Most people have grown up listening to the story of the hare and turtle.
A young man, not very interested in the ‘boring, traditional’ family business, decided to strike out on his own and take up a job in a trendy tech company. Now his reasoning was that he would earn only around 25 thousand here, but at least he would be part of a trendy corporate culture, and hang out with the ‘cool’ crowd. So he started work, and with the first salary he got, decided to take his entire family out to dinner. His father had painstakingly built up the family business, and had been dreaming of passing it on to his son, dreams which were now dashed. Nevertheless, he put on a smile and went along, seeing how proud his son was to be taking out his family for a treat, with money that he and he alone had earned.
Topics: Global Family Managed Business, Thought Leadership, Faculty Insights
One of the constant refrains we get to hear from heads of business families nowadays is that there is no ‘fun’ in the business anymore. These gentlemen, typically in their late 40s or 50s, talk nostalgically about the ‘good old days’ when there was easy money, fun, excitement, and a sense of adventure in doing business, which is just not there anymore. Now what do they mean when they say this? They are actually referring to all the problems they are facing in running their business, whether it is ‘recession’, not getting good employees, or clients not paying up on time etc.
One very important parameter of negotiation is psychology. Whenever two sides negotiate, it is never two individuals, and never two organizations, but always two psychologies. The psychological mindset of an individual is extremely important in a negotiation.
One of the biggest confusing words, along with Negotiation, is Bargaining. Some authors have defined bargaining as being synonymous with negotiation. However, I always tell my GFMB class at SP Jain how bargaining is very different from negotiation.
As a negotiator, I am sure you would have always thought that the outcome of every deal should be in your favour. Well, there is nothing wrong to think that way, but there is a gap between expectation and reality.
In a business to consumer (B2C), negotiation is very different from marketing and selling. The primary difference is that Marketing is about making people aware of the product, services, or business, whereas Selling is to convince the other person to buy your product or service. Negotiation normally succeeds selling, because once a customer has agreed to buy the product or service, then issues about price, payment terms, delivery, quantity, and others will surface, which are negotiable.
Topics: Global Family Managed Business, Thought Leadership, Faculty Insights
I just watched the YouTube video “Humans Need Not Apply.” After the initial let-down (boy do I feel useless – and apparently I soon will be), I had to stop & think. If 45% of human jobs will be replaced by bots (physical and virtual), and if that will happen in our lifetime — much more quickly than farm work was mechanized and craftsmen were replaced by factories — what should each of us do?
Topics: Thought Leadership, Faculty Insights
What is critical thinking and how is it helping leaders make better decisions?
