If you want to make $100,000 or more in any business, negotiation has to be in your Swiss army knife of skills hands down one of the most profitable skills you can ever learn.
In this video, we are going to go over the 12 skills you need to have to be a great negotiator and break that six figure mark this year!
Negotiation skills are crucial for entrepreneurs, as you will often find yourself in situations where you need to strike deals, forge partnerships, or resolve conflicts.
Here are some key negotiation skills that entrepreneurs should develop:
1. **Preparation:**
Before entering any negotiation, thoroughly research the other party, and understand their needs, priorities, and constraints. Know your own goals and limits as well.
2. **Active Listening:**
Listen attentively to the other party to understand their perspective fully. Pay attention not only to what is said but also to what is left unsaid.
3. **Communication:**
Clearly articulate your own needs, objectives, and constraints. Effective communication helps in building trust and finding common ground.
4. **Emotional Intelligence:**
Be aware of your emotions and those of the other party. Maintain composure even in challenging situations. Empathy and understanding can help in finding mutually beneficial solutions.
5. **Flexibility:**
Explore various options and alternatives. Sometimes, the best deals emerge from unexpected avenues. Adaptability is key.
6. **Problem-solving:**
Approach negotiation as a collaborative problem-solving exercise rather than a win-lose situation. Focus on creating value for both parties.
7. **Patience:**
Negotiations can take time, and it’s important not to rush the process. Be patient and persistent, but also know when to walk away if the terms are not favorable.
8. **Assertiveness:**
While being collaborative, it’s also important to assert your interests and stand firm on your priorities. Confidence in your position can help in achieving favorable outcomes.
9. **Negotiation Tactics:**
Familiarize yourself with negotiation tactics and strategies such as anchoring, framing, and concession management.
However, use them ethically and avoid manipulative tactics.
10. **Win-Win Mindset:**
Strive for outcomes that benefit both parties. Sustainable relationships are built on mutual respect and fairness.
11. **Post-Negotiation Follow-up:**
Once a deal is reached, ensure that both parties clearly understand their obligations and commitments. Follow up as needed to ensure that the agreement is implemented as intended.
12. **Continuous Improvement:**
Reflect on past negotiations, identify areas for improvement, and continuously hone your negotiation skills through practice and learning from experience.
By developing these negotiation skills, entrepreneurs can navigate the complexities of business dealings more effectively and build stronger relationships with partners, suppliers, investors, and other stakeholders.
I hope you enjoyed the video and got some great insight on what it takes to be a six figure negotiator in today’s business world.
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