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3 Financial Tips for Entrepreneurs Starting a Business

There are all sorts of variables to take into account when it comes to starting a business. The one thing that every business needs to stay on top of, though, whether big or small, is healthy finances. “Any business that stays in a precarious financial position for too long is bound to collapse at some […]

The post 3 Financial Tips for Entrepreneurs Starting a Business appeared first on Aiiot Talk – Artificial Intelligence | Internet of Things | Technology.

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There are all sorts of variables to take into account when it comes to starting a business. The one thing that every business needs to stay on top of, though, whether big or small, is healthy finances.

“Any business that stays in a precarious financial position for too long is bound to collapse at some point or another.” 

In order to start your new business off on the right foot and take proper care of your finances, follow these three tips. 

Tip #1: Hire Professional Help

Great entrepreneurs seldom do everything on their own. In most cases, their true talent is finding and surrounding themselves with smart individuals who have specialized talents that contribute to the growth and development of the company.

In other words, in order for your business to be successful, you’ll have to build a team of highly qualified people who can help you manage specific aspects of it, and provide you with valuable insight that allows you as a business owner to make informed decisions. 

There are a few basic areas where virtually every business owner could use some professional help. For example, every business has to keep track of its payroll and finances, so it would probably be a good idea to start off by hiring an accountant who can manage your business’s financial records.

Contracting the services of a lawyer is another important step, especially when you’re first setting up your business—after all, you’ll want to make sure that you’re in compliance with any relevant laws and that any contracts you draw up are valid from a legal standpoint. 

Lastly, if you really want to place yourself in a secure financial position, you might look into wealth management services. A wealth management advisor can offer you expert financial advice, help you develop a personalized financial strategy, and make smart investments on your behalf. 

Tip #2: Prioritize Building a Client Base

You can’t run a successful business without clients, which is why you should make building a client base one of your first priorities when starting a business. Before you, as an entrepreneur actually go out on your own, invest money, and establish a company, you’ll have to consider how you’ll be getting clients. You’ll need to ask yourself questions like:

  • Who will your clients be? 
  • What are their needs? 
  • What other businesses are competing for the same clients? 
  • Why will potential clients choose you over the competition? 

tips for entrepreneurs market research

The best way to find out the answers to these questions is to conduct market research.

Market research means collecting information and data about the market you plan on entering in order to determine the value of the product or service you intend to offer.

It’s a necessary part of starting any business, because if you jump into the market blind you may find yourself unable to consistently generate a profit. 

Conducting market research is also an essential part of creating an effective marketing strategy. You need to know who your target audience is, what they’re like, and what their needs are in order to stay competitive and build a sustainable client base. Whether you want to handle this task yourself or hire a market research professional is up to you. 

Tip #3: Create an Emergency Fund

Every business experiences highs and lows. Whether profitability is influenced by economic conditions, the competitiveness of the market, or even the seasons, all of these factors will change at some point or another and you need to be prepared in case of business dramatically slows down or temporarily halts, for whatever reason. 

For instance, right now many businesses have taken a huge blow due to the COVID-19 pandemic, and some have had to shut down entirely.

If something like this were to happen again and your business struggled to remain profitable or was forced to shutter for months at a time, how would you be able to financially manage it? 

The answer is that you would need an extensive emergency fund to hold you over until business picks up again. So, when you’re figuring out a budget for your new business, don’t forget to factor in regular contributions to an emergency fund that can help you stay in business when profitability drops and times get tough. 

By surrounding yourself with a reliable team, building a strong client base, and establishing an emergency fund, you’ll be setting yourself up for success and placing both yourself and your business in a more secure financial position. 

Source: https://www.aiiottalk.com/business/tips-for-entrepreneurs/

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How does it know?! Some beginner chatbot tech for newbies.

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Wouter S. Sligter

Most people will know by now what a chatbot or conversational AI is. But how does one design and build an intelligent chatbot? Let’s investigate some essential concepts in bot design: intents, context, flows and pages.

I like using Google’s Dialogflow platform for my intelligent assistants. Dialogflow has a very accurate NLP engine at a cost structure that is extremely competitive. In Dialogflow there are roughly two ways to build the bot tech. One is through intents and context, the other is by means of flows and pages. Both of these design approaches have their own version of Dialogflow: “ES” and “CX”.

