As an officer in a new venture of some kind you need to negotiate many things; with internal executives with outside stakeholders with suppliers customers and everybody else.
Attitude for Negotiation
Always Negotiate With Strength! Never anticipate you will have to accept whatever the other side offers. You always approach a negotiation with the attitude that you can afford to lose. Then you can be relaxed and prepared to negotiate effectively. This means:
- Always be prepared! Rehearse the negotiation in advance
- Understand why you are doing this negotiation and how this negotiation supports your business plan your one year plan etc.
- Do not allow your company to get into debt such that you must accept a bad loan or a bad term sheet
- Always have a financially viable Plan B. For a startup this might mean being prepared to refocus and start selling software development services as you walk away from your startup without having to declare bankruptcy. If you cannot develop a viable Plan B; then you need to extricate yourself from the current situation
- Negotiate with Strength
- Always be prepared
- Rehearse in advance
- Always have a viable Plan B
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