While negotiating is a part of everyday life, learning how to negotiate is one of the most important skills an entrepreneur needs to succeed. In fact, negotiation is at the heart of every successful entrepreneurial journey.
Here are quotes on negotiations, why it is important for business and why this is a must-have skill for every entrepreneur.
If your gut tells you that a deal is too risky or that your partners seem untrustworthy, pay attention, step back, and reflect. If you go ahead anyway, do so with extra protection, especially in terms of documentation.
Timing is a critical aspect of any negotiation. Whenever you make an offer, give a deadline for acceptance. On the other hand, if someone tries to give you a deadline to accept a deal, simply say, ‘If that’s all the time I have, then the answer is no.’
Eighty percent of any negotiation will revolve around only four issues. Of the four issues, one will be the major issue and the other three will be secondary. Determine yours before negotiating.
The one who most wants the negotiation to succeed has the least bargaining power. You can only negotiate effectively on your own behalf when you are willing to walk away if the price or terms are unsatisfactory.
You never know the final price in a negotiation until you get up and walk away. Your ability to appear completely indifferent to the success of the negotiation is a key to your success.
No negotiation is ever final. If you get new information, or you are unhappy with the agreed upon terms, ask to reopen the negotiation. Be willing to adjust the price and terms for the other person as well if he or she is unhappy.
The aim of negotiating is to enter into an agreement such that all parties are satisfied and motivated to both fulfill their agreements and enter into new agreements with the same parties in the future. Never take advantage of another, even when you can.
Related Articles on Negotiations:
- Negotiation Strategies: Secrets on How to Close the Deal
- Deal with Anyone: Business Tips for Negotiations
- The Three Ts of Successful Negotiations: Trust, Time and Tactics
- How to Manage the Sales Negotiation Process
Books and eBooks on Negotiations:
- INSIGHTS: Reflections from 101 of Yale’s Most Successful Entrepreneurs
- Fundamentals for Becoming a Successful Entrepreneur: From Business Idea to Launch and Management
- Entrepreneurial Mindset: 20 Common Beliefs, Characteristics And Habits Of Highly Successful Entrepreneurs (Entrepreneur Mind & Success Mindset)
- Successful Entrepreneur : 11 Tips On How To Become Millionaire And Escape 9-To-5
- ENTREPRENEUR: The 25 TRAITS of ALL Successful Entrepreneurs (Competitive Advantage)