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Negotiating like a Shark - Part One

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Information about Negotiating like a Shark - Part One
Business & Mgmt

Published on February 19, 2014

Author: blogsharktank

Source: slideshare.net

Description

Life is full of negotiations, and so is the Shark Tank. Entrepreneurs and small business owners present their products to the Sharks and have to negotiate a fair dollar amount in exchange for a stake in their company. The Sharks are seasoned entrepreneurs themselves who are well trained in negotiating to win. This presentation will help educate all those entrepreneurs and teach them the language and art of negotiating. This presentation is part of the Shark Tank Class series as seen on Blog Shark Tank (http://www.blogsharktank.com).
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Blog Shark Tank presents: Season 5 Issue 3 By: Jeff Hopkins Owner at BlogSharkTank.com

Getting To Yes Preparation  The Four Crucial Steps  Effective Communication  Controlling Emotions  Part Two Teaser

Almost everything discussed in this presentation is elaborated on in “Getting to Yes” by Roger Fisher and William Ury. I highly recommend buying this inexpensive book and reading through it before conducting any serious negotiation.

Preparation is around 85% of any good negotiation. Here’s how to prepare: • Know your underlying interests and positions • Form your plan and opening statement • Be ready to listen to what the other party has to say • Know your method for handing emotions • Understand your strengths and weaknesses • Create a method of reaching agreement • Form a BATNA (Best Alternative To a Negotiated Agreement) • Enter the negotiation as a problem solver

Separate the people from the problem • Be soft on the people, hard on the problem • Proceed independent of trust Focus on interests, not positions • Explore interests of each party • Look past the positions or titles

Invent options for mutual gain • Develop multiple options to choose from • Don’t be narrow-minded Use objective criteria to reach a decision • Reach a result based on standards, not just will • Yield to principle, not pressure

Speaking • Speak clearly • Speak to be understood • Speak about yourself • Don’t over-exaggerate • Don’t speak to argue

Clarify Reflect Encourage • To get additional or more accurate information • To show that you understand and care • To get the other party to open up and say more Restate / Summarize Explore • To check accuracy and confirm • To examine the situation and consider options

Watching hand gestures and listening carefully to tone are even more important than the words themselves. Words, 10 % Tone, 20% Body Language, 60%

Three ways to deal with emotions during a negotiation: 1. Recognize and understand both parties’ emotions 2. Acknowledge emotions as being legitimate, but don’t react to outbursts 3. If need to let out steam, take a quick recess in the negotiation

Here are some points which will be addressed in the next presentation:  Types of Conflict  Positives of Conflict Positional Bargaining  Barriers to Effective Negotiation  Dirty Negotiation Tricks Influence and Power

 Negotiating Like a Shark, Part Two  Choosing the Right Shark as a Partner

Follow us on Google Plus: Blog Shark Tank Follow us on Twitter: @BlogSharkTank Follow me on Twitter: @BusinessShark2

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