The Worst Business Model in the World - Book Summary

Unlock the power of entrepreneurship with a twist — an unconventional approach to grow your wallet while nourishing your soul.

It's a frequently echoed sentiment — the best things in life come without a price tag, and wealth won't lead you to the gates of happiness. But let's face it, even though we resonate with these sentiments, the bills won't pay themselves.

The real challenge? Carving a path that allows you to earn a living doing something that fuels your passion. And, most likely, that won't be a traditional nine-to-five job.

That's where this unique guidebook shines. By charting out a distinctly unorthodox business plan, it serves as a compass for creative thinkers aiming to step away from the monotony of routine work in favor of a more enriching (and equally profitable) endeavor.

The strategy is crafted by entrepreneur Danny Schuman, fortified by practical wisdom extracted from detailed conversations with more than a hundred flourishing independent professionals. This entrepreneurial blueprint might just be the solution you've been searching for. Embrace it today, and who knows where you might find yourself tomorrow!

In the ensuing narrative, you'll discover

why having your very own personal "Susie" can be a game-changer;

how you can boost your income through a path that may be initially uncomfortable but eventually rewarding;

why over-prepping for meetings can sometimes just be a waste of precious time.

Experience the 'Us Doing Our Thing' model, a refreshing take on entrepreneurship that's both human-centric and enticing.

Anyone who's ever languished through a day at work, clock-watching until the minutes melted into freedom, knows the sweet allure of earning a living doing something they genuinely enjoy.

That's the promise of 'Us Doing Our Thing' or UDOT — a novel approach to entrepreneurship that harmoniously melds a smidge of structure with passionate pursuits, leaving ample room to figure out the nitty-gritty along the journey.

UDOT entrepreneurs, or 'UDOTs', are their own bosses, honing in on what they excel at and what truly sparks their interest.

Sounds appealing, right? There's a slight catch, though. UDOTs typically struggle with the nuts and bolts — the logistics and technical aspects that serve as the bedrock of success. Because let's face it, a business that can't manage a functional website or stay within the bounds of legal regulations is destined to falter.

The trouble is UDOTs tend to overlook these facets, either due to disinterest or lack of proficiency. They're more comfortable improvising as they go.

If you find yourself nodding along, this narrative is meant for you. Consider it the 'business' aspect of your passion project — the bare essentials that bolster the more exciting parts.

Yes, it makes the UDOT style of entrepreneurship sound like an unmitigated disaster in terms of conventional business models. Chaotic, maybe, but it's undeniably rewarding.

It doesn't square with the traditional concept of a business — it shuns meticulous planning and risk avoidance at every juncture. Nor is it fixated on maxing out profits. Instead, it's about savoring the present, cultivating flexibility, and defining success on your own terms.

Sure, you need to earn enough to live comfortably. But remember the age-old wisdom, probably imparted by your parents, that money can't purchase joy.

Few things nourish the soul as freedom does — the very thing that UDOTs hold in the highest regard. The liberty to pursue exciting opportunities and never fall into the rut of boredom.

Granted, it may come paired with the unpredictability of project-based work and a tinge of financial uncertainty. But the rewards far outweigh these potential downsides.

Imagine the perks — working on your own terms, spending more quality time with your loved ones, indulging in your interests, and having the privilege to decline work that doesn't resonate with you. Now that's priceless.

Believe in yourself and understand the true worth of your work.

Embracing entrepreneurship can be thrilling, but it isn't without its challenges. One of the hurdles you're likely to face early on is figuring out how to present proposals and determine your fees. It's a common pitfall to underrate your services and quote lower than what you rightfully deserve.

Here's a golden piece of advice — don't fall into this trap!

Earning what you're worth starts with the essential step of trusting yourself. A crucial part of this involves setting a fee for your clients that might initially seem daunting. But if you underestimate your own merit, you'll fall short of earning the income that truly aligns with the quality of work you deliver.

A simple but effective strategy is this: gauge what you perceive as a reasonable price and then double it.

Don’t shy away from this tactic, even when dealing with friends as clients. If they feel it's too much, they'll communicate their concerns, opening up the space for a negotiation to reach a mutually agreeable compromise.

