Wed, Jun 10, 2009
Profit is Made at the Purchase
Walmart is the king of all merchants because of one rule: Walmart negotiates the wholesale price. Their profit is made at the purchase.
When negotiating, whoever has the most information wins; therefore, give an ear to knowledge. Get around other men who know something that you don't know, learn from them. Bank all the information for easy retrieval. Master the art of taking, organizing, and retrieving notes.
If you're the smartest man in the room, you need a new crowd.
Every morning, I sit down with the smartest man who ever crafted wisdom in writing. He wrote over 3000 proverbs. Proverbs are ingenious comparisons of applicable life, they are basically negotiations of life. You will learn from either the experience of pain or through a mentor. One day, I was in negotiations concerning the purchase of property. That morning I read, "Even a fool seems wise with his mouth shut." As the negotiations continue, I remained silent. My lack of response caused the other party to continue their bidding until they reached their limit, then I simply agreed to the terms.
I love reading biographies. Biographies introduce me to people I would otherwise have no relation. I get to dissect their experiences, learn from successes and failures. Great people are flawed. They are not perfect. Knowing this helps us realize their commonality. It removes the mystic of their success. They use their mystic in negotiations against you. They want you to be in the inferior position. Some have gone so far as having a chair higher than all the other chairs in the room so that you are forced to look up to them. They use these silly tactics to give them a competitive edge.
Negotiations begin before the actual meeting. Choosing the time and place of the meeting is as important as the meeting itself. Eccentric billionaire Howard Hughes conducted all of his meetings in early mornings between 2 and 4 AM. He was at his sharpest while his opponent was at their weakest.
Finally, appeal to their own rules of conduct. When negotiating for his nephew Lot, Abraham appealed to the mercy of God. Even during the negotiation, he constantly referred to God's kindness to even hear his argument to save a wicked city. Doing so helped ensure Lot's family to escape judgment.
When negotiating, whoever has the most information wins; therefore, give an ear to knowledge. Get around other men who know something that you don't know, learn from them. Bank all the information for easy retrieval. Master the art of taking, organizing, and retrieving notes.
If you're the smartest man in the room, you need a new crowd.
Every morning, I sit down with the smartest man who ever crafted wisdom in writing. He wrote over 3000 proverbs. Proverbs are ingenious comparisons of applicable life, they are basically negotiations of life. You will learn from either the experience of pain or through a mentor. One day, I was in negotiations concerning the purchase of property. That morning I read, "Even a fool seems wise with his mouth shut." As the negotiations continue, I remained silent. My lack of response caused the other party to continue their bidding until they reached their limit, then I simply agreed to the terms.
I love reading biographies. Biographies introduce me to people I would otherwise have no relation. I get to dissect their experiences, learn from successes and failures. Great people are flawed. They are not perfect. Knowing this helps us realize their commonality. It removes the mystic of their success. They use their mystic in negotiations against you. They want you to be in the inferior position. Some have gone so far as having a chair higher than all the other chairs in the room so that you are forced to look up to them. They use these silly tactics to give them a competitive edge.
Negotiations begin before the actual meeting. Choosing the time and place of the meeting is as important as the meeting itself. Eccentric billionaire Howard Hughes conducted all of his meetings in early mornings between 2 and 4 AM. He was at his sharpest while his opponent was at their weakest.
Finally, appeal to their own rules of conduct. When negotiating for his nephew Lot, Abraham appealed to the mercy of God. Even during the negotiation, he constantly referred to God's kindness to even hear his argument to save a wicked city. Doing so helped ensure Lot's family to escape judgment.
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