Startup founders often get negotiation wrong. Winning sustainably means mimicking a successful poker player, and treating (and respecting) your opponent like The House. You can't position yourself too strongly. Opening an investor conversation with 'We're oversubscribed' or a sales conversation with pricing that is completely out of whack with expectations will almost always result in the other party walking away early. The House will shut you out. What I'm saying is, the goal isn't to win 6-0. The goal is to win 6-5. It seems counterintuitive, but you need to concede points to win. Case in point: The ideal first investor call might start with you pitching your startup and justifying your worth. You're on the back foot; 1-0 to the investor. But perhaps you then ask if it's OK to leave a minute early, as you've bunched your investor calls into the next few days and you'd like a breather before the next one. 1-1. It's a dance until the end. If done well, you leave the call in an advantageous position, whilst your opponent is left feeling respected and as though it was a fair fight. If done perfectly, you earn admiration. Paradoxically, your opponent actually wants you to win. #negotiation #startup
"It's a dance until the end". Such a great analogy. 👌
Couldn't agree more! Very good post
Working with start-ups? On-board 85+ pre-vetted start-ups every 90 days. Community-driven entrepreneur. Dog lover. London. Founder @Syrena
2moIt's not always a 1v1 sometimes the best way to win is to shift the perspective towards the mission or the problem and form a 2v1 against it.