As counterintuitive as it may sound, setting higher fees makes people value your work more. When they invest a significant amount, they automatically perceive your services as worth the expense. This, in turn, fuels your motivation to deliver even better results.

But self-trust extends beyond just the digits on your invoice. To build a solid faith in yourself, you need to sculpt an uplifting narrative that propels you towards your goals.

Indulging in self-pity is a treacherous pit. Once you've slipped into this mindset, it's challenging to crawl back out. You begin to perceive the world as plotting against you, even when it isn’t.

Avoid resorting to a tear-jerker tale when the path gets rocky. Rather, remind yourself of a time when you were immensely successful.

Reflect on a past project that left your clients awestruck. Revisit how seamlessly the work progressed and the joyful satisfaction at the successful completion. Harness these memories as a positive affirmation of your capabilities, particularly when you're on the brink of succumbing to self-doubt.

Embrace the notion that the world is rooting for your success.

As an aspiring entrepreneur, your mind is likely buzzing with an array of innovative ideas. But who can you turn to for guidance when it's time to breathe life into them?

To climb the ladder of success, you have to cultivate trust in the world. This involves conquering the fear of sharing your thoughts and time with others.

Ever heard the age-old adage, "What goes around comes around"? Life truly echoes this sentiment. Whatever you give is bound to return to you — often in greater measure.

When you possess knowledge that could potentially aid others, think of the profound impact you could make by sharing it. You could assist fellow UDOTs in setting up a website, steering clear of financial and legal snags, or drafting their invoices.

The author’s personal journey is testament to this. When he lost his job at an agency, he sought advice from other professionals to rebound and launch his own venture. Over a series of dinners, they generously imparted their invaluable wisdom and insights.

He discovered that people can be extraordinarily magnanimous with their time and expertise — a lesson he has since internalized. Today, he enthusiastically aids young entrepreneurs navigating their path.

Putting your trust in the world also involves believing that the next opportunity is always waiting in the wings.

As a UDOT, you'll need to grow comfortable with financial instability. You're bound to run out of money at some stage. But rest assured, another opportunity is always just over the horizon.

The most crucial thing is to constantly reassure yourself that it's bound to show up soon.

The author’s experience is a fitting example. His marketing firm, Twist, folded within six months when the funding sources dried up.

Although a tough pill to swallow, there was a hidden blessing — it granted him time to return to his long-lost love of writing.

After sharing blog posts chronicling his journey, a reader approached him with a project. This unexpected opportunity not only provided financial relief but also reignited his momentum. Before long, he was back on his feet and his business was flourishing!

However, remember that maintaining faith isn't a passive endeavor. If you're in need of work, don't hesitate to inform everyone in your network. Be it through social media posts or reaching out to a friend or colleague, keep all lines of communication open.

Though you stand alone, you're never lonely — celebrate generosity and share your resources.

If you've ever watched the TV series Mad Men, you'll recall how advertising titan Don Draper felt about clients — less than favorable! He loathed the mere thought of dealing with them.

However, for UDOTs, the perspective is quite different. They believe that when you genuinely care for your clients, you'll never feel isolated in your business journey.

Indeed, forging robust relationships with clients proves to be one of the most fulfilling aspects of being a UDOT, both from a financial and emotional standpoint. This appreciation isn’t grounded in financial gain — rather, it's rooted in the foundation of mutual trust.

The author rose to success by inviting prospective clients for lunch, in the hope that they'd consider offering him work. Years later, they remain central to his business, providing him with steady assignments.

This is a well-known fact among small business owners. A majority of their revenue is derived from repeat customers. However, expressing your love isn't sufficient — you must also demonstrate it.

Small acts of kindness can leave an indelible mark. A simple gesture like sending your most faithful clients notes or articles they might find intriguing can create a significant impact. The same holds true for modest gifts during festivals or special events.

Loyalty, in essence, is a virtue that pays back. By staying committed to your business partners, you ensure that you're never left stranded.

Regardless of whether it's a tech expert helping you develop an app or your hair stylist, each relationship carries a unique potential for benefit.

After all, these are the people who are more likely to pull out all stops to help you meet a seemingly insurmountable deadline or slot you in for a quick haircut on a bustling day.

