This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/01/18/dont-let-poor-negotiation-skills-doom-your-entrepreneurial-venture/
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by Samuel Dinnar and Lawrence Susskind, co-authors of “Entrepreneurial Negotiation: Understanding and Managing the Relationships that Determine Your Entrepreneurial Success“
Eighty to ninety percent of all start-ups will fail. While there are many reasons for this, one of the biggest problems new ventures face is poor negotiation skills. The single biggest threat to entrepreneurial success is an inability to handle the negotiations that arise in the evolution of a start-up. Founders must be able to prevent, detect, and respond to potential negotiation mistakes in each of their interactions.
Here are eight common mistakes that entrepreneurs are prone to make:
Mistake #1: Entrepreneurs Are Self-Centered.
Because entrepreneurs are deeply focused on their own interests when building a business, they often fail to recognize the needs and priorities of those with whom they have to interact. This focus on their own desires can blind entrepreneurs to clues that could lead to better outcomes for both sides, an important goal when building working relationships.
Mistake #2: Entrepreneurs Are Overly Optimistic and Overconfident.
Most entrepreneurs are supremely confident. They believe strongly that they will be successful (despite well-known statistics regarding failure rates). Because of this overconfidence, many fail to incorporate appropriate contingencies into the agreements they sign.
Mistake #3: Entrepreneurs Need to Win.
Now – the primary objective of many entrepreneurs is to win. They are often primarily concerned about besting their counterpart and thus treat negotiations as one-off interactions, disregarding the possibility that future deals might be even more valuable than whatever is on the table at present.
Mistake #4: Entrepreneurs … Read More
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