Tips for Successful Negotiations

Tips for Successful Negotiations Series #008-Negotiating Skill  for Startups-Why?

Negotiating Skill Startup - Necessity

Negotiating skill startup- Why is  it essential?

All startup entrepreneurs, especially, solopreneurs will be required to negotiate on a host of things, like raising funds, hiring employees, fixing prices with customers etc.

Negotiating Skill Startup- A Gem

“A negotiator should observe everything. You must be part Sherlock Holmes, part Sigmund Freud.” – Victor Kiam

Tips for Successful Negotiations Series #007- Tips for Negotiating with Investors

Startup team may not have the required skills to negotiate with investors who are experts. Master the skills to be successful. Here is blog for you to start practicing!

Five negotiating tips for startups-SCOTT EDWARD WALKER

Check your emotions and remain disciplined. Be careful about becoming emotionally wedded to a particular deal. It’s easy to get excited when an investor waves some money at you – but you run the risk of getting drawn into the investor’s web (particularly the further along you get in the process).

It’s critical to understand this dynamic.  Startups often negotiate with people who are far more deal-savvy than they are (such as venture capitalists or corporate development professionals) and who are masters at playing on emotions.

Tips for Successful Negotiations Series #006-Develop Negotiating Skills-My Own Business Institute

  • Good negotiating skills will help you grow
  • Reasons for failed negotiations
    • Lack of confidence
    • Overconfidence
    • Not recognizing the other side's situation
    • Viewing as a win/lose situation
  • What is acceptable to the other side?
    • Determine market comparables
    • Pricing power
    • Determine the deal points for both sides
    • What special benefits will the other side derive?
    • What is their reason to buy or sell?
  • Comparison of "My Leverage" and "Their Leverage"
    • Chart out each side's leverage
  • Negotiating rules
    • Know what you want and how much you will pay
    • Ask the other side to make the first offer
    • When buying, require an asking price
    • Don't make an offer without contingencies
    • Be willing to walk
    • BATNA

Tips for Successful Negotiations Series #005-
Ego is a Big  Impediment for Success-

Wanting to be liked can also be a killer: You make a concession to win the other side's appreciation. Wrapped up in ego can be a dangerous determination to win at all costs.

Many deals are killed by pride and self-importance. You might not ask for information you need or be unwilling to give up something relatively minor that wounds your ego.

"Your goal should never be to win the negotiation," Mr. Kupfer says, referring to the desire to be able to brag afterward about how you crushed the other side. Often, he finds, such negotiators fare poorly, winning the one point they obsess about and not noticing other areas where they are unsuccessful in gaining their objectives. And if you talk too much, stroked by ego, you could be giving away information you shouldn't and are not listening to understand the other side's points.


Tips for Successful Negotiations Series #005-Avoiding Misunderstanding in Negotiations 

  • Clarify individual goals.
  • State the issues clearly.
  • Consider all viewpoints.
  • Clarifying meaning.
  • Source:

    Tips for Successful Negotiations Series #004
    Dealing With Unexpected Situations-Martin 

    Take a moment to catch your breath and follow these steps:

    1. Breathe and ensure you understand what was offered or said.
    2. Consider your options based on the objectives you want to achieve.
    3. Ask a few questions to verify your new position.
    4. If you are unsure what the best approach to the issue is, propose you get back to it later.

    Tips for Successful Negotiations Series #003 

    Compromise Necessary!

    Negotiation is not possible unless and until individuals learn to compromise to some extent and stop finding faults in each other.

    Tips for Successful Negotiations Series #002-Stay Alert 

    Keep your eyes and ears open during negotiation. Remember the other party would try hard to convince you and impose their decisions on you. You don’t have to fall a prey to the other party. If you are not in a mood to negotiate, it is always better to postpone it rather than messing up things.

    Tips for Successful Negotiations Series #001-Shut up and listen. 

    Ed Brodow-Negotiation Expert, Speaker & Author

    I am amazed by all the people I meet who can't stop talking. Negotiators are detectives. They ask probing questions and then shut up. The other negotiator will tell you everything you need to know – all you have to do is listen.

    Many conflicts can be resolved easily if we learn how to listen. The catch is that listening is the forgotten art. We are so busy making sure that people hear what we have to say that we forget to listen.

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