Okay, I admit it. Despite my commitment to efficiency, I am a TV junkie. I love television, always have, and while I have worked to limit my viewing and optimize my life, I know it will always play a role in my entertainment habits. Therefore, I try to get something out of my viewing time. I make it productive.
It sounds trite, but I actually do benefit from watching shows like ABC's Shark Tank (or similar shows such as Dragon's Den). In fact, I really enjoy this show. Entrepreneurs walk into a room of potential investors, the "Sharks," and try to make a deal that will further their interests. This is reality TV that works, avoiding the senseless drama, bikini models, and heavy drinking that seems to fill the channels. These are real people with real ideas.
Before you start to think that this is a commercial for Shark Tank, I'll get to my point. The show illustrates some key lessons of negotiation, something I've struggled with in the past. The conversations that unfold before you are prime examples to either imitate or avoid. (Don't worry, you quickly learn which is which.)
Here's a list of some of the tips that I've picked up while watching. Perhaps they'll help you as they've helped me.
1. Be informed
The most fatal mistake anyone can make in a negotiation is going in without proper preparation. You must know your presentation and the possible questions to be asked. A thorough knowledge of your position builds the framework from which you will negotiate. A thorough knowledge of the other person's position ensures a successful conclusion.
2. Be realistic
In relation to being informed, you must have realistic expectations for yourself and your bargaining. Too often, people approach these situations hoping for impossible results. Your position is of value, but you must understand its true value as seen by others.
3. Hold firm
Skilled negotiators know how to rattle people, forcing them to lose faith or negotiate against themselves. Do your best to not let this happen. It can be immensely difficult, but remember the first two tips above. With informed and realistic expectations, you can fight the good fight. If the deal isn't going your way, refuse to budge or simply walk out. Don't allow them to blind you to your own real value.
4. Hold back
Also, do not reveal everything at once. As in poker, it's smart to be a little reserved. Start at one extreme and try to meet in the middle. That way, you'll have somewhere to bargain toward. If they know anything, they'll be doing the same thing.
5. Know when to say "yes"
Sometimes deals don't wait around for you. You need to snatch them while they last. Any time you leave the conversation, even for a moment, the situation may change. Don't be greedy. If something sounds good, take it.
For a brief example of a really great negotiation from the show, watch these videos. Even these short clips can show you the power of bargaining and a few effective strategies. Enjoy!
The next time you have an interview, meet with your boss, or simply need your kids to do more, remember these tips. They'll get you there. Practice these skills well, and opportunities will open for you.
It sounds trite, but I actually do benefit from watching shows like ABC's Shark Tank (or similar shows such as Dragon's Den). In fact, I really enjoy this show. Entrepreneurs walk into a room of potential investors, the "Sharks," and try to make a deal that will further their interests. This is reality TV that works, avoiding the senseless drama, bikini models, and heavy drinking that seems to fill the channels. These are real people with real ideas.
Before you start to think that this is a commercial for Shark Tank, I'll get to my point. The show illustrates some key lessons of negotiation, something I've struggled with in the past. The conversations that unfold before you are prime examples to either imitate or avoid. (Don't worry, you quickly learn which is which.)
Here's a list of some of the tips that I've picked up while watching. Perhaps they'll help you as they've helped me.
1. Be informed
The most fatal mistake anyone can make in a negotiation is going in without proper preparation. You must know your presentation and the possible questions to be asked. A thorough knowledge of your position builds the framework from which you will negotiate. A thorough knowledge of the other person's position ensures a successful conclusion.
2. Be realistic
In relation to being informed, you must have realistic expectations for yourself and your bargaining. Too often, people approach these situations hoping for impossible results. Your position is of value, but you must understand its true value as seen by others.
3. Hold firm
Skilled negotiators know how to rattle people, forcing them to lose faith or negotiate against themselves. Do your best to not let this happen. It can be immensely difficult, but remember the first two tips above. With informed and realistic expectations, you can fight the good fight. If the deal isn't going your way, refuse to budge or simply walk out. Don't allow them to blind you to your own real value.
4. Hold back
Also, do not reveal everything at once. As in poker, it's smart to be a little reserved. Start at one extreme and try to meet in the middle. That way, you'll have somewhere to bargain toward. If they know anything, they'll be doing the same thing.
5. Know when to say "yes"
Sometimes deals don't wait around for you. You need to snatch them while they last. Any time you leave the conversation, even for a moment, the situation may change. Don't be greedy. If something sounds good, take it.
For a brief example of a really great negotiation from the show, watch these videos. Even these short clips can show you the power of bargaining and a few effective strategies. Enjoy!
The next time you have an interview, meet with your boss, or simply need your kids to do more, remember these tips. They'll get you there. Practice these skills well, and opportunities will open for you.
