[MUSIC PLAYING] In order to achieve your goals, you've got to work with other people to get what you want. In this lesson, you'll discover how to negotiate for what you want. Number 1, do your homework. Take the time to research a person or company you should be negotiating with. And then take the time to figure out what specific points would resonate with them in the negotiation.
I'll give you an example. When I first started on the Shark Tank, a lot of people came and they wanted to pitch me clothing brands. So they generalized the business I was in. But the real reason I went onto Shark Tank was because I had 10 clothing brands and 80 of them were dead. The last thing I needed was another clothing line. So if you realized what I wanted and studied who I was, you'd realize that the reason I was on Shark Tank is because when I talk to a big retailer, I already had the clothing, but I wanted more real estate in the big retailer, so I wanted a lotion brand, a bedding brand, electronic brand, so I can take a more real estate in different departments.
So you would have assumed that I wanted more clothing when that's the last thing that I wanted. So do your homework and get granular. Number 2, make the first move. Don't give the other person the power to set the situation. Take initiative and make the first move even if that move is just setting up the negotiations in the first place.
There's an old saying that the first person to say a number loses. I do not believe in that. I think that when you make the first move, you set the parameter for where you want to go to make sure you're not even wasting time because if you tell somebody you are here and they are never willing to go past here, well, then you know to walk away from the table and say, maybe we can revisit this whenever I'm ready or you're ready.
But you know what? Thank you for the opportunity. Don't waste anybody's time because you may piss them off if you don't realize where they want to be and that it doesn't match where you want to be. So make sure that you start off and just lay it all on the table. Number 3, negotiating is a win-win game. Not everybody will always end up coming out way on top.
It's actually better to make it a win-win game. It opens up opportunity for more business with that party in the future. When we work with people on Shark Tank, it's not about crushing the poor entrepreneur where they have no hope and they feel like now they have a partner and now they're working again for somebody else when they did not want to work for anybody else. I always say the best negotiations is when either both parties felt like they won or both parties felt like they gave away a little bit.
Remember, play to win-win because you're going to nurture that relationship afterwards. Everybody is in it for a reason, and make sure that you acknowledge that reason and make people feel good. Don't you want to feel good? In the workbook, choose at least one strategy to negotiate for what you want. Now, write down three actions you could take today or in the next week to work towards negotiating for what you want.
Join me in the next lesson to learn how to reflect and hone in on your goals. [MUSIC PLAYING]