3.3 Journal Reflection Assignment

3.3 Journal Reflection Assignment

Robert Molina

As I continue to move forward in this program, I find that each course has its specific information that is unique and can help propel a new business owner to success. Of course this only happens when one follows the guidelines and the strategies offered by each course. I also realize that in order to accomplish each goal, this information needs to become innate and part of the daily fabric of the individual. In our Mastery course, we began plotting out a timeline or blue-print for each course in the hopes of setting expectations and acquiring the necessary information for each course. In understanding the parameters, we were required to set three questions in our timeline, for each course, in which we would further investigate while taking the class.

The three questions I wanted to investigate were as follows:

• To set up a plan for negotiating a deal
• To learn music negotiation
• To learn the art of pricing my products

I’ve been making deals for events in music for thirty years, but this class, in three weeks has given me what I hadn’t learned in thirty years. Of course I knew a few of the methods however, this class provides a complete how to training in many different contract negotiations. It provides one with the win-win principles for deal making instead of a lose-lose situation. In acquiring the best deal, one needs to understand the difference between deal making and debating. There can be an emotional attachment to that type of negotiating which usually does not work. Getting rid of any emotion during deal making is the best recipe for success.

The course teaches you to do your homework and go into the negotiation prepared by having an understanding of who you are negotiating with. Have a bargaining position in mind, however, be flexible if possible. Also, by taking a look at your underlying interest, you will better understand what type of negotiations you can pursue. Try to find out what their motivation is for making the deal as well. Make sure you know your neutral criteria and industry standards so that they can’t catch you off guard with on-going industry information. Under no circumstances should you haggle because it’s not an effective way to win-win. One must always have a BATNA or back-up plan if you need to walk away from the deal. By having a BATNA, you may be able to redirect yourself with someone else who can make a similar deal. You can incorporate provisions and clauses into your contracts to make sure you get the deal that you want.

Be fair and honorable in the negotiations and try to build a relationship with the person you’re negotiating with. Learn to read body language and understand on a global level, how to negotiate with different ethnicities. Also, understand their communication styles and how not to offend them. Take into consideration the different alternative dispute resolutions when caught in a disagreement. This could help in many different ways including time, cost, and privacy. To have to sue someone would take a long period of time and could prove to be costly. By finding an alternative method like: mediation, arbitration, or conciliation, one could have a particular situation resolved in a short period of time. It could also lead to continued business between the two parties.

In the future, I will be more prepared when negotiating with perspective clients and customers by applying these techniques. They give me a well-rounded understanding of negotiation skills that I didn’t have before I took this course. Each provides me with a checklist of do’s and don’ts which will alleviate mistakes I’ve made in the past. As I look to the questions from my timeline I feel that each question has been answered with this course. The last question of “how to learn to price my products” can be answered by this course as well by simply preparing myself through industry standards.