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Negotiating for the Successful Entrepreneur. How Do You Do It And Still Get What You Want?
Written by:Article Overview: Going into a negotiation and desperately want to win the contract but still make a profit? Here are some pointers to a successful negotiation.
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Negotiating for the Successful Entrepreneur. How Do You Do It And Still Get What You Want?
Going into a negotiation and desperately want to win the contract but still make a profit? Here are some pointers to a successful negotiation.
First of all congratulations of doing a pretty good job in getting so far – let’s see if we can improve that for you. I’ve done some pretty heavy negotiating myself so I know how difficult it can be sometimes. Firstly some golden rules:
1. Both parties should leave the negotiating table feeling that they have been successful and gained something from the proceedings.
2. It is not a contest but a process where mutual agreement is being strived for.
3. Leave egos, prejudice and fixed ideas behind. Bring only your willingness to listen and your manners into the room.
4. Ensure that you know what you can give away, what you can’t and what you must most definitely not give away.
5. Be respectful of the culture of the people that you are negotiating with – this means not just the company culture but the culture of the company – an Asian company negotiates quite differently from an European or an American!
If you remember the above the process is very simple:
1. Prepare yourself, know what you are negotiating about, know what you would like the end result to be and know what your bosses have authorized you to agree to and not agree to. Understand as much about your fellow negotiator as possible.
2. Bring in all the documents that you need to the negotiating table and have someone handy on the phone in case you need more.
3. Make the negotiating room comfortable and friendly and non intimidating with refreshments and regular comfort breaks possible.
4. If you are the receiver of money you start. Start low and leave plenty of space to move to a middle area that is comfortable to both parties.
5. If something is not possible at all – politely explain why. Sometimes it helps to refer to a high level boss who won’t let you – but do not give away the authority that you have to negotiate to completion.
6. The answer you are seeking is Win Win
One last piece of advice: Listen, Listen, Listen to what is being told to you and what is not being said. Sometimes silence will win you the deal.
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The Value of Mentoring
- Successful mentor pairings (in case there was any doubt as to the value of mentoring):
1. André Ouellet (President, Canada Post) mentor to Mark Whalen (Urban Organics and winner, Young Entrepreneur Award)
2. Marc Lefrançois (President, Via Rail Canada) mentor to Jeffrey Campbell (Core Networks, Inc. and winner, Young Entrepreneur Award)
3. Donald Kendall (former CEO of PepsiCo) mentor to John Scully (former CEO of Apple)
4. Harland Sanders (the Colonel) mentor to Dave Thomas (founder of Wendy's)
5. Stuart Friend (KMart manager) mentor to Wayne Sales (CEO of Canadian Tire)
6. Jim Rohn (author, motivational speaker) mentor to Anthony Robbins (author, motivational speaker)
7. Robert Patterson (CEO, National Cash Register) mentor to Thomas Watson (founder of IBM)
8. Henri-Paul Rosseau (President, Laurentian Bank of Canada) mentor to isabel Rodriquez and Yves Besner (i4design and winners, Young Entrepreneur Award)
Re: What's 1 word to describe what your business will be in 2012
- Successful.
Books for Women Entrepreneurs
- There's a thread for good books in the Resources folder, but it doesn't target books for businesswomen particularly, so I figured I'd start such a thread here.
It doesn't matter how successful you are in your business - it's always possible to learn something new.
In subsequent posts I give Table of Contents and brief descriptions for various titles - most of them devoted to the businesswoman - and sometimes a review. If anyone else has read a review, or has read the book and found it useful, please comment!
