While many entrepreneurs don't give it much thought, negotiating skills are among an entrepreneur's most important attributes. When you start or run a business, you negotiate daily, whether you're hiring an employee, leasing space or equipment, selling your products and services, or contracting with a vendor.
Becoming a better negotiator can help you get fair and prompt payment from your customers, as well as good service and terms from vendors. Negotiating also allows you to settle on contract terms that work for your company, and can help you hire and retain good employees.
There are four fundamental ways for you to become a better negotiator. You can:
- Read tips from experts or buy books on the subject
- Attend seminars in person or online
- Get personal coaching from a negotiation expert
- Hire a mediation or negotiation consultant to do your negotiating for you
Action Steps
The best contacts and resources to help you get it done
Assess your strengths and weaknesses
How good a negotiator are you? You may be better than you think.
I recommend: Take this quiz provided by the
SAB Negotiation Enterprises.
Brush up on your skills by looking and listening
There's no shortage of negotiating advice on the Web.
I recommend: The Program on Negotiation Clearinghouse (PON) at Harvard Law School is a gold mine of information; peruse tips and articles or browse books and DVDs produced by the experts at this world-class negotiation institute. It also offers many free downloads, including an online book of quotes and quips for negotiators called "
You Didn't Just Say That." An easy way to improve your skills is to tune into the "
Negotiating Tip of the Week," a podcast by Josh Weiss, a director at PON.
Negotiator Magazine (subscription is free) is a small but useful publication. Also see
Gaebler Ventures' tips for entrepreneurs.
Attend seminars
Since negotiating is a "think-on-your-feet" skill, there's no better way to improve than to practice. Seek out role-playing situations and look for courses specific to your needs, since people teach everything from how to negotiate buying a car to (trying to) negotiate Middle East peace.
I recommend: Take a two- or three-day executive seminar at
Harvard's PON.
The Aprenda Group and
Negotiation Dynamics are two of many private companies that offer training in negotiation.
Get help
A negotiation strategist can coach you on complex or emotionally weighty deals; he or she can also represent you if you don't want to go it alone.
I recommend: Find a consultant at
SAB Negotiation Enterprises. Get coaching on critical deals from the
Consensus Group.
Tips & Tactics
Helpful advice for making the most of this Guide
- Be willing to walk away. When you're too attached to the outcome, the other party has more power than you do.
- Keep your emotions out of the discussion. Stay neutral.
- Know that most parties always begin by asking for more than their minimum requirements.
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