Entrepreneurship | wealthymatters

Hugh Hefner’s Finances

June 21, 2014 Leave a comment

wealthymatters I have found people fascinated by Hugh Hefner and his business.Personally,I think him more gas than substance.But just to be sure I was not missing something obvious,I tried searching for information on his finances.Here’s what I found:

Monthly Income:

Salary from Playboy: $116,667

Social Security: $1,896

Dividends and interest: $121,099

Rental property: $17,058

Income from HMH Productions: $15,808

Pensions and retirement: $413

Other miscellaneous income: $17,639

Total monthly income: $290,580 Read more of this post

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5 Negotiating Blunders

June 20, 2014 Leave a comment

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Every entrepreneur has to spend some time negotiating, whether it is with customers, suppliers, investors, or would-be employees. But the moment something careless just slips out while negotiating ,you get into trouble.Following are words you must never say in the course of a negotiation:

1. The word “between”: It often feels reasonable—and therefore like progress—to throw out a range. With a customer, that may mean saying “I can do this for between Rs 10,000 and Rs 15,000.” With a potential hire, you could be tempted to say, “You can start between April 1 and April 15.” But that word between tends to be tantamount to a concession, and any shrewd negotiator with whom you deal will swiftly zero-in on the cheaper price or the later deadline. In other words, you will find that by saying the word between you will automatically have conceded ground without extracting anything in return.

2. “I think we’re close.”: We all experienced deal fatigue,i.e.the moment when you want so badly to complete a deal that you signal to the other side that you are ready to settle on the details and move forward. The problem with arriving at this crossroads, and announcing you’re there, is that you have just indicated that you value simply reaching an agreement over getting what you actually want. And a skilled negotiator on the other side may well use this moment as an opportunity to stall, and thus to negotiate further concessions. Unless you actually face extreme time pressure, you shouldn’t be the party to point out that the clock is loudly ticking in the background. Create a situation in which your counterpart is as eager to finalize the negotiation (or, better yet: more eager!) than you are. Read more of this post

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Know This

June 20, 2014 Leave a comment

wealthymatters

Filed under Entrepreneurship, Theory, Tool Kit Tagged with get people to treat you nicely, get people to treat you well, postaday, reinforcement, teach people to treat you well

Mostly A Matcher

June 19, 2014 Leave a comment

Here’s my result from the GiveAndTake site,what’s yours?

According to your ratings, your primary style is matcher. This means that in your interactions with others, your core motivation is to maintain an equal balance of give and take. You probably spend many of your waking hours trading favors and keeping track of what you owe and what other people owe you.

As a matcher, odds are that you view fairness as a core value—you don’t want to be selfish, but you also don’t want to be so selfless that people can take advantage of you. When people in your network ask you for help, your instinct might be to consider whether they’ve helped you in the past, or are willing to do so in the future. When you work in teams, you’re willing to put in just as much as your colleagues do. At the bargaining table, you make sure that both sides walk away with what they deserve.

Based on your scores, you’re less inclined toward giver and taker styles. Givers aim to contribute as much as they can, without worrying about what they get in return. They spend many of their waking hours helping others, connecting people who can benefit from knowing each other, and offering mentoring and advice. Takers strive to get as much as they can, under the assumption that if they don’t look out for themselves, no one else will. To win, takers often focus on doing better than others and claiming credit.

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Givers,Takers And Matchers

June 19, 2014 Leave a comment

People differ in their preferences for reciprocity. Accordingly they can be divided into Givers, Takers and Matchers. Takers are people who, when they walk into an interaction with another person, are trying to get as much as possible from that person and contribute as little as they can in return, thinking that’s the shortest and most direct path to achieving their own goals.

At the other end of the spectrum, are Givers,looking to help others by making introductions, giving advice, providing mentoring, sharing knowledge,volunteering,giving their resources without any strings attached,etc.Very few of people are purely takers or purely givers. Most hover somewhere in between. That brings us to the third group of people, who are Matchers. A Matcher is somebody who tries to maintain an even balance of give and take. If they help you, they expect you to help them in return.They keep score of exchanges, so that everything is fair and really just.

The Givers are over represented at the bottom of the pyramid of success. By putting other people first, they often put themselves at risk of burning out or being exploited by takers.But also Givers are over represented at the top of most success metrics.In sales, the most productive sales people are actually those who put their customers’ interests first. A lot of that comes from the trust and the good will that they have built, but also, the reputations that they create. Read more of this post