Prepare to Negotiate Your Salary (Or Anything): Crash Course Business - Soft Skills #7 | Summary and Q&A

TL;DR

Negotiation is about collaboration and finding creative solutions for everyone to win.

Key Insights

• 👨‍💼 Negotiation is a common part of life and business, involving collaboration and finding solutions to perceived conflict.
• 🥅 Preparation is crucial in negotiation, including understanding your goals, alternatives, and the other person's goals.
• 🤔 Goals can help in thinking of creative solutions that target what you really want.
• ✊ Knowing your alternatives gives you more power and leverage in a negotiation.
• 🙇 Understanding the other person's goals helps in creating value and finding win-win solutions.
• 🧑 Negotiating in person is ideal for building trust and understanding the other person's intentions.
• 👯 Trust is essential in negotiation, as people are more willing to find solutions when they believe their interests are being considered.

Transcript

Life’s all about give and take: Compromising over takeout choices. Trying for a different curfew. Haggling at a market or over the price of a car. So whether or not you consider yourself a businessperson, you’ve led a negotiation. And the first step to any good negotiation is preparation. You don’t want to head blindly into important decision-makin... Read More

Questions & Answers

Q: What is the first step to a successful negotiation?

The first step is preparation, which includes understanding your goal and what is important to you.

Q: What is the difference between distributive and integrative negotiations?

Distributive negotiation focuses on one limited goal, like price, while integrative negotiations allow for creative solutions that meet complex goals.

Q: How does having alternatives affect negotiation power?

Alternatives give you more power in a negotiation as they provide leverage and the ability to walk away if needed.

Q: Why is it important to understand the other person's goals in negotiation?

Understanding the other person's goals allows you to move away from distributive negotiations and create integrative solutions that benefit both parties.

Summary & Key Takeaways

• Negotiation involves two or more people with opposing interests and something the other person wants.

• The goal of negotiation is to solve perceived conflict by communicating needs and interests.

• Preparation is crucial in negotiation, including understanding your goal, alternatives, and the other person's goals.