1. The Old Girl's Network
2. Mother's Work
3. The 7 Greatest Truths About Successful Women
4. Pitch Like A Girl
5. Workplace Warrior
6. Treasure Hunt: Inside the Mind of the Modern Consumer
7. Contingency Planning & Disaster Recovery
8. She Wins, You Win
9. Napoleon On Project Management
10. Why Good Girls Dont' Get Ahead, But Gutsy Girls Do
11. Comeback Moms: How to Leave Work, Raise Children, and Restart your Career even If you Haven't Had a Job in Years
12. The One Minute Millionaire
13. Talking From 9 to 5
14. Soloing: Realizing Your Life's Ambitions
15. 101 Best Home Based Businesses for Women: Everything You Need to Know About Getting Started on the Road To Success
16. Work With Passion: How to Do What You Love for a Living. Revised and Expanded
17. Fail-Proof Your Business: Beat the Odds and be Successful
18. Confidence: How Winning Streaks and Losing Streaks Begin and End
19. Women Don't Ask: Negotiation and the Gender Divide
20. Millionaire Women Next Door: The Many Journeys of Successful American Businesswomen
21. Start Small, Finish Big: Fifteen Key Lessons to Start - and Run - Your Own Successful Business
22. Rewired, Rehired or Retired: A Global Guide for the Experienced Worker
23. The Martha Rules: 10 essentials for achieving success as you start, build or manage a business
24. The Essentials of Entrepreneurship: What it takes to create Successful Enterprises
25. Net Ready: Strategies for Success in the E-conomy
26. The Promotable Woman
27. Leave The Office Earlier: The Productivity Pro shows you how to do more in less time and feel great about it
28. The Work At Home Balancing Act: The professional resource guide for managing yourself, your work, and your family at home
29. Secrets of Six-Figure Women
Young Entrepreneur Organization - All You Need To Know
- The Young Entrepreneur Organization (YEO) is a global community of entrepreneurs. This non-profit organization aims to make its members successful in their business through networking and training programs. This article tells you all you need to know about the Young Entrepreneur Organization, and the opportunities it makes available to young entrepreneurs from across the world.
Young Entrepreneur Organization: Facts.
1) The Young Entrepreneur Organization has 5,000 members in 35 countries across the world. 2) The organization was founded in 1987. Since then, it has helped many aspiring entrepreneurs with training facilities and getting in touch with the right people.
3) The average age of the members of Young Entrepreneur Organization is 34 years.
4) In order to be eligible for the membership of Young Entrepreneur Organization, you need to be under the age of 40; and be the founder or partner in a business that has annual sales of more than $1 million.
World Entrepreneurs Organization: A part of the Young Entrepreneur Organization, the World Entrepreneur Organization and takes the message of Young Entrepreneur Organization to many additional places around the world. This organization is especially active in the area of education and training for entrepreneurs.
Young Entrepreneur Organization: Objectives.
1) To foster entrepreneurship.
2) To support Young Entrepreneur Organization members by providing them the chance to network and grow.
3) To provide resources to its members so that they can benefit the economy through innovative business ideas.
4) According to Young Entrepreneur Organization, you get to share your story with those who have had similar experiences, and thus gain insight into the best principles of entrepreneurship.
Young Entrepreneur Organization: Facilities.
At the Young Entrepreneur Organization, you get to meet and share views with like-minded people and fellow entrepreneurs. In order to facilitate a free exchange of ideas and growth for its member, the Young Entrepreneur Organization provides the following facilities to members.
1) Forum: Join the forum of the Young Entrepreneur Organization and start networking with entrepreneurs from across the world. Each forum group has 12 members who come together regularly to share their experiences and discuss issues related to entrepreneurship.
2) Mentor: In conjunction with the World Presidents’ Organization, the Young Entrepreneur Organization guides and counsels young entrepreneurs through a mentor program by the best business leaders.
3) Social Innovation: The Social Innovators Program involves Young Entrepreneur Organization member who wish to do something for about social issues. It helps members become socially aware citizens and gives them the opportunity to do something for their community.
4) Marketplace: The marketplace allows members to post business offers and receive replies from other members.
These are just some of the facilities you will get if you become part of the Young Entrepreneur Organization. Others, like meeting prospective clients through trade shows, and special tools to network and meet with the right people are also part of the YEO facilities.
How to create BUZZ?
- As a small startup we need to be able to create Buzz around our product, but we haven't had tons of success. Despite being written up in the Toronto Sun, Metro News, Entrepreneur Start Ups Magazine and listed as a resource in Entrepreneur Magazine people in Toronto still don't know about us.
Any ideas on what I can do to get people talking? Preferable ones that don't have a large price tag attached? Any ideas would be appreciated. Our URL is included in my signature.
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