Have you ever measured your confidence in every aspect of life? Some of my friends I know, they want to pursue higher education, MBA is one specific example. But they are not sure whether they can make it or not. It is challenging and also much risky decision for them! As I understand, confidence is a feeling or consciousness of one's powers or of reliance on one's circumstances. In this post, I want to discuss confidence in negotiation which is very essential skill for businessman in the commercial world! How to negotiate to get a good deal in business is a big thing.
As I read some articles writing about negotiation skills in business, research on overconfidence shows that negotiators’ estimates—whether of a counterpart’s reservation price or some other quantity—typically are overly accurate. The revervation price is the worst price that you might get in a deal. Thus, it is better for us to seek out as much relevant, high-quality information about the other side as we can, and use that information to our advantage based on this research. Also, before and during the negotiation, you had better ask others within your organization to question you about your approach and assumptions.
In addition, remember that it rarely hurts to ask your negotiating counterpart for what you want. You will be amazed by what you can get—including valuable information—simply by asking. So always ask questions when you are not sure and try to avoid assumptions as much as possible. By doing this is very helpful to improve negotiation skills and when you master these skills you also enhance your confidence in business concept.
Finally, share with me how you level your confidence in business negotiation. Have you ever made a good deal by applying to sort of these skills? I bet all of us somehow experience some certain cases in negotiation:-)!
I already got some good deals when I get into negotiating some business:-). How's about you, guys?
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