Tag Archive for 'Patience'

Successful negotiators are patient — don’t fall in love

Negotiating is a process of communication between two or more parties to reach an agreement on future behavior-like when you’re purchasing a small business, leasing an office, hiring an employee, selling a product, or trying to get a two-year-old to take one more bite of peas.

Let’s look at the two key words in that definition: process and communication.

Process : Conducting a negotiation is more like running a marathon than a sprint-it takes time and involves multiple steps. By accepting this reality you’ll set yourself up to be more patient and, therefore, more effective.

Remember, your impatience with the process is the other party’s best leverage. Good negotiators practice patience.

Communication: There are many ways to communicate in a negotiation besides speaking: Punctuality, appearance, organization, and attention to detail, for example, are all forms of communication.  You could even communicate in absentia with the quality of the documents you produce.

Never underestimate the heightened awareness of every aspect of a negotiation.  The slightest nuance, gesture, or facial expression can mean something.

Make sure all communications contribute to your negotiating objectives.

There are three critical questions to ask yourself before any negotiation.

1.  What do I want?
Make sure you have this conversation with yourself. If you don’t know what you want, how will you know when to stand firm and when to give something away?

And if the other party senses you’re not focused, they will either disengage or view you as weak prey and take advantage. Either way, you lose.

2.  Why should the other party negotiate with me?
If a genie grants you one wish prior to a negotiation, ask what motivates the other party.  Armed with that perspective you can get the other information you’ll need in due time.

3.  What are my options?
The best way to get what you want in any negotiation is if you don’t have to do the deal.  Having an alternative to what’s on the table strengthens your ability to walk away from a deal that isn’t moving in your favor.  It doesn’t have to be perfect-just an alternative. Sometime during the negotiation, your second choice might start looking pretty good.  And merely knowing you’re in a position to walk away will make you a better negotiator.

Finally, whatever you do, don’t fall in love with any deal unless you want to make the other party’s day. Love is for lovers-this is business.

Write this on a rock… Everything’s negotiable. Are you a capable negotiator?

Entrepreneurial patience = Success

If you were to identify synonyms for the word entrepreneur, you would come up with things like, risk-taker, industrious, visionary, perhaps even capitalist. But one word that is definitely NOT synonymous with entrepreneur is patient.

It simply is not in an entrepreneur’s DNA to wait for the world to bring him or her things. Entrepreneurs bring things to the world.

But having said this, entrepreneurs who enjoy long-term success have learned entrepreneurial patience. Even the most impatient entrepreneurial farmer understands that a corn harvest doesn’t take place until after the seeds are planted, the plants nurtured and a certain amount of time has passed.

Having entrepreneurial patience means knowing the difference between wasting time and energy and investing time and energy. Successful entrepreneurs are impatient about steps in a process — getting the seed, planting the seed, cultivating the plants, etc. — but not about accomplishing the ultimate goal of harvesting the result of the process.

One of the most prominent guarantees of failure in business is not understanding the simple wisdom of Renaissance author and father of deductive reasoning, Sir Francis Bacon, who said, “In all negotiations of difficulty, a man may not look to sow and reap at once; but must prepare business and so ripen it by degrees.”

When you see someone trying to “sow and reap at once,” you’re witnessing failure waiting to happen. The only thing left to be determined is whether this failure will become a valuable lesson in entrepreneurial patience, or a bitter experience.

Whether in the field or in the marketplace, all endeavors are subject to natural laws, like the time it takes for a seed, or a project, to germinate and produce fruit. Successful entrepreneurs understand this and have learned how to employ their impatience prudently, as leverage for success.

Impatience is often synonymous with failure; entrepreneurial patience is usually synonymous with success.

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