Story
Well known author returns the advance
You are the CEO of a publishing house. Your organization gave an advance of $200K to a well known author for writing a book.
The author completes the manuscript and submits for publishing. You like the draft but would prefer to publish a shorter version only.
You request the author to cut the number of pages to half since larger volume are not popular. The author refuses to oblige and offers to return the adance.
As a publisher, what will you do?
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Negotiation is an important life skill
Negotiation is also a game, the more you play and practice, the better you get. Learn and prepare negotiation to reduce anxiety. Like any other skill, it can be mastered.
· Negotiation skills are learnable · You need to know the concept & principles · You need to apply the principles & practice the game · You should get feedback after each negotiation to improve
Last but not the least, seek negotiation and don’t avoid it. When you do buy or sell an asset or join a new job, negotiations are part of the whole process. Prepare for negotiations and don't avoid.
Negotiation is an information game, a conversational dance where we exchange offers...back and forth…offers and counteroffers to benefit mutually.
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