165 - 4 Tricks for Negotiating Like a Poker Pro
Entrepreneurs and business owners need to negotiate in almost all aspects of their business, from deal terms and payment schedules to salaries and more. But, negotiating is more of an art than a science.
1. Position is everything.
In poker, arguably the best position to be in is “on the button.” This means that you get to act last, after everyone else has made their decision if they are going to play in a particular hand or not. When you’re on the button, you can make your decision to call (match the bet), raise the bet or fold your hand with full information, because you’ve seen what everyone else is going to do.
2. Don’t be afraid of the re-raise.
Re-raising in poker is a tactic whereby one player raises the bet that is out there and then, a different player raises that other player’s raise. It can be scary to do that in poker and in business negotiations, as well.
But, don’t be afraid of the re-raise. It can be tempting to accept a first offer, especially if you really need the deal, but if you’re willing to accept that offer, don’t be afraid to try and re-raise it! The worst that can happen is that they’ll say no and if they do, you’re no better or worse off than if you hadn’t tried. But, re-raising can lead to better payments, terms or additional add-on requests that you never would’ve gotten if you didn’t try.
3. Keep a poker face.
Nothing will sink a negotiation faster than appearing hungry or desperate for a deal, so make sure to keep a poker face! In Texas Hold’em poker, envisioning that you have pocket aces, the biggest starting hand possible, before betting (no matter what hand you have in actuality) can help you appear cool and calm, so do the same in your business negotiations.
4. Be careful with bluffing.
Bluffing in poker is a tactic where you bet or raise with a hand that isn’t very good, with the intent of getting other players to fold because you are representing that your hand is better than it really is. Bluffing is risky in poker, just like it is with your business negotiations.
So, be careful if you bluff in your business negotiations. If you act like you are ready to walk away from a deal when you’re not, the other party may “call your bluff” and you can either look foolish and unprofessional when you inevitably re-consider or worse, lose the deal entirely.
Source: entrepeneur
All the best!
Patty Block