Dialogflow ES is the older version of the Dialogflow platform which works with intents, context and entities. Slot filling and fulfillment also help manage the conversation flow. Here are Google’s docs on these concepts: https://cloud.google.com/dialogflow/es/docs/concepts

Context is what distinguishes ES from CX. It’s a way to understand where the conversation is headed. Here’s a diagram that may help understand how context works. Each phrase that you type triggers an intent in Dialogflow. Each response by the bot happens after your message has triggered the most likely intent. It’s Dialogflow’s NLP engine that decides which intent best matches your message.

Wouter Sligter, 2020

What’s funny is that even though you typed ‘yes’ in exactly the same way twice, the bot gave you different answers. There are two intents that have been programmed to respond to ‘yes’, but only one of them is selected. This is how we control the flow of a conversation by using context in Dialogflow ES.

Unfortunately the way we program context into a bot on Dialogflow ES is not supported by any visual tools like the diagram above. Instead we need to type this context in each intent without seeing the connection to other intents. This makes the creation of complex bots quite tedious and that’s why we map out the design of our bots in other tools before we start building in ES.

The newer Dialogflow CX allows for a more advanced way of managing the conversation. By adding flows and pages as additional control tools we can now visualize and control conversations easily within the CX platform.

source: https://cloud.google.com/dialogflow/cx/docs/basics

This entire diagram is a ‘flow’ and the blue blocks are ‘pages’. This visualization shows how we create bots in Dialogflow CX. It’s immediately clear how the different pages are related and how the user will move between parts of the conversation. Visuals like this are completely absent in Dialogflow ES.

It then makes sense to use different flows for different conversation paths. A possible distinction in flows might be “ordering” (as seen here), “FAQs” and “promotions”. Structuring bots through flows and pages is a great way to handle complex bots and the visual UI in CX makes it even better.

At the time of writing (October 2020) Dialogflow CX only supports English NLP and its pricing model is surprisingly steep compared to ES. But bots are becoming critical tech for an increasing number of companies and the cost reductions and quality of conversations are enormous. Building and managing bots is in many cases an ongoing task rather than a single, rounded-off project. For these reasons it makes total sense to invest in a tool that can handle increasing complexity in an easy-to-use UI such as Dialogflow CX.

This article aims to give insight into the tech behind bot creation and Dialogflow is used merely as an example. To understand how I can help you build or manage your conversational assistant on the platform of your choice, please contact me on LinkedIn.

Source: https://chatbotslife.com/how-does-it-know-some-beginner-chatbot-tech-for-newbies-fa75ff59651f?source=rss—-a49517e4c30b—4

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Who is chatbot Eliza?

Between 1964 and 1966 Eliza was born, one of the very first conversational agents. Discover the whole story.

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Frédéric Pierron

Between 1964 and 1966 Eliza was born, one of the very first conversational agents. Its creator, Joseph Weizenbaum was a researcher at the famous Artificial Intelligence Laboratory of the MIT (Massachusetts Institute of Technology). His goal was to enable a conversation between a computer and a human user. More precisely, the program simulates a conversation with a Rogérian psychoanalyst, whose method consists in reformulating the patient’s words to let him explore his thoughts himself.

Joseph Weizenbaum (Professor emeritus of computer science at MIT). Location: Balcony of his apartment in Berlin, Germany. By Ulrich Hansen, Germany (Journalist) / Wikipedia.

The program was rather rudimentary at the time. It consists in recognizing key words or expressions and displaying in return questions constructed from these key words. When the program does not have an answer available, it displays a “I understand” that is quite effective, albeit laconic.

Weizenbaum explains that his primary intention was to show the superficiality of communication between a human and a machine. He was very surprised when he realized that many users were getting caught up in the game, completely forgetting that the program was without real intelligence and devoid of any feelings and emotions. He even said that his secretary would discreetly consult Eliza to solve his personal problems, forcing the researcher to unplug the program.

Conversing with a computer thinking it is a human being is one of the criteria of Turing’s famous test. Artificial intelligence is said to exist when a human cannot discern whether or not the interlocutor is human. Eliza, in this sense, passes the test brilliantly according to its users.
Eliza thus opened the way (or the voice!) to what has been called chatbots, an abbreviation of chatterbot, itself an abbreviation of chatter robot, literally “talking robot”.

