As humans, we all have things we want and a lot of the time we will not get them. This is perfectly normal.
On the other hand, the things we need, we can get them or we already have them.
The challenging part people struggle with is to define what they want or need. Starve your wants, prioritize your needs.
When negotiating a transaction or a deal it is crucial not to make the other party lose face. Have empathy and put yourself in the shoes of the other party.
Is your end goal to get the biggest percentage off this transaction or to develop a longterm valuable relationship for repeated transactions? You can ask for 90% of the profit or you can allow the other person to take more so they are happy to bring more business to you in the future.
If you are negotiating a new trade, great guidelines for the new process. You can inform the parties to meet at an agreed venue, at a specific time. Inform everyone to take notes if necessary and agree to a rule of engagement. I listen to everything the other party has to say and I make sure we agree that when I am talking every other person is listening. Negotiations create more value when there is mutual respect and understanding.
In some scenarios, you have to meet in person with different stakeholders and get their buy-in before you schedule a general meeting for all the individuals involved. The meetings before the meeting.
Be appreciative when the other party makes concessions and reciprocate. This builds trust.
Present several options to the parties and ask colleagues to make a choice. People like to feel important.
Negotiating with people from different cultures presents its challenges. Figure out how varying cultures express disagreement and make adjustments to your approach. Russians, for instance, are comfortable with expressing disagreement while Mexicans aren’t. You shouldn’t make someone from Saudi Arabia confirm what they have just said but this is acceptable with the western cultures.
If they rejected your idea, story or values, it is not the end.
Sometimes, we may buy a ticket to see a movie made by our favourite actor and we don’t like it.
We just rejected that idea or that story.
Work on it. We know you have what it takes.
Defining your purpose is vital. Why do you exist, why do you want to be a lawyer, an entrepreneur or a politician, why does your company exist?
As an entrepreneur, people don’t buy what you do. They buy your product or service because of your why?
We can feel the vibe about your company. Customers can feel your energy. If we don’t like the feeling, we will not associate ourself with your business.
When you start a business, start with why but know how to execute the idea. If you don’t know, figure it out or partner with someone who knows.