Jumpstart your journey: Minimize meeting prep and capture fleeting ideas.

We've thus far explored the UDOT entrepreneurial model and its potential to enhance your business and personal life. However, kick-starting your journey and managing your time can sometimes prove challenging. Let's delve into two simple strategies to conserve precious time and set your business in motion.

It may seem paradoxical, but a valuable starting point is to forego extensive preparation for meetings.

Many entrepreneurs devote countless hours preparing for meetings and conducting exhaustive research on their clients. In contrast, UDOTs employ a more straightforward and efficient approach — active listening.

Consider the author's example. He expends no more than five to ten minutes prepping for a meeting with a potential client. This short span is sufficient to gather some basic information.

While some might label this approach as ill-prepared, he views it quite differently. By bypassing the laborious groundwork, he enters meetings with an unbiased mind.

Unburdened by preconceptions, he can actively engage with the other person, affirming his attention by asking relevant questions.

This technique is incredibly effective because it allows you to truly understand the individuals' concerns and their points of enthusiasm when you genuinely listen to them.

This approach not only conserves time but also boosts your efficacy in acquiring new clients. Think about it from their standpoint. Who is more likely to assist them — someone who is thoroughly researched and carries preconceived notions into the meeting, or someone who truly listens and aligns with their needs?

Here's another valuable tip: jot down critical thoughts and ideas the moment they strike you.

We've all had those exasperating instances when we're hit by a brilliant idea, only to have it evaporate due to a fleeting distraction.

Maybe you've experienced this — you awaken in the dead of night with the perfect resolution to a problem from your dreams. Yet, rather than noting it down, you drift back to sleep, confident that you won't forget it. By dawn, however, it's disappeared.

To ensure you don’t lose those sparkling ideas, form the habit of recording your thoughts as they occur. Consider this akin to an autosave function that safeguards your valuable ideas from getting lost.

The method you adopt is your choice. Whether you prefer the traditional route of pen and paper or wish to harness modern technology with apps like Apple Notes or QuickVoice Pro, the most critical thing is to archive your ideas before they slip away!

Discover your bliss: Indulge in what you love and broaden your scope ceaselessly.

You've likely heard it countless times — the road to success is paved with relentless hard work. While there's some truth in this mantra, it overlooks an essential ingredient for productivity — playtime.

Creativity blossoms when you afford yourself the luxury of leisure. The challenge lies in carving out the space and time to let this magic unfold.

The activities that ignite this spark could range from walking your dog, playing an instrument, watching television, or simply letting your thoughts run wild. Allow your mind the freedom to roam, and you'll be astonished by how often a stroke of genius strikes!

For a more adventurous approach, consider the practice of UDOT entrepreneur Kate Kimmerle, CEO of Revolution Beauty. Whenever she finds herself in a creative dry spell, she boards a flight to a vacation destination armed with nothing but a notepad, awaiting her eureka moment!

Then there’s Gretchen Rubin, the acclaimed author. She took a year-long sabbatical to figure out what could amplify her happiness in life. Her journey and insights culminated in her best-selling book, "The Happiness Project."

Striving for growth, acquiring new skills, and broadening your horizons are equally vital as recreational time.

In essence, you must occasionally throw yourself into the deep end. It may feel disconcerting, but discomfort is often a precursor to growth.

The rewards, however, make the journey worthwhile. Few experiences match the thrill of mastering something new. Push past your discomfort, and you'll emerge more self-assured and ready to conquer the world.

Take a leaf out of the author's book. When he launched his business, his computer literacy was limited to crafting a Word document. However, he devoted hours to learning how to formulate a business proposal and design a website.

Not only did mastering these new skills provide a sense of achievement, but they also proved instrumental as he continued to expand his business.

Wrapping up

The essential takeaway from this narrative:

Entrepreneurship is a diverse arena, reflecting the variety of the entrepreneurs who dare to venture. Your journey could be a relentless pursuit of wealth, or it could be a passionate quest to cultivate ideas that address pressing issues. Success manifests when you place trust in yourself and the world, foster robust relationships with your associates, and maintain a receptiveness to inspiration. Embarking on this journey with a buoyant mindset, you'll be astonished by the abundance of opportunities that come your way.