🔥 ChatGPT Tips Tuesday #26: What should be my next startup?

💡 ChatGPT Tips for the day

Based on popular demand from last week’s poll, I will try to explore using ChatGPT to generate some startup ideas.

I believe startup ideas generation is a good use case of ChatGPT. It has learnt a ton of information prior to 2021 so it should have a good understanding regarding what is a good start-up idea.

To keep it simple, here is the prompt template I have used:

Act as an experienced serial entrepreneur, generate 5 startup ideas in [industry]. 

For each startup idea, please
- Clarify the problem that the idea tries to solve
- Explain what the idea is
- Include a high-level estimation of the size of the total addressable market with data sources included
- Identify up to 3 existing competitors related to this idea

In terms of this template, I have gone with the most simple industry as the main variable so that you can tweak it for the industry you are interested in. The added description for each startup idea is just some good information so that you can have a good grasp of the startup idea shared.

Now the exciting time, see the following ChatGPT response from this prompt template. I have used real estate as the industry.

To be honest, this is not a bad startup idea. I like how it goes around the details about the problem and the idea so that you can validate them before investing your time in this idea. I won’t trust 100% the market size data given the risk of hallucination but at least it showed some good direction to further investigate.

If you are keen to see all 5 ideas in the real estate industry from ChatGPT, check this link: https://chat.openai.com/share/9dbb5d7c-a6ac-4e90-86e9-2b6db4021e0d

An alternative to this prompt template is to replace the industry with something else. For instance, if you already have a pain point in what you do, you can ask ChatGPT to generate ideas around that pain point for you. Here is my attempt at using pain point instead of the industry:

Once again, I think this is not too bad. This idea was actually something I was thinking about before as well, so I guess great minds think alike 😎.

If you are keen to check all the ideas that could solve this pain point for an online shopper, check this link: https://chat.openai.com/share/181a604a-00b8-4141-9dbe-1a845052149f

All right, so I hope you like this prompt template that could help you generate your next unicorn startup idea. If you do have any ideas to make this prompt even better, feel free to share them with our community 😁 

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