ChatGPT simplifies the process of creating a business plan by providing natural language capabilities and guiding users step-by-step. From writing an executive summary to generating financial projections, ChatGPT can assist in every section of the business plan, tailoring the content to the user's unique needs. Effective collaboration with ChatGPT involves setting clear objectives, reviewing and editing the generated content, verifying data, and combining AI-generated insights with the user's industry expertise.