Chat GPT, Its Limitations and Working, Business Ideas With Chat GPT

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You might have heard about Chat GPT from one or the other source, as it has created a new buzz in the world. It has shown people the power of artificial intelligence, but has put coders, journalists and search engines in an uncanny situation. While some call Chat GPT a path breaking initiative, others are perceiving it as a threat. It has been labelled as the Google Killer and job snatcher.

But what exactly is Chat GPT and how does it work, and how is it different from the Google and other AI initiatives. If you want to have these questions answered, then this article is for you. In this article, we will walk you through all these questions.

What Is Chat GPT?

Chat GPT is an AI driven chatbot released by OpenAI that was founded by Sam Altman and Elon Musk as a Not for Profit Organization. The full form of Chat GPT is Chat based Generative Pre-trained Transformer.

It is a smart chatbot that can engage humans in discussions, provide answers to the queries, solve math questions, simplify concepts, write and debug code, check grammatical errors, apart from other functions. It does so in a human-like language in a conversational manner.

It has been labelled as an alternative to Google, and even Google killer by few, as it provides specific answers to the prompts given to it in a matter of just few seconds.

Chat GPT has been trained so as to accept its mistakes, reject in-appropriate queries, make predictions and understand contexts.

This chatbot is still in its beta version, and as per the company, it is not free from mistakes yet. But the way, it has set our eyes rolling is an indication of how powerful it is. It has started finding applications in businesses, education, medicine and law, information and technology etc, and its use case is going to increase with every passing day.

Who Owns Chat GPT?

Chat GPT is owned by a company named as Open AI.

It is an American artificial intelligence company and was started in 2015 by Elon Musk and Sam Altman, among others.

Elon Musk later parted his ways from the company, and its current CEO is Sam Altman.

This company is very famous for GPT 3, Dall E, Clip, Codex, Whisper and Chat GPT.

How Chat GPT Works?

So you must be wondering how actually chat GPT works. Chat GPT works on the premise that humans have an identical set of problems and they have a given set of solutions.

To train Chat GPT, public data is fed to it, to make it understand the human problems and the expected solutions. Whenever any query is put to Chat GPT, it scans the entire data fed to it, and provides a quick answer.

To make the answers human-like, and to help it engage in a conversational way, chat GPT has been made on Natural Language Processing (NLP) technology. The conversational interface helps in in understanding the contexts and taking follow-up questions.

Chat GPT is different from the other chatbots, as its area of operation is very broad. It can provide answers related to planning, marketing, legal and medical issues, internet content etc.

It is worth mentioning here that process of feeding data to Chat GPT ended in 2022. So you can expect answers to the queries that emerged after its feeding got completed.

How Does Chat GPT work In Real Time?

In real time, chat GPT works as per the following steps;

  1. User makes a request.

    You go to the chat GPT website and input your query in the query box.

  2. Analysis of the request.

    The request is analysed by the algorithm of Chat GPT in the background. While analysing the request, user information, previous history and contexts are also taken into account.

  3. Scanning of data.

    Once the step 2 is complete, the chatbot scans the whole amount of related data, to arrive at a satisfactory answer.

  4. Response by chat GPT.

    Once, an answer is generated, it is then displayed on the screen in the real time.

  5. Taking follow up questions.

    Now, if you input the follow up questions, Chat GTP will once again follow the above steps taking previous context into consideration.

It is worth mentioning here that producing answers does not take an entirety of time. Rather, it happens in real time in a matter of just few seconds.

How to use Chat GPT?

As of now, there is no app to use Chat GPT. But, if you want to use chat GPT to experience the power of AI, you can do so by going to their website at openai.com.

After landing on the home page, register yourself to create an account. You will also have to provide your phone number.

After completing all the formalities, you will be able to use chat GPT.

Limitations Of Chat GPT? Where Chat GPT Fails?

In the following section, we will discuss the shortcomings and failures of chat GPT, and how it has still a long way to go, before it matches the hype that is surrounding it. You can check the Big problems with Chat GPT below;

1. It gets confused.

If you ask it about something which are more than one in number, it sometimes get confused. It takes some peices of information from all of them, and mixes them and provides you an answer that is not desirable at all.

I asked it to give me lyrics of ” Ae Dil hai Mushkil” song. There are actually two “Ae dil hai mushkil” songs, and what it did was that it gave me lyrics of the old song and then said that it was sung by the singer of the new song.

chat-gpt

2. It is not always right

Chat GPT is not always correct. This is what even OpenAI admits openly. According to the company, “Chat GPT sometimes writes plausible-sounding but incorrect or nonsensical answers.” This is quite understandable, as the chatbot is still in its beta version.

