293 - ChatGPT - A Game Changer?

0:00Last Friday I did a video on ChatGPT4Zero and I'd encourage you to go look at that video. I talked about how I used it to create the thumbnail for that video, how I used it to give me the first draft of an email I wanted to send, and some of the other things that ChatGPT can do for us. But as I view it, it certainly is a game changer. You can take, as I mentioned in that video, PDFs of financials. financials. You can put them into ChatGPT as a PDF or a spreadsheet, ask it to calculate the EBITDA, cash flow, comment on the balance sheet, etc., etc. As I said also in that video, however, remember that when you've gotten financials from a prospect, you have signed, usually, a mutual non-disclosure agreement, an NDA.

0:57So if you're going to upload financials to ChatGPT, take the time to white out, I don't even know if they use white out anymore, but erase or delete or redact whatever you want to say, the name of the person, the business, the address, any identifiers on it. Because once it's on the internet, it's on the internet. And what you don't want is for that prospect to say, oh, I wonder what ChatGPT says about me, and find out that their financials are there. So word to the wise on that. Be careful. ChatGPT is a tool like any other tool. It can be used to help you. It can be used not to help you in some circumstances, just like any other tool.

1:51You can build things with a hammer and you can kill someone with a hammer. So let's stay on the use it for your benefit side of the ledger on that. But one of the reasons I say that ChatGPT is a game changer is if you think about social media today, most of the social media, and there's particularly things like TikTok, Reels, you wonder why you're always seeing the same subjects that come across. That's because these social media companies are smart. They understand how the mind works. They end up feeding you information. And that's a big difference between you being fed information and you choosing what information you want.

2:37If I think about that for a second, you can you can have these reels come to you and you are listening to watching someone else's agenda someone else's messages that they want you to see not messages that you necessarily see and a lot of times you'll go through the the real situation and you'll come to the end of it and say you know what the heck was that all about all I did was look at 50 reels on playing guitar or fixing a horse's foot or some comedian. As opposed to that, you are using ChatGPT to answer questions for you, work for you. You can ask it for prospects. You can ask it for problems in an industry.

3:28You can ask it for what it thinks as far as profitability. All of those things, you are directing the activity to get back to you based on what you need. How can I write a better email? How can I interview better? All of those things. And soon, if not already, I haven't checked today, the chat GPT-40 will give you the ability to interact with it by voice and to have essentially real-time conversations, which opens up a whole other series of possibilities. So when I started this process, this business acquisition process, it was way back in the 90s. At that time, I didn't even have an email address.

4:16We used fax machines. My mentor and I sent faxes back and forth like crazy. It's a different world today. It's a different world from when you would use a Rolodex and make cold calls. Are those contacts and are those cold calls still effective? They sure can be. But there are things like LinkedIn, email, chat GPT, et cetera, et cetera, that were not tools and make it much, much easier today than previously. So think of it as a tool that is there to do your bidding, to answer your questions. so if you are looking for how to go through this process again super important to know the steps go over to brucewhipple.com the acquisition advantage boot camp is there under the boot camps and courses and then additionally think about what it is you want to do have a plan write out that plan write out the daily actions and take daily action towards that if you want the secret sauce, that's it.

5:25Taking daily consistent action, certainly. Okay, if you're looking at how to start conversations with some of these people, again, go over to brucewhipple.com, sign up for the free course. That'll be conversation starters. If you want to go there directly, just go to brucewhipple.com forward slash free course. But think about whose to-do list you are working. Are you working someone else's to-do list or are you working your to-do list? And ChatGPT, if used right, will fall into the category of that's working my to-do list, not somebody who wants me to see a video, buy something, whatever else the intent of that is.

6:13So take action, keep pushing, and put that into effect and keep learning how to use ChatGPT to your benefit.