Epic Entrepreneur Newsletter June 18, 2024
The #1 Newsletter for everything Business, Ai and Entrepreneurship!
by Dennis Berry, CEO, Epic Entrepreneur Media
by Dennis Berry, CEO, Epic Entrepreneur Media
Current Events in Solopreneurship
Solopreneurship is seeing notable trends and challenges in 2024. Many solopreneurs emerged post-2020 due to inflation and the pandemic, with digital tools like social media and e-commerce playing a key role in their success.
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Despite enjoying flexibility and independence, solopreneurs face high stress levels and financial instability, often relying on credit cards for funding. Nearly 60% plan to hire help this year to boost growth and reduce stress (McKinsley)
Additionally, solopreneurs struggle with isolation and burnout. While they benefit from quick decision-making and retaining all profits, the lack of support can lead to mental health issues. To manage, many join networking groups and online communities.
And, despite what we hear on every social media platform, 95% of all online businesses are making, on average, less than $900 per month.
And, the 5% who do make money average less than $4000/month… or LESS than $50k per year.
If you’re (finally) ready to build a stable profitable business without wasting (more) time and money, schedule a 1-1 coaching session (HERE)
AI and Climate Change: Revolutionizing Sustainability
Artificial Intelligence is making significant strides in addressing climate change. Recently, AI-driven models have been used to predict climate patterns more accurately, aiding in disaster preparedness.
Innovations like Google’s AI-based flood forecasting have been instrumental in providing early warnings, potentially saving thousands of lives. Furthermore, companies like IBM and Microsoft are using AI to optimize energy usage, reduce emissions, and promote sustainable practices.
Learn how we launch your entire business in just ONE WEEK.As we continue to face the challenges of climate change, AI stands out as a pivotal tool in creating a sustainable future.
Ai and Small Business Meme of the week – (Credit: D. Fletcher)
Top 5 AI Tools You Should Know About
- Luminar Neo by Skylum (Ai Tool of the week)Luminar Neo by Skylum is easy-to-use photo editing software that empowers photography lovers to express the beauty they imagined using innovative AI-driven tools. Learn more
- OpenAI’s ChatGPT 4.0
A major upgrade from previous versions, ChatGPT 4.0 offers enhanced conversational abilities and improved understanding of context, making it perfect for customer support and creative writing. Learn more - DeepL Write
This advanced AI-powered writing tool helps improve your writing style and grammar, making it an excellent tool for professionals and students alike. Check it out - Peltarion Platform
Peltarion offers an end-to-end platform for building and deploying deep learning models at scale. It’s particularly useful for businesses looking to integrate AI into their operations. Discover more - Aiva
Aiva is an AI composer that creates personalized music for your projects. It’s ideal for filmmakers, game developers, and anyone needing custom soundtracks. Find out more
Small Business and Ai 2024 Trivia
- Small Business Stats:
- About 64% of small businesses start with just $10,000 in capital, and some micro businesses get off the ground with as little as $3,000. Interestingly, around 25% of small businesses begin with no external financing at all.
- The average age of small business owners is around 50 years old, contrary to the popular belief that entrepreneurs are mostly young people. Additionally, 43.4% of small businesses in the U.S. are owned by women, showcasing a significant presence of female entrepreneurs (McKinsey)
- AI in Small Business:
- AI adoption is becoming increasingly common among small businesses, with many leveraging AI tools to streamline operations, enhance customer service, and improve marketing strategies.
A notable trend is the use of AI-driven chatbots, which can handle customer inquiries 24/7, thus improving customer engagement and satisfaction.
- Another interesting AI application is in data analytics, where small businesses use AI to gain insights from customer data, helping them tailor their products and services more effectively.
This use of AI for predictive analytics is expected to grow, giving small businesses a competitive edge by anticipating market trends and customer needs (Forbes)
These statistics highlight the growing trend of small businesses leveraging technology and AI to boost their operations, remain competitive, and enhance customer satisfaction.
Photo Ai Spotlight: Luminar Neo by Skylum
Luminar Neo by Skylum is easy-to-use photo editing software that empowers photography lovers to express the beauty they imagined using innovative AI-driven tools.
Effortlessly transform your photos with advanced generative AI technologies.
Interested in how it works, READ MORE HERE!
Stay tuned for more updates in the next edition of the Epic Entrepreneur Newsletter.
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If you’re struggling to navigate growth in your business, there are a few ways I can help:
1. Join the Epic Entrepreneurs Community on Skool (HERE)
2. 1-1 Business Coaching to (finally) monetize your business (HERE)
3. Epic Entrepreneurs Newsletter with 100,000+ subscribers (HERE)
4. Epic Biz Launch© – Launch your ENTIRE business in 1 week (HERE)
