5 Myths To Stop Believing If You Want To Make Money With AI
Written by
Laura Beck
Edited by
Ashleigh Ray
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By now, you’ve undoubtedly heard all about how AI is shaking up the business world. With all the talk, you might be curious if it’s something that could work for your own company. It’s easy to get swept up in the excitement, but before diving in, it’s important to know whether AI is really a good fit for what you do.
The reality is that making money with AI takes more than just turning it on. You need to understand what it can and can’t do. AI may be able to improve how your business runs, but it still needs people, planning, and time. If you want to use AI to grow your income, you should know the difference between what’s actually possible and what’s just a misconception.
Here are 5 myths to stop believing if you want to make money with AI.
The AI Will Do the Work for You
You might be imagining that AI will take over your entire workflow and handle everything for you. This sounds really appealing — once you start using AI, you can just sit back and watch the profits roll in, right?
“If you want to make money with artificial intelligence, stop believing this technology will do your work for you,” said Thomas Brock, a chartered financial analyst (CFA) and certified public accountant (CPA) for Annuity.org.
“AI is a tool. You can utilize it to structure and refine your work, but you need to own the output. This is especially true for highly analytic and strategic endeavors,” he continued.
While AI can help analyze large sets of data or predict trends, it won’t generate success on its own. If you want to make money with AI, you’re going to have to actively engage with it, adjusting it to suit your specific needs.
“AI can actually improve your work by automating tasks and enabling you to concentrate on important matters instead,” said Rene Lacad, an entrepreneur and content creator at ReneLacad.com.
“Those who adopt AI tools can operate more efficiently and raise their income potential as a result,” he added. “Within my enterprises, we’ve implemented AI to simplify tasks, like analyzing data and producing content which has given us time to focus on making decisions that promote business growth.”
Unfortunately, when it comes to working with artificial intelligence, you can’t just “set it and forget it.” AI still needs human input and oversight to be effective. Yes, it can automate repetitive tasks, but it still needs someone to manage it, set the right goals and monitor performance.
AI Can Replace Humans Entirely
It’s true that automation powered by AI is transforming all kinds of industries. But it’s not going to make humans entirely obsolete.
“The narrative that AI will completely replace human workers has led to a misunderstanding about its true value,” said Scott Dylan, the founder of NexaTech Ventures.
“In reality, the most successful AI applications are those that augment human capabilities rather than replace them. AI excels at processing data and automating routine tasks, but it is humans who provide the critical thinking, creativity and empathy that AI cannot replicate.”
Dylan continued, “The key to making money with AI is finding that synergy between human intelligence and machine learning, not assuming one can replace the other.”
In other words, AI can handle some parts of the job, in some professions. But for tasks that require nuanced understanding, empathy or unique insights, humans are still indispensable. If you try to fully replace the humans in your business with AI, you’ll quickly discover that you still need humans, after all.
“AI can automate repetitive tasks and provide support, but human expertise is necessary for complex problem-solving and personalized interaction,” added Ryan Waite, the vice president of public affairs at Think Big.
You Need Huge Datasets To Succeed With AI
If you have a small business, you might think you’ll be at a disadvantage compared to large corporations. If they have access to massive datasets that you don’t, they’ll benefit the most from AI, right? Not exactly.
It’s true that data is important to AI, but you don’t necessarily need enormous amounts of it. Many AI systems are built to work with smaller datasets.
As Dylan explained, “While data is certainly important, smaller companies or startups can still achieve significant value from AI by focusing on niche applications, using transfer learning or leveraging pre-trained models. The myth that you need massive resources has scared off smaller players from investing in AI, which means they’re missing out on the potential to scale their business using more targeted AI strategies.”
Small companies can use AI to focus on just the data that’s the most relevant. The quality of the data is way more important than the quantity. Even if you’re operating on a small scale, don’t be discouraged from using AI in your business.
AI Guarantees Instant Returns
OK, so you’re ready to start using AI in your business, but when will you start seeing some profits? Can you just flip a switch and see your profits grow?
If that’s what you’re expecting, then prepare to be frustrated. Just like any other investment, AI takes time, testing and continuous improvement before it gives you real results.
“There’s a myth that AI will immediately transform a business’s bottom line, leading to unrealistic expectations,” said Dylan. “AI projects, like any other strategic initiative, take time to implement and fine-tune. Companies that succeed with AI recognize that the technology’s value often comes in gradual, cumulative improvements rather than overnight success.
“Profitable AI investments are built on long-term vision and iterative improvements, not a quick-fix mindset,” he added.
It might take months to see how AI affects your bottom line. The system will have to be trained and fine-tuned. Keep in mind that AI is a long-term strategy, not a short-term band aid.
AI Alone Can Drive Profitable Affiliate Marketing
AI can certainly help you to streamline and optimize part of the work of affiliate marketing, but it’s not going to make your affiliate marketing campaigns fully automated.
According to Waite, “While AI can optimize campaigns and target audiences, it needs strategic integration and continuous refinement to achieve desired outcomes.”
Affiliate marketing requires strategy, human creativity and building relationships with partners. And you still need to craft compelling content, connect with audiences and adjust your approach as needed.
“AI can enhance marketing efficiency and targeting, but it requires proper implementation and ongoing optimization to be effective,” continued Waite. “Also, given the up-in-the-air regulatory situation, the use of any AI-generated images in ads will likely require some level of compliance, which will require human oversight.”
Relying on AI alone without any other strong strategy is not going to give you consistent profits.
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