Question

Give your personal experience (in details) about the following:

Topic: Principles of Negotiation

Explanation of Learning Venue: personal experience (in details)

Description of the Learning Principle: personal experience (in details)

Application of Principle Outside Venue of Experience: personal experience (in details)

Answer 1

The art of negotiating is needed in the everyday life. However, mastering this art in the business world is critical to be successful in our careers, because poor negotiations can negatively affect our company’s future or cause us to lose important customers. Even when most negotiating strategies may seem natural, it's not uncommon for people to make mistakes. Luck and charm are not the causes of successful negotiations. Discipline and perseverance in the other hand, could unlock our ability to get the best deal possible under any circumstances. In the end, practice and preparation is what makes a good negotiator.In my opinion, the five basic principles for better negotiation skills are:

Information is the foundation of effective value creation. Without knowing who our counterpart is, it is almost impossible to establish any good negotiation points. We must learn who and how that person/company we are negotiating with is. What his/her background is and if possible, learn even about his/her hobbies and life interests. By knowing that, it will be easier to generate rapport with them. It is also important to identify the parties’ goals and issues. We must be aware of what issues are important for us and what issues are important for them. Also, we must identify what are our and their positions, interests and priorities in the negotiation.

Trust is essential for any conflict handling as well as in the value creation of negotiations. However, trust doesn’t magically appear or has to do with chemical compatibility. It must be built through relationships and even friendship. Like any project that is worth the effort, building relationships takes time and dedication. But how can we do it? We can start by discovering common backgrounds and interests. For this matter, we can also include in the negotiation approach team members that have shared interests with our counterpart. We shouldn’t forget that first impressions are very important; therefore it is essential to be aware of our body language, dress code and initial statements. We should also be careful with keeping our promises and being reliable. Finally, emotional intelligence comes to the table when is time to close the deal. We must use it to avoid looking too aggressive or arrogant when explaining our points of view. We should also use it to manage the other party’s emotions through flattery, humor and other methods to break any possible tension.