To get an idea or innovation off the ground takes strong business negotiation skills as an entrepreneur. Yet, in their book Entrepreneurial Negotiation: Understanding and Managing the Relationships that Determine Your Entrepreneurial Success (Palgrave/Macmillan, 2018), Program on Negotiation instructor Samuel Dinnar and MIT professor Lawrence Susskind write that many entrepreneurs are falling short. Here, Susskind explains … Read More
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What are Negotiation Mistakes?
Every negotiator makes mistakes, but some of the most common negotiation mistakes are easy to avoid.
One of the biggest negotiation mistakes any business negotiator can make is failing to thoroughly prepare. Wise negotiators understand the importance of taking ample time to analyze several aspects of negotiation carefully, including their best alternative to a negotiated agreement, or BATNA, and their reservation value, or walkaway point.
Furthermore, in some corporate negotiations, negotiators often care most about getting the best price possible, assessing the other party’s ability to follow through, and closing the deal, that they overlook potential ethical concerns. Add to the emotional aspect of a negotiation, and it’s easy to see how you can fail to notice many negotiation mistakes.
Another common problem centers on communication. Poor communication explains many of our negotiation mistakes, write Roger Fisher, William Ury, and Bruce Patton in their landmark book Getting to Yes: Negotiating Agreement Without Giving In (Penguin, 3rd edition, 2011). Especially during intense negotiations, it’s easy to lose connection with our counterparts. When negotiations get heated, try taking a break to let everyone cool down. When you regroup, talk about what happened, giving everyone time to air their concerns.
While these mistakes can lead to bad deals, soured relationships, and less than desirable outcomes, they’re also largely within our control to manage. Sometimes just taking a few deep breaths might be all the reset we need to avoid making negotiation mistakes.
Be sure to download our special free report, The New Conflict Management: Effective Conflict Resolution Strategies to Avoid Litigation, where renowned negotiation experts uncover unconventional approaches to conflict management that can turn adversaries into partners. Featuring three case studies, this valuable report provides proven strategies for leveraging opportunity out of conflict, and tips for creating value and improving relationships, even with difficult people.
The following items are tagged negotiation mistakes:
Negotiators planning to engage in conflict resolution in a personal or business disputes should be aware of cognitive biases in negotiation, particularly when your dispute is being decided by a judge. Before doing so, you should consider carefully what psychologists, political scientists, and legal scholars have learned about judges from negotiation research and social science: … Read More
Sometimes our negotiation mistakes are glaring: We accidentally reveal our bottom line, criticize the other party when patience was warranted, or get our numbers mixed up. More often, though, our negotiation mistakes are invisible: We get a perfectly good deal, but are unaware that we could have gotten a better one if we hadn’t succumbed … Read More
Cross cultural negotiation examples provide insights into how negotiation techniques change depending on the context in which negotiators find themselves. As Professor Cheryl Rivers of Queensland University of Technology in Brisbane, Australia, points out in a recent negotiation research literature review, seasoned negotiators often hear stories about the unethical behaviors of people of other nationalities. … Read More
Many professional negotiators have come away from talks wondering, How did that pleasant discussion turn sour? Why did the deal unravel at the last minute? … Read More
Poor communication explains many of our negotiation mistakes, write Roger Fisher, William Ury, and Bruce Patton in Getting to Yes, their landmark book. Here are four negotiation skills tips adapted from Susan Hackley’s May 2005 article “Can You Break the Cycle of Bad Communication?,” first published in Negotiation. … Read More
The winner’s curse negotiations, when a negotiator overbids for an item due to competitive pressure or other non-value related factors, is a major pitfall that integrative bargainers should seek to avoid. … Read More
In corporate negotiation, negotiators often care most about getting the best price possible, assessing the other party’s ability to follow through, and closing the deal. Unfortunately, such business preoccupations can lead dealmakers to overlook potential ethical concerns, as current negotiations in the news often attest. Examining some of Facebook’s recent corporate negotiation mistakes, we describe … Read More
Entrepreneurial Negotiation: Understanding and Managing the Relationships that Determine Your Entrepreneurial Success The great majority of startups fail, and most entrepreneurs who have succeeded have had to bounce back from serious mistakes. Entrepreneurs fumble key interactions because they don’t know how to handle the negotiation challenges that almost always arise. They mistakenly believe that deals … Read More
In a winner’s curse negotiation scenario, the winner may often find herself on the losing end of the deal. Ever win something you wanted, then realize too late you got a raw deal? Here’s how to recognize when backing away is your best bet in a negotiation. … Read More
A 62-year-old salesman believes he has convincing evidence that his boss passed him over for a promotion because of his age. What options does he have? He could let the matter drop and perhaps look for another job. He could file an employment-discrimination lawsuit. Or, if his company offers mediation services, he could have the … Read More