What Should You Prepare Before Entering a Negotiation?
Preparation is key to successful negotiation. Before entering any negotiation, entrepreneurs should:
1. Research: Understand the needs, strengths, and weaknesses of the other party. 2. Set Clear Objectives: Know what you want to achieve and prioritize your goals. 3. Identify Your BATNA (Best Alternative to a Negotiated Agreement): Understand your alternatives if the negotiation fails. 4. Practice: Rehearse your negotiation strategy with a partner or coach.