How Not to Negotiate: Lessons from Trump’s North Korea Failure
Negotiating like a bully boy, real estate mogul when you’re the leader of the free world is wrong. Especially, when you’re dealing with the dictator of a small, diabolical and dangerously communist country like North Korea.
Donald Trump adores Kim Jong-un and it seemed for a moment that the feeling was mutual. Until the two failed to reach an agreement in the negotiation meant to blunt North Korea’s nuclear threat.
When political leaders lock horns in a negotiation, the whole world watches because the stakes are incredibly high. For instance, world peace! While the future of the world may not be on the line during executive negotiations, knowing which type of negotiation is best suited for each business situation is key to successful partnerships, deals and sales.
The first step in any negotiation is to ask yourself:
- What do I need?
- What is the most important thing to me?
- What are a few ways I can get the thing that’s most important to me?
After answering these questions, the GateKeeper Blog suggests that managers use a five-step method for negotiating a business deal.
1. Know your stuff backwards and forwards. Any “gaps in your understanding can be exposed during negotiation, which can weaken your ability to get the result you want”.
2. Know who you are negotiating with and have a pretty “good idea of what your potential counterparty wants”.
3. Use “effective listening” to gain empathy and create a positive feedback loop. If you are not hearing the other party and are instead thinking of your next point, negotiation will probably fail.
4. Get personal enough to build rapport. Consider who it is you’re likely to be negotiating with before the negotiation. Business is business. But, we are all people with likes, dislikes and unique personalities that should be taken into consideration.
5. Avoid fatigue. Expect the negotiation to last longer than the calendar invitation and prepare the physical space and necessities (like food) accordingly.
Still concerned that your next negotiation will fail like Trump’s North Korea mess? The report Fearless Negotiation: Best Practice Techniques to Feel Confident, Deal with Pushback, and Achieve Positive Outcomes will teach you the nitty-gritty details that go into every negotiation and how to manage them like a pro.