Leadership

5 ways to become a master negotiator

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Mary Delaney | The Oracles

Life is a series of negotiations, be it buying a car, asking for a raise, or entering a collaborative business partnership. Five members of The Oracles share the persuasion strategies that helped them handle higher stakes and close monster deals.

1. Embrace the "51/49" rule

I've negotiated my whole life. When I was 22, I was buying hundreds of thousands of dollars' worth of wine. It may seem counterintuitive, but in any business deal, I always try to leave a little bit on the table for the other side.

The 51/49 rule embodies this mentality: I try to bring at least 51 percent of value to all my relationships. To build and maintain relationships, there needs to be a value exchange, and I like the leverage of providing more of that value.

A way to start thinking like this is to ask yourself, "How do I over-deliver so my partner says good things about me behind my back?" That was important to me when collaborating with Apple and with K-Swiss and will continue with everything else I develop moving forward.

When you give more without expectation of reciprocation you're in a more powerful position. You need less and people value you more. In life or business, give first.

Also, know that some things are non-negotiable; one way to know is if it makes you uncomfortable. Don't do things that make you feel gross. Always stay true to who you are.Gary Vaynerchuk, founder and CEO of VaynerMedia (700+ employees with over $100 million in annual revenue), NYT-bestselling author, and mentor on "Planet of the Apps"

2. Know who has more options

A lot of life is pure Game Theory. (There's a good book on this.) You have to understand what Nobel Prize Winner John Nash (portrayed in the movie, "A Beautiful Mind") clearly understood: you can't just think of things from your side of the negotiation; every action has an opposite, equal reaction.

First, you must be able to read the situation and know whether you're in a position of dominance or a place of submission. If you're in a position of dominance, you could proceed very aggressively because the other side has fewer options.

If you're in a position of subservience, you're going to have to be nicer, slower, and more patient. As Bruce Lee said, "Be like water." Patience is a powerful negotiation skill.

Ultimately, you need to know how to take the lead and say, "Take my price or get lost," and how to compromise. Assess the number of choices the other side has to know if you're in a position of dominance or submission. The more options I have, the less dominance you have.Tai Lopez, investor and advisor to multiple multimillion-dollar businesses, who has built an eight-figure online empire; connect with Tai on Snapchat, Facebook, Instagram, or YouTub

3. Focus on the value you bring

Your ability to persuade others is a skill that's important to cultivate in all areas of your life, and one that affects all your relationships.

When negotiating anything, your goal is to come to an agreement by building value in your offer. The focal point of the negotiation should be the solution provided by your product, service, or idea not the price or what you get.