Entrepreneurship | wealthymatters

The “I Must Win” Mindset

June 19, 2014 2 Comments

wealthymatters The notion of “win-win” a dangerous trap while negotiating. So be very, vary wary of win-win. The win-win ideal tempts good-hearted people to buy into bad deals that they later come to regret.

Here’s why. Let’s say, for example that you adopt a “win-win” attitude with someone who has an “I-must-win” outlook, your “win-win” perspective almost guarantees you’ll be the only one offering concessions in order to reach an agreement. Since you are expecting the other person to be equally concerned about looking out for your needs, not only will you be disappointed,but you will find that the other person has helped themselves to everything they wanted,along with everything you freely offered.So basically you have a double ghata(loss),

Your best defence is to adopt the 3-Step Alternative to “Win-Win”- “wish, want, walk.”

1. Write down your wished-for goals.

2. Study what the opposition wants.

3. Write down the number and conditions at which you will walk away. Read more of this post

Filed under Entrepreneurship, Theory, Tool Kit Tagged with Business Brilliant, Lewis Schiff, negotiating, negotiating is a mental game, postaday

Of Business And Friendship

June 18, 2014 Leave a comment

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Negotiating Like Rockefeller

June 18, 2014 1 Comment

wealthymatters John D. Rockefeller had a difficult childhood. His family bounced between poverty and comfort because his father was a con-artist. The elder Rockefeller traveled the countryside of upstate New York selling patent medicine which was often simply “snake-oil.” The Rockefellers didn’t fit in the small New York village where they lived.Just like most small towns, everybody knew each other. Gossip and rumor spread like wildfire. And the village scorned Rockefeller’s father who they correctly labelled a snake-oil salesman. Whispers followed the family, they were excluded from social life and young John could not help but hear the vicious things the villagers said about his family.

Because they were ostracized, Rockefeller quickly developed a thick skin and a calm demeanor that helped him ignore the verbal barbs from the villagers who thought the sins of the father should blemish his son.Soon people began commenting on the boy’s almost Buddhist detachment from events that kept him from getting angry or flustered, even when his father committed the ultimate sin and abandoned their family.Throughout his childhood, Rockefeller built a fortress of calm.

And this fortress served him on his journey to remarkable success.When Rockefeller sat down to negotiate, it was impossible for people to emotionally manipulate him. Even when he sat in front of a hostile Congress who wanted to destroy the company he built, Rockefeller remained calm and composed during the crisis.Nothing could faze him. Read more of this post

Filed under Entrepreneurship, Theory, Tool Kit Tagged with building relationships, emotional manipulation, hostile negotiations, how to negotiate, John D. Rockefeller, maintaining relationships, negotiating like a billionaire, postaday, Robber Baron, stay calm and composed, the power of silence

So What Does The Person Really Want?

June 17, 2014 Leave a comment

wealthymatters Personally I like it best when a person uses the direct approach.So if they want something and they ask me nicely,I give them a prompt yes or no along with a reason,if required.If there are terms and conditions to my agreement,I outline them on the spot.If there is a wait,I make an attempt to set correct expectations.

If this about a sale or purchase I expect the other person to come to the table after having thought out what price they can live with.

I dislike long drawn out correspondence and fishing expeditions,along with the incidental time waste.

Unfortunately,in life I can’t always avoid the people who are too smart by half.They will always insist on taking an indirect and round about route,attempt to find out how interested I am,what is the maximum limit to which I will accommodate their demands,push me to give-up more,try to make me react to false leads,lie by omission or even commission,try to make me commit more by taking advantage of my hopes,introduce vague proposals that might be worked on in future as long as the current deal goes through on terms favourable to them,try to hold back on objectives of declared interest to me to try and force better terms for themselves,deliberately show interest in something else to draw attention from what they really want,play it cool by pretending disinterest,busyness etc.

In all these cases I find it best to downgrade the interaction,allot time only when I have nothing better to do,listen to all the stories and look for the points to which these very smart people keep returning to.This is what they really want and this is their weak spot.All the drama is to mask this weakness.They often have no option but to take whatever,if anything is offered to them.And they have no other prospects to pitch their deal to.