Answer Key
Negotiation – Comprehension Check
- Which of the recommendations is right? [learn how to politely refuse first offers]
You should expect to make concessions and plan what they might be. Of course, the other side is thinking the same, so never take their first offer. Even if it's better than you'd hoped for, practice your best look of disappointment and politely decline. You never know what else you can get. - Which of the verbs best completes this sentence? “When it comes to entrepreneurial talents that spell success in the world of startups, the ability to negotiate well is one of the most vital attributes you can...” [possess.]
When it comes to entrepreneurial talents that spell success in the world of startups, the ability to negotiate well is one of the most vital attributes you can possess. - Which of the options matches the meaning of “Go high, or go home.”? [you shouldn't be afraid of high aims]
Another tenet of negotiating is "Go high, or go home." As part of your preparation, define your highest justifiable price. As long as you can argue convincingly, don't be afraid to aim high. - “Sealing a deal can put a lump in the throat of any small business owner.” What does it mean? [the businessman feels distressed]
A lump sensation in the throat often creates the illusion of needing to swallow twice to get food down. A lump in the throat sensation is also a sign of emotional distress. - What is SCHMOOZING? [free conversation]
schmoozing - idle conversation; chatter - “Stick to your principles” means [your principles are more important than any deal]
Stick to your principles. As an individual and a business owner, you likely have a set of guiding principles — values that you just won't compromise. If you find negotiations crossing those boundaries, it might be a deal you can live without. - Which of the parts of a deal is the most difficult in most cases? [the closing]
A deal usually has several parts: the hatching of the idea by one party, then its conceptual embrace by the other side, and finally – the closing. The first two phases of a transaction or sales cycle are much easier than the last in most cases. - Which of the options is one of the oldest negotiation's maxims? [Whoever mentions numbers first, loses.]
That helps set up one of negotiation's oldest maxims: Whoever mentions numbers first, loses. - There is a grammar mistake in this sentence: “But if you can convince the target of your deal making that you're doing something that's going to become powerful, everybody want a piece of that.” Which of the options has the mistake? [everybody want a piece of that]
But if you can convince the target of your deal making that you're doing something that's going to become powerful, everybody wants a piece of that. - “Do not leave behind loose ends.” means [make sure everyone confirms the deal]
Close with confirmation. At the close of any meeting — even if no final deal is struck — recap the points covered and any areas of agreement. Make sure everyone confirms. Follow-up with appropriate letters or emails. Do not leave behind loose ends.