The emergence of Artificial Intelligence (AI) and automation is revolutionizing entrepreneurship, transforming the entrepreneurial scene, redefining business models and unlocking new frontiers for innovation. The benefits of AI and automation include increased efficiency and productivity in business, streamlining processes and increasing customer experiences. Robotic process automation (RPA) and AI tools minimize manual labour and streamline processes, allowing companies to dedicate human resources to more strategic endeavours. AI chatbots and robotic accounting software like QuickBooks and Xero simplify bookkeeping, reducing errors and saving time. Automated email marketing software like Mailchimp and HubSpot uses AI to optimize messages better, segment audiences, and enhance customer experience. AI-based recommendation engines like Amazon and Netflix recommend products and content related to previous interactions, resulting in greater customer satisfaction, increased retention, and brand loyalty. The convergence of AI-and-demand technologies is giving rise to new business models, enabling businesses to go global without the need for physical infrastructure. However, there are challenges and ethical issues that entrepreneurs must address regarding job displacement and skill building due to the adoption of AI technology. The adoption of smart contracts and smart contracts by entrepreneurs will improve business competitiveness, and boost business success.
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