Turn your fear of AI into profit – follow these steps to transform your business and increase your profits.

July 31, 2024

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The opinions expressed by Entrepreneur contributors are their own.

For any entrepreneurs who fear job losses due to AI, it's important to remember that headlines only tell part of the story and don't always express exactly what you need to focus on. Over the last year, numerous articles have been published about AI replacing jobs. While this is true to some extent, we also know that AI is creating many new jobs. Journalists can choose which perspective to highlight. However, this article will not focus on convincing you, the readers, that more jobs are currently being created or lost, because what can you specifically do with this information? Nothing useful. Rather, this article asks you to look within and ask yourself if your thoughts align with the first question of this AI boom or the second: “Why is this happening to my job?” or “How can I make even more money with this disruption?”

If you're asking the first question, remember why you became an entrepreneur in the first place. The true spirit of entrepreneurship is to seize decisive moments, not run from them. If you're asking the second question, your mindset is already on the right track. Read on and good luck on your AI-blended journey. I'm happy for you.

Related: Entrepreneurs are using AI first. Here are 8 questions you should ask first.

Accept interruptions

But let's be honest: Whether you're an entrepreneur or a freelancer relying on the gig economy, it's an illusion to think that an industry will never be disrupted, especially given the rapid pace of technological development and the continued exponential growth curves. Generative AI is a prime example of this.

I too have been affected by the democratization and public availability of generative AI capabilities, as various services we offer at OBIS are in the data analytics space, and various large language models can write queries and code, troubleshoot and diagnose issues related to business intelligence, etc. But instead of wasting my time asking “why”, I have constantly challenged myself and asked “how can OBIS serve our customers even better today?” and most importantly, how can I use AI to our advantage and open up new ways to personalize the customer experience, create new services and deliverables, and overall just become the best AI advisor for customers during this massive technological shift? Having put our strategic thinking on paper, we are confident that we can do our best in the age of AI, and we are excited to watch the results.

Transform – don’t compete

Yes, AI will upend many opportunities for entrepreneurs and freelancers. Still, it's up to the people in those positions to decide if they want their jobs replaced or just changed by focusing on what makes them stand out in their portfolio. For example, let's talk about the jobs that are at risk of automation, as they're always cited as an example of how to live in the crosshairs of elimination.

My honest opinion on the roles at risk is a little counterintuitive – it's time to raise market prices, not lower them to “compete with AI.” You won't compete with AI because you aren't AI. You are a creative human who is able to understand nuance, context, and customer needs and do more specialized work than a generalized model that doesn't know the existing needs of your prospects and customers. Lowering your prices to get business out of fear of displacement signals a lack of confidence in your own value.

And yes, the shift we're seeing is significant. But it's also time to recognize that clients no longer come to you for the first pass, but for the last pass—and the last pass is what gets to market. This is where your expertise becomes invaluable. Your greatest assets are your unique perspective, creativity, and ability to tailor solutions to clients' specific needs. These skills deserve a premium price. When clients use your work to represent their brand and grow their business, they're not just paying for a service, they're investing in your expertise and human touch.

Your role isn't getting smaller in an AI-driven landscape—it's evolving. You're becoming more and more of a strategic partner, an expert who can leverage both human and AI-generated content to achieve optimal results. This evolution of your role justifies higher, not lower, prices. With that in mind, let's explore how you can reshape your portfolio to demonstrate your value in the age of AI.

Related: How to use AI to identify urgently needed solutions for your business

A pivot portfolio strategy for roles at risk

Here are five techniques you can use to market your services in a market saturated with AI-generated content – a pivot strategy for your portfolio:

Before and after presentations: Demonstrate your value by highlighting before and after examples of how you turned AI-generated work into polished, high-quality results. Emphasize the improvements in quality, relevance, and personalization that your human touch brings.
AI competency and industry-specific knowledge: Develop a deep understanding of the AI capabilities in your field and how they interact with industry-specific requirements. Depending on what is most valuable to your clients, use this knowledge to use AI effectively or differentiate your services from AI-generated work.
Data-driven validation: Run and share A/B tests comparing pure AI results with your improved work. Use concrete performance metrics to demonstrate the value you add to projects.
AI-powered strategy development: Create comprehensive strategies that combine AI analytics with your professional insights. Present clients with visual maps or plans that show how you can use AI to identify trends and opportunities while leveraging your expertise to develop actionable, tailored strategies.
Offer premium finishing services: Position yourself as an essential final step in the production process. Emphasize your ability to refine AI-generated designs or preparatory work into market-ready, high-quality results that are perfectly aligned with customer needs and industry standards.

Because let's face it: While AI is indeed changing the labor and gig economy landscape, it also presents incredible opportunities for those willing to adapt and pivot. By embracing AI and using it to improve your services, you can stay ahead of the competition and continue to thrive. The key to business success lies in your ability to capitalize on these technological changes rather than fearing them. So take these strategies to heart, adapt your approach, and let AI be the catalyst for your growth and innovation. And of course, reach out to me if this strategy interests you and you'd like to discuss it further.