Want to start a business? AI can help, business owners say

Entrepreneurs across the U.S. are leveraging artificial intelligence to launch and scale businesses more efficiently, according to recent reports. AI tools can now generate business plans, conduct market research, design logos, and even prototype products, lowering barriers to entry. Chris Franco, founder of New York-based marketing firm Woodridge Growth, told CBS News that AI eliminates excuses for not starting a business, as it can handle tasks ranging from content creation to financial planning. The rise of AI has coincided with record-high new business formations in the U.S., driven largely by solo founders, per Census Bureau data analyzed by Stripe Economics. Torsten Slok, chief economist at Apollo Global Management, argues AI reduces startup costs by enabling leaner teams and automating tasks like business plan writing. Angela Lee, a Columbia Business School professor and serial entrepreneur, noted that AI tools like Lovable can now build a website in minutes for free, compared to $20,000 spent on coders in the 1990s. AI also assists with operational efficiency, such as supply chain advice and financial planning. Albert Feldman, owner of Boston’s Sky Candle Co., uses AI to analyze sales data and optimize inventory, helping his small business compete with larger rivals. Ernie Tedeschi of Stripe Economics described AI as a tool to turn business ideas into reality by automating administrative tasks like form completion. While AI’s potential to displace jobs raises concerns, Slok predicts it will ultimately spur innovation and job creation if new ventures succeed. However, Lee remains skeptical, warning that founders may hire fewer employees despite AI’s efficiency gains. The debate underscores AI’s dual role: cutting costs for entrepreneurs while reshaping the labor market.