The underlying reason behind this faulty nature of Chat GPT is that it does not use internet to use resources to fetch a suitable answer. Rather, it uses the internalised date, to arrive at a conclusion, which sometimes is not correct.

It is owing to these incorrect answers that we can say that Chat GPT is yet not completely reliable in nature.

3. It is inherently biased

Since Chat GPT is trained on the basis of data, and any bias present in the data would definitely appear in the chatbot and its answers. It is also likely to imbibe the biases of its trainers. The result would be it producing sexist, racist and offensive stuff.

When UC Berkeley professor asked chat GPT to write a python code, to check whether a child’s life should be saved on the basis of their race and gender, it precipitated a hell lot of bias.

A similar concern was raised against a similar chatbot called Sparrow produced by Google’s parent company Alphabet. With the result, it never saw the light of the day.

Even though Open AI has raised the guard-rails, through which Chat GPT declines to accept the inappropriate requests, but that is not enough. The company needs to relook into the architecture, training data and goals of Chat GPT, so that the bias present in it is removed.

4. Single mode for input and output

This is one of the boring limitations of Chat GPT. It is designed so that you can give inputs only through one mode and that is the text mode. It does not accept any other input modes like images, audios etc.

Similarly, there is only one mode of output. It cannot generate images, audios or videos in output.

The company needs to look into this limitation, to make the chat bot more vibrant and user friendly.

5. It can’t answer new queries

Since the data fed to Chat GPT is of 2021, and of earlier years, it cannot therefore understand the queries that originated after that. So if you ask it any question pertaining to 2022, it wont be able to answer.

For example, if you ask it who is the prime minister of Britain, it says Boris Johnson.

Similarly, when I asked it to give me lyrics of “maan meri jaan” song, sung by “King” and released in 2022, it failed to do so.

It clearly means that Chat GPT is performing on the basis of outdated data and may lose it relevance with every passing day. The company needs to look into this shortcoming of Chat GPT to make it relevant for all times to come.

6. Short inputs and outputs

You cannot use long texts as inputs to chat GPT. If you do so, it gets hung and makes errors. Similarly, the output produced is also very short and unbecoming of a full fledged article.

If you ask it the follow up questions, it sometimes reproduces the answers, and some time loses the context.

7. Sustainability and Stability

Being an AI powered chatbot, Chat GPT requires a lot of resources in order to be up and working. It requires a lot of computational power and energy resources to be able to cater to the whole world. But, doing so is not going to be cheap at all. Owing to this reason, Chat GPT will have the sustainability issues, if it continues to be free.

Another issue, that is confronting Chat GPT is its stability. There are some instances when Chat GPT went down temporarily.

So, the company needs to check, how it can be sustainable and stable, in order to match the hype that it has generated in the world.

This was all about why Chat GPT is bad, and what its limitations are. Since Chat GPT is currently in its infancy stage, and hence might have a lot of limitations. But, the functionality, it has shown unveils its true potential. If the company continuously works to overcome the above mentioned limitations of chat GPT, it is going to evolve and be a potent rival of Google.

Best Chat GPT Business Ideas in 2023

In the following sections, we will explore the best chat GPT business ideas, that this AI bot is going to throw before us.

The business that we can do using Chat GPT are discussed below;

  1. Develop AI Chat Bots.
  2. Develop Your Own Products.
  3. Start & Enhance Your Freelancing Business.
  4. Language Translation Services.
  5. Curate Chat GPT Content & Sell It.
  6. Become A Unique Name Creator.

These ideas have been discussed in detail below;

1. Develop AI Chat Bots

This is a very novel concept with which you can develop chat bots for organisations and businesses using tailored data form Chat GPT.

The chatbots may be of various kinds, depending upon the business, it is catering to. They can be entertainment bots, planner bots or the customer care bots.

If you are developing a planner chat bot with Chat GPT data, it can help people plan their vacations, diets and finances. And if you develop a customer care executive chat bot for any business, it will respond to the queries posed by the customers.

In this way, the businesses will cut their costs, and you can also make money by selling these bots as premium products.

2. Develop your own products

With Chat GPT, you can develop your own apps, websites and plugins very easily as it can write custom codes for you. For all this to happen, you must have a know how of how to give proper prompts and how yo use the generated code.

If you are able to develop any plugin or app, you can make that available to public as a premium product and earn a good amount of money. You can also make it available free of cost and then monetise it through ads.

There are already some instances where users have developed applications using the codes generated by chat GPT.

Recently, the software company Replit tweeted that they tested out a web app with a couple of Chat GPT prompts and created a site in less than ten minutes. Similarly, an eleven year old kid recently created a text based app using chat GPT.

