Negotiation is an important skills of entrepreneurs. Check out most common negotiating mistakes. THE 5 MOST COMMON NEGOTIATING MISTAKES 1. LACKING CONFIDENCE. Some people think it takes a bold or brazen personality to negotiate a deal, and others think experience is required. Instead, Lewis-Fernandez says negotiations takes tenacity and preparation. “Before you start the process, make sure you’ve identified mutually desirable terms, anticipated possible objections, and determined what motivators or ‘hot buttons’ will resonate with your opponent,” she says. “Projecting confidence also means having a heart, which is often endearing and gives the opposition a less defensive stance.” 2. ASSUMING THAT SOMETHING IS NON-NEGOTIABLE. When you think like a negotiator, everything is negotiable, says Lewis-Fernandez, who says one of her best negotiations was getting her sister to get out of a contract to purchase a car. “When you decide that the terms for anything can be changed in your favor, a world of opportunity presents,” she says. “Rules can be modified if you simply propose an ethical, viable, and mutually beneficial alternative solution. Powerful negotiators are rule breakers.” 3. NOT BUILDING RELATIONSHIPS FIRST. One of the biggest mistakes individuals make in negotiations is not getting to know their opponent. Slow down and make connections with people and you’ll glean useful information that can be used to identify what they value in life, what motivates them, and what annoys them. “You might be surprised how well you can leverage what you learn through a genuine conversation with someone,” says Lewis-Fernandez. 4. NOT ASKING. It sounds simple, but the key to successful negotiations is asking for what you want. Fear of rejection or the fear of looking greedy can get in the way. But know that rejection will happen. “Rejection is never personal,” says Lewis-Fernandez. “It’s merely a reflection that you did not present a viable argument substantiating why you should get what you want. Your offer was rejected, not you.” When you get a no, it means the other person needs more information. “Take heart in knowing that people say no an average of three times before they say yes,” says Lewis-Fernandez. “The only way to master the art of rejection is to get rejected and keep asking.” 5. TALKING TOO MUCH. Talking too much is a sure-fire way to kill a deal. In fact, Lewis-Fernandez says it’s not unusual for a salesperson to talk so much about a product or service that they talk you right out of the purchase. “Never underestimate the power of silence,” she says. “There’s an old adage: ‘He or she who speaks next loses.’ When discussing a deal, if you simply stop talking and get comfortable with the awkwardness of silence, your ability to win your argument, sell the product, or a get concession in the negotiation increases significantly.” Article was published on Fast company and written by STEPHANIE VOZZA dated 23 July 2014.
Posted on: Thu, 24 Jul 2014 16:48:20 +0000
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