Connecting the Dots: Entrepreneurial Process in the Age of Generative AI

Abstract

With the growing accessibility of generative artificial intelligence (GenAI) applications, it appears that these tools may be of high utility in the entrepreneurial context. Therefore, the goal of this exploratory study is to inductively investigate how contemporary entrepreneurs use GenAI applications, what for, and what are the potential implications of this phenomenon on the entrepreneurial practice. Through a comprehensive literature review, we highlight the notable findings within both entrepreneurship research and AI research, which we aim to embed our findings within. Our study is structured around a mixed methods design that combines a survey with individual interviews conducted among a sample of active entrepreneurs who use GenAI. The results showcase frequent and iterative interactions, characterised by a sense of mistrust towards the generated output. Moreover, we provide evidence that GenAI may support a vast array of tasks within the entrepreneurial context, including – but not limited to – sales and marketing content generation, research, business planning, idea generation and upskilling. Finally, despite a few identified pitfalls, we offer an optimistic outlook on GenAI-powered entrepreneurship and suggest multiple avenues for further research.