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Summary
In this conversation, Brett Ingram shares 12 tactics to negotiate and make deals like a master. He highlights the challenges and importance of negotiation, especially for entrepreneurs and business owners. The impact of negotiation on business success is discussed, emphasizing its influence on growth, revenue, expenses, and profits. The tactics covered include preparation and research, building rapport, active listening, aiming for win-win outcomes, effective use of silence, anchoring, BATNA (Best Alternative to a Negotiated Agreement), being prepared to walk away, concession strategy, using objective facts and criteria, flexibility and creativity, and effective communication. By mastering these tactics, entrepreneurs can improve their negotiation outcomes and achieve greater business success.
Takeaways
- Negotiation is a crucial skill for entrepreneurs and business owners, as it impacts growth, revenue, expenses, and profits.
- Preparation and research are essential for successful negotiations, allowing entrepreneurs to understand the other party’s needs and vulnerabilities.
- Building rapport and active listening create a positive atmosphere and help uncover the other party’s underlying interests and concerns.
- Aiming for win-win outcomes, using silence strategically, and anchoring offers can lead to more favorable agreements.
- Being prepared to walk away, using concession strategies, and relying on objective facts and criteria contribute to successful negotiations.
- Flexibility, creativity, and effective communication are key in finding mutually beneficial solutions and achieving business success.
Chapters
00:00 Introduction: The Challenges and Importance of Negotiation
03:00 The Impact of Negotiation on Business Success
05:49 Tactic 1: Preparation and Research
07:13 Tactic 2: Building Rapport
09:38 Tactic 3: Active Listening
11:06 Tactic 4: Aim for Win-Win Outcomes
12:35 Tactic 5: Effective Use of Silence
14:28 Tactic 6: Anchoring
16:24 Tactic 7: BATNA (Best Alternative to a Negotiated Agreement)
19:18 Tactic 9: Concession Strategy
20:15 Tactic 10: Use Objective Facts and Criteria
21:40 Tactic 11: Flexibility and Creativity
23:05 Tactic 12: Effective Communication
24:03 Conclusion: Mastering Negotiation for Business Success
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