3. Freelancing Business

If you have a knowhow of website development or app development, then you can use chat GPT to accelerate your freelancing business. If you are already a freelance coder, then generating codes, developing websites and debugging codes must be consuming a lot of your time. But with chat GPT, it is a task of just few minutes.

In order to get the proper codes from the Chat GPT, you will have to give the proper prompts to the chatbot.

Not only this, as a freelancer, you can also make tailored ad campaigns and market campaigns for the businesses. Normally, it would take days to chalk out a specific campaign, but chat GPT is making it a cake walk now.

So, if you are already a freelancer or planning to be one, chat GPT can prove to be a messiah for you.

4. Language Translation service

This is yet another business that you can start using chat GPT. You can start language translation service to help businesses and organisations cater to the international customers.

Chat GPT is based upon Natural Language Processing (NLP) technology, which enables it to produce human-like text in a conversational way, based upon the inputs by a user.

With Chat GPT, you get potential to provide real-time life-like transalation services for various languages quickly and in a cost effective and better manner. This will help people from different linguistic backgrounds communicate with each other.

You can sell this language translation service to the international businesses and companies, especially the ones in legal and medical sectors, where translation must be accurate and precise.

5. Become a Curated Content Seller

In this age, unique content is very valuable in nature, and it is also in high demand. With chat GPT, you can generate the content ideas and outline. This content is available to lakhs of users and is therefore not unique in nature. This content, however solves half of your problem.

In order to make Chat GTP content saleable , you will have to organise it. The purpose of chat GTP is to just give you idea and the content, and your job will be to enrich and curate it.

This content can be in the form of Youtube video scripts or blog articles, and once they are curated, they can sell like hot cakes.

6. Be a Name Creator

Who does not want a creative, unique and catchy name for his business or organisation. But, every one is not creative. So, they pay people to generate unique names for their brands.

You can become a name creator and earn hundreds of dollars every day. To do so, you will have to give relevant input to the chat GPT, and it will provide you dozens of brand names.

Select few of those names, and post them on namingforce.com. If your names gets selected there, you will be able to get hundreds of dollars in return.

So, these were some chat GPT business opporutnities that you make use of in 2023. We are sure that you would have loved reading this article.

Also Check: What is GPT 4, and how will it be different from Chat GPT.

Also Check: What is Jasper AI?

FAQs On Chat GPT.

How Chat GPT works?

Chat GPT works on the basis of the data that has been fed to it. Once a query is asked, the Chat GPT scans the whole data available to it and then arrives at the suitable answer.

Is Chat GPT free of mistakes?

As of now, chat GPT is still in its beta version and hence it is not free of mistakes. Even the company itself says that it can make errors. But with the passage of time it is likely to be more effecient and error free.

How chat GPT is trained.

Chat GPT is trained on the basis of already available data which comprises of human problems, human history, human psychology and context related answers. This data is fed to chat GPT, and then its algorithm scans the whole data an provides relevant answers.

What are the limitations of Chat GPT?

Chat GPT is a very powerful AI chat bot, but it is not flawless at all. It has certain shortcomings which include 1. use of old data, 2. production of confused answers, 3. losing the context of the queries, 4. sustainability and stability issues, 5. single mode of interaction, 6. short inputs and outputs, and 7. biased nature.

Is Chat GPT flawless.

Even though Chat GPT is a very powerful tool, but it is not flawless. It has many flaws which include its biased nature, its sustainability and stability issues, its vulnerability to get confused, a single mode of interaction, usage of outdated data, among others,

Is chat GPT going to be free for ever?

As of now, Chat GPT is free of cost for all. But given the way, it is consuming energy and computational resources to keep itself up and running, we believe that it is not going to be free of cost in the near future. But, if it stays free, then consumers themselves are going to be the product.

What are some of the chat GPT business ideas?

Some of the best business ideas that can be executed using Chat GPT, are curating service for content generated by Chat GPT, language translation service, freelancing business, app and web development business, article generation business etc.

Who created chat GPT?

Chat GPT was created by OpenAI, that is a San Francisco based AI research company. It was founded by Elon Musk and Sam Altman. Later on Elon Musk left it and Sam Altman is currently it CEO.

Is Chat GPT going to kill Jobs?

Yes, Chat GPT is definitely going to kill some of the existing jobs, but at the same time it is opening doorway to the untapped and new opportunities. If it is going to kill jobs, it will also create jobs.

Hello, I am Mansoor Mir. I am a part time blogger and a full time teacher. I have an experience of more than 4 years in the Blogging field, and I love writing about Business, Cryptocurrencies, NFTs, Technology and Academics.