Source: https://chatbotslife.com/who-is-chatbot-eliza-bfeef79df804?source=rss—-a49517e4c30b—4

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FermiNet: Quantum Physics and Chemistry from First Principles

Weve developed a new neural network architecture, the Fermionic Neural Network or FermiNet, which is well-suited to modeling the quantum state of large collections of electrons, the fundamental building blocks of chemical bonds.

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Unfortunately, 0.5% error still isn’t enough to be useful to the working chemist. The energy in molecular bonds is just a tiny fraction of the total energy of a system, and correctly predicting whether a molecule is stable can often depend on just 0.001% of the total energy of a system, or about 0.2% of the remaining “correlation” energy. For instance, while the total energy of the electrons in a butadiene molecule is almost 100,000 kilocalories per mole, the difference in energy between different possible shapes of the molecule is just 1 kilocalorie per mole. That means that if you want to correctly predict butadiene’s natural shape, then the same level of precision is needed as measuring the width of a football field down to the millimeter.

With the advent of digital computing after World War II, scientists developed a whole menagerie of computational methods that went beyond this mean field description of electrons. While these methods come in a bewildering alphabet soup of abbreviations, they all generally fall somewhere on an axis that trades off accuracy with efficiency. At one extreme, there are methods that are essentially exact, but scale worse than exponentially with the number of electrons, making them impractical for all but the smallest molecules. At the other extreme are methods that scale linearly, but are not very accurate. These computational methods have had an enormous impact on the practice of chemistry – the 1998 Nobel Prize in chemistry was awarded to the originators of many of these algorithms.

Fermionic Neural Networks

Despite the breadth of existing computational quantum mechanical tools, we felt a new method was needed to address the problem of efficient representation. There’s a reason that the largest quantum chemical calculations only run into the tens of thousands of electrons for even the most approximate methods, while classical chemical calculation techniques like molecular dynamics can handle millions of atoms. The state of a classical system can be described easily – we just have to track the position and momentum of each particle. Representing the state of a quantum system is far more challenging. A probability has to be assigned to every possible configuration of electron positions. This is encoded in the wavefunction, which assigns a positive or negative number to every configuration of electrons, and the wavefunction squared gives the probability of finding the system in that configuration. The space of all possible configurations is enormous – if you tried to represent it as a grid with 100 points along each dimension, then the number of possible electron configurations for the silicon atom would be larger than the number of atoms in the universe!

This is exactly where we thought deep neural networks could help. In the last several years, there have been huge advances in representing complex, high-dimensional probability distributions with neural networks. We now know how to train these networks efficiently and scalably. We surmised that, given these networks have already proven their mettle at fitting high-dimensional functions in artificial intelligence problems, maybe they could be used to represent quantum wavefunctions as well. We were not the first people to think of this – researchers such as Giuseppe Carleo and Matthias Troyer and others have shown how modern deep learning could be used for solving idealised quantum problems. We wanted to use deep neural networks to tackle more realistic problems in chemistry and condensed matter physics, and that meant including electrons in our calculations.

There is just one wrinkle when dealing with electrons. Electrons must obey the Pauli exclusion principle, which means that they can’t be in the same space at the same time. This is because electrons are a type of particle known as fermions, which include the building blocks of most matter – protons, neutrons, quarks, neutrinos, etc. Their wavefunction must be antisymmetric – if you swap the position of two electrons, the wavefunction gets multiplied by -1. That means that if two electrons are on top of each other, the wavefunction (and the probability of that configuration) will be zero.

This meant we had to develop a new type of neural network that was antisymmetric with respect to its inputs, which we have dubbed the Fermionic Neural Network, or FermiNet. In most quantum chemistry methods, antisymmetry is introduced using a function called the determinant. The determinant of a matrix has the property that if you swap two rows, the output gets multiplied by -1, just like a wavefunction for fermions. So you can take a bunch of single-electron functions, evaluate them for every electron in your system, and pack all of the results into one matrix. The determinant of that matrix is then a properly antisymmetric wavefunction. The major limitation of this approach is that the resulting function – known as a Slater determinant – is not very general. Wavefunctions of real systems are usually far more complicated. The typical way to improve on this is to take a large linear combination of Slater determinants – sometimes millions or more – and add some simple corrections based on pairs of electrons. Even then, this may not be enough to accurately compute energies.

Source: https://deepmind.com/blog/article/FermiNet

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