Mastery Journal - Negotiation & Deal-Making
During our Mastery class we were asked to make a timeline explaining our expectations of each class which we are required to complete for our Master’s degree. The goal which I set for the Negotiation and Deal-Making class were to learn of all the different types of contracts and to learn which were correct in each situation. I also stated I wished to learn the art of Negotiations and I wanted to learn the key steps of deal making.
The understanding that I did not have before I have learned now understanding that it takes a lot more than just to come to the table ready for a negotiation. I have learned that it takes preparation to prepare for any Negotiation and time should be spent researching the topic. Along with researching the topic of the negotiation, research must also be made to understand the other party in the negotiation and what their underlying interest is in the topic. The Bargaining positions of the other parties in a negotiation is key to know and to understand because then better understanding is made to know exactly what the other party desires. In an Negotiation it has to be understood what the mutual benefit is to both parties in the negotiation and how it will affect the other party. Having a backup plan and understanding the communication style of the other party is key to a successful negotiation without the need of arbitration nor meditation to conclude the negotiation. The communication style which is delivered by either party has a huge impact on the success of the negotiation because the communication style of one party may come off harsh or rude depending upon which communication style is used.
I have learned that proper preparation for any negotiation of any type requires detailed research into the topic and into the other party in the negotiation. Having the knowledge of what is desired by your half in the negotiation and what the other party desires is very key to a successful negotiation. Clear and concise communication is key in any negotiation and always give the respect that one would like to receive in the negotiation.











