A Changing World and AI-driven Technology

As I reflect on my childhood and the stories my dad told me while growing up, I am prompted to draw parallels that are applicable in business, especially considering exponential technologies like artificial intelligence (AI).

One of the early trades he had been involved in was carpentry. As a matter of fact, he experienced so much pride, pleasure, and profit from his work; he often spoke about how his team did lab fittings for universities throughout Northern Nigeria.

Somewhere along the line of his craft, a hardwood heel for ladies’ shoes was one of the most lucrative niches of the business. His craft was successful because of his focus, discipline, and leading a life without the distractions of youthful exuberances. But when the union of the carpenters voted to go on strike, the market shifted. Customers crossed over to lighter and trendier imported heel shoes from China. By the time the strike was over, the customer preference was different and left little room for the local carpenters to practice their skill.

In retrospect, the lessons learnt are more apt in today's times of fast-evolving AI development.

1. Finding Niches and Specialisation

One of the most brilliant things he did was to tap into a very small niche—wooden heels for women's shoes. He found this particular lucrative and specialised field that put him ahead of everyone else. Ditto, for a street tailor in Nigeria, identifying an opportunity in her immediate market may lead to a decision to specialise either in traditional attire or in custom bridal wear, for example. She can then further create a comparative advantage by using artificial intelligence technologies similar to Tailornova or CLO 3D to create custom designs likely to appeal to her target market.

2. Discipline and Focus

My father's ability to focus intensely on his work was a great strength he possessed. He diligently worked and consistently put efforts into meeting the expectations of the market in the production of quality items. His early success was largely because of his discipline and work ethics.

Discipline remains important in today's hectic world. With more and more things asking for one's time, client engagement automation and AI-driven marketing technologies could be used to schedule posting, hence allowing the tailor to concentrate on perfecting her art and freeing her to concentrate on making high-quality clothing.

Discipline and focus give an entrepreneur a chance to be more intentional, keeping them focused on core practices, continuous learning, and long-term goals.

These attributes encourage regular reflection and adaptation through consistent evaluation and improvements. Such balance will keep businesses alert to potential challenges while driving sustained growth.

3. Beware of Overconfidence

When the association of carpenters went on strike for the reason that their craft was too important, it created a degree of chaos and business vacuum. Blinded by the success they experienced in the business, they began to think they were special, but the advent of cheaper, more aesthetically pleasing alternatives proved just how easily the market's forces could change.

This lesson is very relevant today as the entrepreneur can become more cognisant of consumer preferences and market developments by using AI tools to evaluate social media to identify trends and customer feedback, thereby positioning to identify the necessary changes and working to make the changes necessary to stay ahead of the competition.

4. Being Resilient to Change

Ultimately, what hurt my father's trade was the failure to adapt to the new market realities. The carpenters' association lost their competitive advantage in the market of ladies’ shoe heels as they could not compete with the foreign, more aesthetic substitutes. In the same way, the adoption of AI is no longer a choice confined to big organisations; it has become a necessity even for small businesses that plan to stay relevant.

For instance AI-enabled inventory management systems can help our tailor manage her operations and have supplies on site exactly when the business needs them. She can deliver a perfect customer experience by allowing clients to send in their measurements through their smartphones for custom fittings using AI measurement software.

5. Timing is everything

One of the most important things that can be learnt from my father's story is the value of time. Some miscalculation on the right time to start a strike by the association of carpenters led to a permanent loss of market share. Equally important is a timely adoption of technology. By using AI to understand the perfect timing when her consumers are most active on social media, the tailor can be equipped to introduce new collections or promotions. Similarly, the trends in fabrics can be monitored using AI-powered products and then go about making the necessary changes in his/her inventory.

Beyond the perennial lessons in business, my father's experiences remind me that flexibility, determination, and humility play an important role in today's rapidly changing world especially in this Age of AI

Nowadays, businesses have to adopt AI and other emerging technologies not just to survive but also to be at the top of their game. AI does much more for businesses than simply replace human procedures; it enhances decision-making, opens up new opportunities, and enables intelligent scaling of the business. The question we have to ask ourselves as business owners and executives alike is this: are we using AI for innovation and agility or remaining stuck with business-as-usual practice and approach? Reflect on your entrepreneurial journey. Are you adapting to changing market conditions? How have you implemented AI into your startup or business? Do you find the rapid advancement of technology difficult to keep up with?

Share your thoughts in the comments section, and let's discuss how we can go about adopting these exponential technologies to drive innovation in our businesses. Let us learn and grow together.