Personal Reflection: Negotiation & Deal Making
- bawittler
- Apr 30, 2023
- 2 min read
Over the course of the last month, I participated in a negotiation and deal-making class, and I wanted to take the time to discuss what I learned and the most significant takeaways from the class! One of the most significant takeaways from the class was the importance of preparation. Before entering into any negotiation or deal, it is crucial to research and understand the subject matter, the parties involved, and infer their underlying interests, values, and priorities. Without proper preparation, negotiations can quickly become unproductive and may not result in a mutually beneficial outcome.
Another critical lesson that I learned was the importance of practicing active listening and utilizing negative emotion prevention strategies. Listening is an essential skill in any negotiation, and it is crucial to pay attention to the other party's concerns, perspectives, and interests. Active listening can help you understand the other party's position and identify potential areas of agreement. Identifying communication styles is also beneficial when dealing with tense situations in a negotiation. Using these strategies and tools, you can become more flexible and open to adjusting your goals and strategies as the negotiation progresses. Ultimately, it can also lead to a more mutually beneficial outcome.
Lastly, the class emphasized the importance of closing the deal. It is crucial to summarize the agreed-upon terms, confirm that all parties understand the agreement, and follow up with a written contract. This can help avoid any misunderstandings or disputes in the future.
Overall, I found the negotiation and deal-making class to be very insightful and informative. I learned many valuable lessons that I plan to apply in my personal and professional life. I believe that these skills are essential to achieving success throughout my career in the entertainment industry. I am grateful for the opportunity to learn these valuable skills and look forward to putting them into practice!
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