Sunday, November 8, 2015

Negotiating Techniques

Viewing a few videos I have focused on an overview of different strategic negotiating techniques. The Voluntary Life Podcast had a series on entrepreneurship. The “Entrepreneurship Part 7: Negotiation” episode focused on the different segments in the negotiation process. One focus that was explored was the B.A.T.N.A. The meaning of this concept is focusing on your “ Best Alternative to a Negotiated Agreement”. The B.A.T.N.A comes into play when basically you and the person you are negotiating basically can not come to an agreement to fit both parties needs, so in essence you should have a back up plan and this is what you will call the “B.A.T.N.A.”. This will help me in my entertainment business especially when I need to go to investors. By learning this technique I have already formed a few B.A.T.N.A’s in the event that the investors and I can not come to an agreement. Another video I viewed was from Stan Christensen “ The Art Of Negotiation”. This whole speech covered numerous topics of negotiation. One that I am picking out from this talk is objective criteria where he is giving this lecture to a class. Objective criteria focus information that is relevant to the negotiations but are independent from the parties that are negotiating . This video spoke on Stan experiences with other nations and negotiation tactics. Even though this did not focus on the entertainment industry I still learned how I can further my research to support my views that I have in my business plan. It makes absolute sense to have an objective criteria set in place because it will show how verse you are in your industry and the time you put in to achieve the overall picture supporting your vision. The third video I watched was from the Stanford Graduate School of Business called “ Conducting Effective Negotiations”. One topic that was covered in this class lecture was “Positional Bargaining”. The professor was speaking on textbook material but brought it to a real life point of view. Positional Bargaining basically is focusing on the sole purpose of your point of view in the negotiating. I learn that as long as I stay on point in any negotiation that I will be fine in getting my point across. If I keep my focus on one point in what I am trying to negotiate instead of being all over the place I can be sure that I can have the other party stay focus on my point of view and most likely be on my side. Reference: “Entrepreneurship Part 7: Negotiation” “ The Art Of Negotiation “ Conducting Effective Negotiations”.