first and product-driven solutions second. This is as it should be. If business owners view their banks only through the lens of product catalogs to navigate and choose from, banking is just another ball to juggle and hat to wear. Conversations that matter Small business owners are accustomed to facing more challenges than their larger counterparts—the impact of COVID-19, high-interest rates, and tariffs are recent examples. Yet what makes small businesses vulnerable—size and scope—is also their strength. Typically free from the red tape and stakeholder interests, they can be nimbler and more quickly embrace innovative practices. Here are some conversations small businesses should be having with their banks. Small businesses are the backbone of our economy. As the challenges continue to grow, there is no doubt they are up to the challenge. And with greater commitment from banks to collaborate more than sell, small businesses are equipped for greater resiliency and success. About the author: Mike Walters is an Executive Vice President and President of Business Banking at KeyBank. He can be reached at [email protected] This is designed to provide general information only. All credit products are subject to collateral and/or credit approval, terms, conditions, availability and subject to change. ©2025 KeyCorp. All rights reserved. CFMA #250521-3232428 Visit 3BL Media to see more multimedia and stories from KeyBank
Forbes
10-05-2025
- Business
- Forbes
The Million Dollar Pivot: Sam Vander Wielen's Playbook For Online Entrepreneurs
Sam Vander Wielen When I Start My Business I'll Be Happy: A Practical, No-BS Guide to Successful Online Entrepreneurship turned one week old when I sat down with the author, Sam Vander Wielen. She was in the midst of a whirlwind of launch activities, which was evident in her voice—excited yet reflective. She just returned from her walk on a crisp New York City morning with Hudson, her beloved Bernadoodle. Her eyes brightened at the mention of her furry friend. 'He's been everything to me through all of this,' she said. Sam's career path from corporate attorney to online entrepreneur was anything but linear. The lack of fulfillment as an attorney came to a crossroads when she decided to double down on her health coaching side hustle. The pivot to her legal templates business (what she's widely known for now) emerged unexpectedly when she was attending a wellness festival to promote her health coaching services. Suddenly, she ended up with a line of entrepreneurs seeking legal advice for their businesses and her lightbulb moment became evident. "Sometimes your failures teach you more than your successes," she reflected. 'I was passionate about health coaching, but it wasn't a good business idea. My legal templates business was a great idea for a product. There was a lot of demand and not much supply. I also knew how to differentiate it.' Sam's business advice is contradictory from the marketing gurus claiming to follow your passion and guaranteeing overnight success. Centered on the book's title, the then-when approach to happiness rarely (if ever) pans out. Rather, as she states, happiness doesn't come from business success, but rather from how you approach life regardless of external circumstances. 'If you attach your happiness to external factors, you'll never be happy. It's just a carrot that keeps moving. Once you have a million-dollar business, you're surrounded by people with $5 million businesses and once again – you feel like you're not good enough.' When I Start My Business, I'll Be Happy: A Practical, No-BS Guide to Successful Online ... More Entrepreneurship I think what makes Sam's words connect deeply with readers is her vulnerability. She opens up about tragically losing both of her parents in a short time. Through these profound losses, Hudson became her emotional anchor. Sam's parents influenced her entrepreneurial spirit as they led by example. Her mother, a professional figure skater turned physician, made the career pivot at 41 – showing her that the unconventional path can be achieved through hard work. Her father's experience managing racetracks and marketing background gave her exposure to the business world. While many entrepreneurs seek to capitalize on expanding their offerings to increase revenue, Sam has intentionally kept her business primarily focused on a collection of legal templates she coined the Ultimate Bundle which has generated over $8 million in revenue. Her weekly newsletter, "Sam's Sidebar," reaches 47,000 subscribers – impressive for a topic many might consider dry. Her secret? What she calls the "broccoli and mac and cheese strategy." "I consider myself to be the broccoli because a contract or an attorney is something you need. However, everybody just wants mac and cheese. So I use that approach with my audience once they have the legal templates." 'Can you explain your marketing funnel in layman's terms?' I asked. 'I give something to the potential customer in order to invite them in my world, which in this case is a free webinar. After the webinar is completed, they will get a series of emails inviting them to get the Ultimate Bundle.' When asked about the relationship between money and happiness, Sam offered insights drawn from her own experience. "Money doesn't provide happiness. It certainly makes your life easier. I can pay for someone to do my yard, which makes me happy because I don't have to do it. But did it solve all of my life's problems? Of course not." Instead, financial success has allowed her to align her spending with her values—purchasing an electric car, supporting the Leukemia and Lymphoma Society with fundraising webinars in honor of her father, and caring for her dad when he was ill. When asked what advice she would impart on an ambitious person early on in their career, she said to always keep an open mind. It's the same philosophy that led her to discover her successful business. 'I didn't think of my main product when I started my business. I only started it because I listened to the feedback. If I had been closed off to it, I would've missed a big opportunity.' As we said our goodbyes, I couldn't help but notice the quiet confidence that comes from someone who has built success on her own terms. Sam Vander Wielen reminds us that sometimes our most meaningful success stories begin with noticing where people are already lining up to ask for our help, rather than forcing our preconceived notions of what our path should be. And perhaps most importantly, she offers a powerful reminder that the business doesn't make you happy - it's learning to find joy in the journey, no matter where the road leads. Click here to listen to the full interview with Sam Vander Wielen
CTV News
08-05-2025
- Business
- CTV News
Patriotic pointers: Tech tricks to help you buy Canadian
Watch Tech Expert Katrina German offers some advice on ways to help you support Canadian businesses
