how to start your business FAST (inspired by Michael Scott)

Summary

This video breaks down how Michael Scott from 'The Office' exemplified business savvy when launching the Michael Scott Paper Company. The speaker outlines five key principles for freelancers and small business owners to succeed, emphasizing starting scrappy, assembling a free team of tools, tackling the hardest tasks early, knowing your industry, and gamifying slow periods. With practical advice and real-life examples, it encourages focusing on clients, being resourceful, and leveraging free tools while avoiding distractions like logos and websites until the essentials are in place.

Takeaways

• 💼 Michael Scott's success with the Michael Scott Paper Company comes from avoiding common business mistakes and starting scrappy.
• 🚀 Principle 1: Start scrappy and don't get distracted by non-essential tasks like logos or websites. Focus on getting clients first.
• 📞 Direct client contact through various platforms is essential for getting your business off the ground.
• 👥 Principle 2: Assemble a free dream team. Start with what you have, using free tools like Google Drive, Asana, or Notion to organize your business.
• 💡 A 'dream team' can be a set of tools, not necessarily people. These tools help you manage projects and look professional.
• 📈 Principle 3: Start with hard tasks knowing they are temporary. Take on various small jobs to build testimonials and experience.
• 📊 Doing different kinds of work at the start will help you identify what you enjoy and allow you to specialize later on.
• 🔍 Principle 4: Know your industry. Study your competitors, spot gaps in the market, and offer solutions that meet client needs better or faster.
• 🎮 Principle 5: Gamify slow periods. Use downtime to set challenges for yourself, like tracking cold pitches or building portfolio items.
• 🎯 Success comes from focusing on solving client problems, not on building fancy business elements early on.

Q & A

What is the first principle in Michael Scott's business strategy according to the script?

The first principle is to 'start scrappy' and avoid distractions like logos, websites, or business cards when starting a business. The focus should be on getting clients and revenue, rather than on appearances.

Why does the script suggest forgetting about creating a logo or website when starting a business?

These elements are labeled as distractions if there are no clients or revenue coming in. The script emphasizes that logos and websites don’t bring money directly, and the focus should instead be on acquiring clients first.

How does the Michael Scott Paper Company's pancake luncheon demonstrate a key business lesson?

Even though the luncheon had poor turnout, it still led to Pam securing her first sale. This highlights the importance of putting yourself out there, even when facing rejections or low responses.

What is the second principle from Michael Scott's strategy, and how can it be applied?

The second principle is to 'assemble a free dream team,' meaning don’t invest in expensive mentors or tools at the start. Instead, utilize free resources like project management tools, YouTube tutorials, and free versions of software to build your business foundation.

How does the speaker suggest using free tools to create an effective 'dream team' for freelancers?

The speaker recommends using tools like Asana or Notion for project management, Google Drive for organization, and tools like Dubsado for client onboarding, all of which are available for free or have free versions.

What does the third principle suggest about the 'hard things' in business?

The third principle is to 'start with the hard things' and accept that this phase is temporary. These difficult tasks, like waking up early or doing tedious work, are necessary to build credibility and gain initial client testimonials, which will help in the long run.

What does the speaker recommend freelancers do when starting out in terms of accepting work?

Freelancers should say yes to a variety of jobs to figure out what they enjoy and where their strengths lie. By trying different types of work, they can refine their focus over time.

What is the fourth principle about and why is it important?

The fourth principle is to 'know your industry.' Understanding the market, seeing what competitors are doing or not doing, and identifying gaps is crucial to offering a more relevant or specialized service that stands out.

How can freelancers use the knowledge of their industry to their advantage?

Freelancers can observe what competitors are not doing, such as niche specializations, and position themselves as experts in those areas. This could lead to offering more tailored services that address unmet client needs.

What is the fifth principle, and how does it help during slow periods in freelancing?

The fifth principle is to 'gamify' slow periods by setting challenges, such as tracking cold pitches or building portfolio samples. This keeps motivation high and helps freelancers stay productive when business is slow.