Welcome to the Real World Entrepreneurship Podcast, where your hosts, Alan Clarke and Bhairav Patel, evaluate the ins and outs of business and entrepreneurship. In this compelling episode, they dive into the crucial topic of negotiation—a skill exercised consciously and unconsciously since childhood. From negotiating a later bedtime or an extra treat, to bargaining for a higher salary or a prosperous business deal, negotiation seeps into various facets of our lives. Still, the way one manages these situations is of utmost importance. Contrary to the notion that negotiation is all about driving prices down, it has more profound relational elements. Successful negotiations aren't about creating a battleground but finding a mutually beneficial solution for both parties involved.
Furthermore, Alan and Bhairav emphasize that good negotiation is more about learning and active listening than arguing. It's about understanding the other party's standpoint, their challenges, their mindset, and moulding a solution that caters to both parties. In terms of investment partnerships, while money is critical, there can be more value found in an investor who brings a wealth of experience or connections. And, it's equally important to take your time with negotiations—not every agreement has to be finalised on the spot. Understanding the external factors that could disrupt negotiations, like internal politics, is also part of the journey, as well as recognizing where negotiations aren't suitable.