Small Business Owners Embrace Generative AI for Growth, Seek Guidance in Navigating Technological Landscape – South Asia Time

Small Business Owners Embrace Generative AI for Growth, Seek Guidance in Navigating Technological Landscape

 July 16, 2023  

London — In a quest for growth and efficiency, small business owners are turning to the potential of generative artificial intelligence (AI), according to recent survey findings by GoDaddy. The survey sheds light on the adoption of AI among small businesses, revealing a mix of excitement and caution among entrepreneurs as they navigate the rapidly evolving technological landscape.

Engaging with 1,003 small businesses across the United States, GoDaddy’s survey found that 38% of respondents had already ventured into the realm of generative AI tools. Motivations varied, with 27% expressing sheer curiosity, while 11% aimed to leverage AI’s potential for business purposes.

However, a significant majority of 62% of small business owners remain on the sidelines, yet to embark on this transformative journey.

The survey highlighted a noticeable generational divide in the awareness and utilization of generative AI. Impressively, among Gen Z respondents (18-24 years old), 63% had already utilized generative AI for personal or business purposes. In contrast, the older demographic of Baby Boomers (over 55 years old) displayed the lowest rate of adoption, with an overwhelming 83% stating that they had yet to explore generative AI.

Despite the variations in adoption rates, the survey also revealed that 57% of respondents expressed a deep eagerness to understand the intricacies of generative AI and unlock its potential for their businesses. This underscores the need for comprehensive guidance to help small business owners maximize the benefits of this rapidly evolving technology.

A growing number of entrepreneurs, approximately 64% of those surveyed, are already experimenting with generative AI tools. Recognizing its immense potential, these small business owners aim to simplify tasks and focus on the core aspects of managing their ventures. Content generation emerged as the primary use case, with 64% utilizing AI tools for activities such as marketing assistance and blog drafting. Additionally, 29% of entrepreneurs have embraced AI to enhance customer service by drafting responses and providing timely support to their clientele.

Remarkably, the survey indicated positive outcomes for small business owners who adopted generative AI tools, with 75% reporting excellent or very well-performing results. Only a mere 4% expressed dissatisfaction with the AI tools they employed, highlighting the transformative potential of generative AI in addressing specific business needs.

Small business owners face numerous challenges in managing their ventures, including attracting new customers, driving revenue growth, maintaining work-life balance, effective marketing, and creating engaging content for social media and websites.

As small business owners continue to embrace the possibilities of generative AI, their efforts to streamline operations and maximize productivity are becoming increasingly evident. By harnessing the power of AI, these entrepreneurs are poised to overcome challenges, allowing them to focus on their core competencies and fuel the success of their businesses.