For Entrepreneurs, It's All in the Art of Negotiation
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Negotiation is an art not a science because in this two plus two can be three,that's not the case with science.The one who masters this can become the lord of the game,but a Businessman juggling between multiple meetings single-handedly to completing menial tasks, They totally forget to equip themselves with skills that are required to be successful, negotiation being the most important one. Nearly every business requires hundreds of negotiations. So, if you can’t master the art of negotiation you can’t be a successful entrepreneur. However, it’s never too late to learn something new.
Keeping that in mind, Entrepreneur India is sharing few essential tips for entrepreneurs who are looking to improve their negotiation skills:
Find Out What You Really Want:
Negotiation is the second last stage of a deal before closing. It all starts with planning where you work upon your offerings and convince yourself first that the offering by you is unique and value for money. Once you are convinced of the offerings you may convince the ultimate consumer.
Manheer Singh Sethi, Co-Founder, Travkart shared that entrepreneurs must remember to plan and talk upon uniqueness, features and then remember where to stop as negotiating beyond a level may spoil the deal.
“Know what do you want and then understand what the other person need is. Also, bring them half level by showing the strong points you have. You can never negotiate with someone who believes what is mine is mine and what's yours is negotiable. So, remember to negotiate with the right person, at the right time for right product & services,” he said.
Become Insanely Well-networked:
Likewise, Deepanshu Manchanda, Co-Founder & CEO, Zappfresh feels the entrepreneur needs to be resourceful, well networked and well-read to get the most out of every negotiation.
“Information and strong network also help in building a position of strength which makes deal-making and cracking effective. Good communication bundled with an excellent sense of understanding will help you get a winning deal, “said Manchanda.
Sharpen Your Skills:
Running a startup and being an entrepreneur teaches you so much about attitude, character and developing skills you never thought you have. As a young employee in his father’s company, Vinay Kalantri, Founder & MD, The Mobile Wallet (TMW) was always taught to come up with solutions than problems. And, his father always encouraged him to find a creative answer.
Kalantri believes that approach is indispensable when you're running your own show and have no boss to ask for advice!
“Negotiation is one more skill that a startup entrepreneur must master. As the word negotiation is uttered, the burden of negotiation is visible on the face of first generation entrepreneur. To them, I would like to state that, remember we are negotiating day in and day out. We negotiate with our parents, friends, colleagues, family members and sometimes even with ourselves. So we already have the negotiating skills we just need to sharpen it for the benefit of our enterprise,” he said.
Have the Guts:
On the other hand, Nivesh Khandelwal, Founder & CEO, LetsMD considers in any negotiation, the person who has the guts to walk away has the higher chance of winning.
“One should research the person with who they are negotiating with. Also, know the organizations' needs and wants, it will help you to learn about the background. For Example, when negotiating with a fund know exactly what they invest in. You should always give the first offer. A negotiation, 90% of the time happens around the number thrown in the first offer,” said Khandelwal