Growth & Stability in Doing Business: Understanding Importance of Negotiation

WE are “Free-thinkers”. Different people, Different perceptions !!!

WE is ME and WE as HUMANs THINK of ME ALWAYS Rather than the ISSUE at HAND. Answering to QUESTIONS WHAT, WHEN WHY is the Need of the HOUR

The World would have been so much different if everybody thought the same way. If everyone says YES spontaneously to our every wish, thought or feeling life would have been so much easy.

But life doesn’t work that way and if you want to do well, the ability to negotiate properly is absolutely critical in your day-to-day activities. The ability to negotiate successfully in today’s business climate that is characterized by conflict, disorder, or confusion can make all the difference between success and failure.

HOW Do WE MEASURE SUCCESS?

Is TIME MONEY for Every Individual?

IS TIME A CONSTANT in FIVE DIMENSIONAL WORLD?

DO WE or ME Evaluate OURSELF on a DAILY BASIS...OR

We are in a RAT Race to PROVE that YES I AM BETTER THAN YOU?

Always remember that there is a rhythm to everything. Don’t push it. When it comes to business, check your ego at the door and keep your eye on the big picture at all times while negotiating.

Be Better YOU to evolve & revolutionize YOUR inner desires: Be smart to make the right move to excel in your Business.

Every Human Mind has to evolve on its own. BE YOUR OWN TORCHLIGHT

As quoted by Brad Lea Don’t wait for the perfect time to make your move. Start where you are, use what you have, try for more than you think you can achieve.

My take: Be the best version of you than yesterday and the universe will conspire to make it happen. Give your business what it needs to thrive and it will reward you for years to come.

The single biggest reason why startups succeed is being better version of YOURSELF.

Neither party holds all the aces while negotiating and both parties want to win therefore preparation is key to success. While negotiating, the biggest mistake most entrepreneurs make is that they themselves are not consistent and accurate of what they really want. Before you set foot in a negotiation it is very important to understand what you want and what is the best option if you don’t reach a deal. That will prevent you from agreeing to terms that are unacceptable to you and you’ll know when to stop.

Negotiation is all about relationships. The wise negotiator establishes the relationship before proceeding further because you’re not just creating an agreement, you are cultivating a long term reputation. Be calm, patient, and friendly, even if the other person starts losing their cool. By maintaining a good rapport with everyone at the table, success is all yours.

Honesty, integrity and dignity are palpable qualities, and the foundation upon which constructive negotiations are built. Gain the trust and respect of the other party not only as a businessperson, but as a human being. Moreover before you start the negotiation, ensure that the other party is fully empowered to make binding commitments.

You'll never get what you don't ask for, so be bold and aggressive while presenting your offer at first. The successful negotiators are optimists. Expect more even if you don’t always get more. Inorder to achieve higher results, a proven strategy is to begin with extremes. For example a seller should ask for more than he expects to receive, and a buyer should always offer less than he is prepared to pay. This way you will always have something to give away without hurting your negotiating position.

Give yourself and others the time and space to reflect upon everything that has been said. Don’t force your wishes on others. Many conflicts can be resolved easily if we learn how to listen. Negotiations should leave both parties feeling satisfied with the outcome. Be willing to give up things that don’t really matter to you in order to create a feeling of goodwill.

If you master the art of negotiation and keep these strategies in mind each time you step into negotiations you are on the right track to earn a better income, eliminating frustrations and having a more satisfying life.

Prity Khastgir is a techno-savvy patent attorney and commercial mediator in India with 12 yrs++ of experience working with clients across the globe. Her areas of expertise are IP portfolio research, cross-border technology transactions, licensing agreements, negotiating business deals, product clearance, freedom-to-operate, patent infringement & invalidity analysis, research & opinions. She has seen the evolution in India as to how the patent and intellectual property law has evolved in last 10 years in India.

Currently, she helps startups to raise funds, assists foreign companies to find right business partners in India. She also assists enterprises to enter and find the right angels, and VCs in Malaysia, Singapore, US, UK, Japan and India.

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Co-author: Aanchal Verma