BRX Pro Tip: Amara’s Law
Stone Payton : Welcome back to Business RadioX Pro Tips. Stone Payton, Lee Kantor here with you. Lee, tell us about Amara’s Law.
Lee Kantor: Yeah, this is something I read about recently, and it really has come into play with the kind of the advent of AI where we’re at here with AI. But Amara’s law states that we overestimate the effect of technology in the short term, and we underestimate its effect in the long term. And AI is where that’s coming into play right now.
Lee Kantor: The businesses that win aren’t the ones betting everything on AI today or ignoring it completely. They’re the ones that are testing it. They’re learning from it. They’re integrating it where it makes sense. So I highly recommend, if you’re one of these people that think, oh, my business is not going to be impacted by AI, or I don’t have to learn about it because, you know, I’m nearing the end of my journey here, that is not true. It is so important for people to kind of learn about AI and lean into it a little bit.
Lee Kantor: This is where I think, at least to begin, the beginning of the beginning for you would be just pick one repetitive task and see if AI can handle it. You don’t want to automate everything. Just start with something small and learn. Just start tracking what AI tools are getting consistently better at.
Lee Kantor: Today’s AI is totally different than last year’s AI. There are so many improvements out there and so much impact that you can be having right now if you just start playing around with it.
Lee Kantor: We’re well beyond the hype stage right now. There you can really benefit if you just play around with it a little bit and see what it can and can’t do for you. And then just think about your industry. Where is your industry going to be if AI just keeps improving? And you have to position yourself for that future, whether you’re ending – you know, your entrepreneurial journey is coming to an end, and then you’re going to want to exit, you’re going to have to visualize what is going to happen to your business in the next few years. If you exit, you want to set the buyer up for success.
Lee Kantor: So, you have to think about the impact that AI is going to have in the next year or so. And in order to do that properly, you have to kind of play around with AI and learn what it can and can’t do today. And the more you play around with it, the more you learn how to use it, that’s where you’re going to see where the value is, and then you’re going to be able to see how this can impact the future of your organization.
Lee Kantor: So, Amara’s law says we overestimate the effects of technology in the short term, and we underestimate its effect in the long term. And if you’re not playing around with AI, you are going to live that loss.
