OUR Artificial intelligence at the heart of chatbots such as ChatGPTcaptivated and disturbed the planet at the same time. Many argue that software’s ability to write poetry, song lyrics, or movie dialogue could put millions of people out of work.

But ChatGPT doesn’t stop there. It is an all-powerful technology that offers an enticing path to easy money. A number of youtubers and tiktokers who teach economics advise: Let ChatGPT build your business while you sit back and enjoy financial freedom.

But experts in entrepreneurship and information technology say this is a misconception about how AI can help aspiring entrepreneurs. Almost every financial advice from ChatGPT reworks well-known strategies. These tools are most useful, they say, for people with real business ideas. For example, to develop a business plan or contribute to a marketing strategy.

Ethan Mollick, an associate professor at the Wharton School of Business at the University of Pennsylvania, said ChatGPT is not going to “demolish a billion-dollar idea.” Financiers advise caution when placing money in parallel ChatGPT “inspirations”, but this does not stop some.

Several YouTube and TikTok influencers have not disclosed how much they make from the business ideas offered by ChatGPT, but one said his YouTube channel is making $6,300 a month. The channel is dedicated to profit strategies using artificial intelligence.

But Entrepreneurship experts argue that social media videos are designed to attract followers and sponsorships, not to give actionable advice..

Regulatory measures are being strengthened

However, Europe has already taken the first step in regulating the artificial intelligence sector, as the European Parliament last week gave the green light to the relevant bill, which could become the first law on AI. around the world, according to the European Parliament.

The bill distinguishes artificial intelligence systems by classifying them into four levels of risk: unacceptable, high, limited, and low or no risk. Applications with unacceptable risk include those that parse or use sensitive information or use deception techniques to influence human behavior. And, of course, they are proposed to be completely banned in the European bloc.

As part of these rules, developers and technical leaders must conduct security, data management, and risk mitigation reviews before making public access available. You should also make sure that the data you use does not violate intellectual property rules.

Source: CNBC, Washington Post.