This month in my entertainment business negotiation and deal-making class we are learning about the importance of deal making and how to get a deal that will benefit both parties. My overall goal for the class was to understand the importance of contract wording and how to negotiate a deal that will not only satisfies both parties but will make both parties delighted to take the deal. Eil Broad once said, “The best move you can make in negotiation is to think of an incentive the other person hasn’t even thought of - and then meet it.”
I have learned that while a negotiation may seem calm at times, it is really easy to get caught up in an endless loop that will continue to go around in round; and that the best way to get out of an endless loop, is to create an incentive that the other party hasn’t even thought of. It really is the best move that you can make, because it causes both parties to stop and think that ‘hey… that might actually work.’ You also never know what the other party might think of to counteract that incentive, so it’s best to always be prepared.
Overall I am excited; I can wait to use the skills that I have learned this month to help draft contracts for my business plan. When it comes to having a gym membership resembling contract, it is import to make sure that it is straight and to the point, while also ensuring that both parties are satisfied. If you attempt to make a contract with legal jargon; it’s easy for the other party to begin to feel lost and confuse, wondering what the original deal was to begin with. It’s important to remember that negotiation doesn’t mean getting the best of your opponent, but is to make a deal that both parties can be happy with.