Who are you?
When you perform improv comedy, it generally starts with a suggestion from the audience. In the course of your business, this suggestion is generally whatever your client is asking of you. Instead of "We're going to do a scene in a barbershop," it might be "We're going to do a scene about a website that needs to be built."
But first, you have to figure out a few things about yourself, and you have to think fast. Colin and Ryan established each one of these requirements in each of their first lines.
Character - what does your character do, sound like, look like? This is your opportunity to reinvent yourself into the business guru you always wanted to be.
Relationship - Are you co-workers? Ex-wives? No, you're probably a client, or a vendor.
Objective - What do you want or need to accomplish?
Conflict - Where do your objectives collide, and how do you resolve it?
Setting - Where in the world are you? (Probably on a conference call.)