Story
Opportunity to profit
Monkey menace is a big nuisance in your village. An entrepreneur and his assistant set up a shop. The owner announces $5 for every monkey brought to him.
The villagers catch few monkeys. Every monkey deposited, gets them $5. Over next few weeks, the monkey population dwindles. The owner decides to raise the price to $10 per monkey to reward the increased effort.
Over next 2 months, very few monkeys are left. Now it takes couple of days to catch even a single monkey. The cage is almost full. The owner announces his visit to the city to get a bigger cage and raises the price to $35 for every monkey once the bigger cage arrives.
In absence of the owner, few villagers strike a deal with the assistant to buy some monkeys at $15 and sell back monkey at $35 once the bigger cage arrives. The news spreads, people rush to the assistant to strike a deal before the owner returns tomorrow.
How many monkeys will you buy and at what price?
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Negotiation is an important life skill
We negotiate most of our waking hours. We negotiate with our team members, colleagues, bosses and vendors at work, with our kids, spouse and parents at home. We negotiate during buying or selling of an asset e.g. house, car and also conflict resolution and during salary negotiations. Negotiation is an important life skill and it contributes to our success.
If we do not negotiate well or don’t negotiate at all then there is a big chance that we are going to leave money on the table, which could have been ours. We often don’t negotiate because we feel it is inappropriate or feel uncomfortable and fear it.
“You don't get what you deserve. You get what you negotiate.” Chester Karrass
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