No Money, No Problem

AI is a startup godsend. [Altucher Confidential] June 16, 2023 [WEBSITE]( | [UNSUBSCRIBE]( With ChatGPT and a drag-and-drop tool to build websites, I was able to punch out a homepage in an hour. [Hero_Image] No Money, No Problem By James Altucher Beginning of the largest stock run in history? A tiny stock is trading for around $1 and could potentially double overnight... ...and hand early investors a shot at one of the fastest gains of their lives. A run so massive it could turn every $10,000 invested into a shot at over $1,000,000 in the coming decades. If you do one thing today, take five minutes to see [this.]( Because with news of this story already starting to break… And shares of [this company]( have already up 20% in just the last 5 days… Come tomorrow, you’ll be very happy you did. [James Altucher] JAMES ALTUCHER Dear Reader, I’ve been ramping up my startup research over the past 6 months and have noticed a startling trend. Well, a few startling trends. With the advances in AI, it’s never been easier to launch a startup. Barriers to launching a startup, like building a website or writing ad copy that used to take weeks can now be done in minutes. For people who like to experiment and test startup ideas, the delivery of tools like chatGPT have been a godsend. Despite these tools, many startup entrepreneurs I speak with are missing the boat completely on how to make money. Most of the ideas I hear are some variation of - I want to take business X and automate it with chatGPT. Founders tell me that once they automate business X, people will line up out the door to pay for it. Some founders even tell me that if they had the money to pay an engineer to build it, they’d be able to prove it immediately. These ideas couldn’t be further from the truth… The Actual Truth Let's start with what they get right. Yes, there are a lot of opportunities to use ChatGPT to automate tasks that used to take time. And yes, someone might actually pay for it. However, there are at least two major mistakes with this line of thinking. Mistake #1: Founders believe they need money to launch their startup. Although this used to be the case, AI and no-code tools like Bubble have completely changed the math. Just last week I used ChatGPT to write code and build a bot that scrapes data every day from a government database. Two years ago, this would have been impossible to do without a software developer. Now, anyone with an internet connection, time, and focus can build this in a couple of hours. Hiring a developer has become one of the least important things for new startups today. Mistake #2: Founders believe that once the product is built, there will immediately be buyers. This is where I see a large majority of startup founders get tripped up. They are caught in what I call the ‘Field of Dreams’ trap… and think “If you build it, they will come.” While this might have been true once upon a time, it's actually very far from the case today. Too often, first-time early-stage founders will invest loads of time and money into building a product, believing that once it goes live it’ll be an instant success. Unfortunately, I’ve seen lots of these founders pour their lives and savings into building a product only to launch and have nothing but crickets. Because it has become so easy to build a product, there’s never been more competition for customers. Although building the technology used to be the hardest part of launching a startup, this is no longer the case. In reality, the hardest part of launching a startup today is being able to get customers cheaply. Cheap is key here because anyone can spend a small fortune and get customers. The best companies today are able to beat the competition by paying less for their customers. Think about companies like Tesla or Apple. These are two examples of big companies that would be successful without paying a cent for marketing. This allows them to run circles around their competitors that have to pay handsomely for every single new customer. The money they save on advertising can be spent on other important things, like paying top talent to help them build the best products - or in Tesla’s case - offer a great product more affordably than any of the competition. Biden Admin Furious Over This New “Alternative” Currency Take a close look at this photo: [Click here to learn more]( [What you see here is a new “alternative” currency that’s taking America by storm…]( One which could ruin Biden’s CBDC plans. It’s already popping across the nation… including Utah, New Hampshire and Nevada. [If you’re worried about Biden Bucks then you must watch this short 2-minute video where Jim Rickards breaks down how this “alternative” currency works…]( Putting it All Together So what’s the takeaway for aspiring startup founders? Ultimately, startup success does not require a team of developers or loads of cash (although that certainly helps). The most important skill for today’s startup founders is to figure out how to attract and sell to customers. In some ways, tools like AI make this easier than ever. The scraping tool I described earlier is part of a test I’m running to perform cold outreach to potential customers at the lowest cost possible. Even before I build the product, I am starting by testing whether I can get customers cheaply enough to make a profit. With ChatGPT and a drag-and-drop tool to build websites, I was able to punch out a homepage in an hour. I’m planning to test the website by building a fake checkout button and seeing how many customers try to make a purchase of a product that does not yet exist. If the test fails, I’m going to move on to the next experiment. I’ll save a fortune by testing if the product will sell before building it, and maybe I’ll learn something in the process. This experiment would have been far more difficult and time-consuming in the years before ChatGPT. Ultimately, I believe the people who will make the most money off of AI will not necessarily be people building nifty new AI tools that save time. These folks might do well, but like all hot new trends, many will fail. The better alternative for startup founders today is to focus on figuring out how to use AI to build customer lists cheaper than anyone else. In today’s crowded market, the ability to get customers at a low cost has become the most essential skill for building a successful business. Founders that focus on using AI to gain an advantage in sales and marketing will run circles around their competitors. *Note: If you’re trying to build a startup doing something super high-tech or complex, ChatGPT is probably not going to be able to build the application you need. However, most startups aren’t going to be building these types of products anyway. Regards, [James Altucher] James Altucher Editor, Altucher Confidential --------------------------------------------------------------- Warning: Will “Bidenflation” Destroy Your Retirement? [Click here for more...]( If you’re like most Americans, you’ve worked hard for decades to build your financial legacy. And now, as a result of Biden’s disastrous money printing policies, that’s all at risk. According to one top retirement expert, “Bidenflation” threatens to destroy your retirement and make your hard-earned savings worthless. That’s why you must take action right away to protect yourself… [Click here now to get the simple, step-by-step actions to survive “Bidenflation.”]( [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your Altucher Confidential e-mail subscription and associated external offers sent from Altucher Confidential, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@altucherconfidential.com. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized financial advice. We allow the editors of our publications to recommend securities that they own themselves. However, our policy prohibits editors from exiting a personal trade while the recommendation to subscribers is open. In no circumstance may an editor sell a security before subscribers have a fair opportunity to exit. The length of time an editor must wait after subscribers have been advised to exit a play depends on the type of publication. All other employees and agents must wait 24 hours after on-line publication or 72 hours after the mailing of a printed-only publication prior to following an initial recommendation. Any investments recommended in this letter should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company. Altucher Confidential is committed to protecting and respecting your privacy. We do not rent or share your email address. Please read our [Privacy Statement.]( If you are having trouble receiving your Altucher Confidential subscription, you can ensure its arrival in your mailbox by [whitelisting Altucher Confidential.](