This afternoon, I taped a 90-minute “webinar” on the subject of Negotiation. One key to effective negotiation is gaining real commitment. This is a skill or process that many new entrepreneurs only learn the hard way. A common scenario involves a couple of business partners who spend several weeks discussing, e-mailing and meeting to structure a deal or a venture.
The discussion ends and they walk away, both sides thinking they have an understanding. Later — sometimes much later — they discover differences in their views about the terms of that understanding. One party thinks they've agreed to X while the other thinks it's Y.
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