For my Negotiation and Deal-Making
class, I was required to watch three videos based around topics under
negotiation. The first video I watched,
titled “Negotiating Strategies and Tactics,” the one topic that stuck out the
most to me was when the narrator stated that emotions can help or hurt
you. He also said “nobody can negotiate
for something that is important to them without becoming emotionally involved.”
This can relate to negotiations in the entertainment business because the
outcome of the negotiation could decide how someone’s business could turn
out. If you’re the owner of a business
and your really passionate about it, then your going to sometimes let your
emotions talk in order to get the right deal. The second video titled “Stan Christensen-The Art of Negotiation [Entire Talk],” Stan talked about how
negotiating is an art form and if you expect to succeed you need to know the
tricks. One topic he talked about that
related to what we talked about in class was using objective criteria to gain
an advantage. During the video, someone
in the audience stated that he went to a mechanic and felt like he was
cheated. Stan stated that you need to
research prices beforehand so that you know the average prices and know when
you are being tricked out. This is
useful in entertainment business because in order to get fair deals you need to
know what to expect before you start negotiating. If you know what to negotiate then your
chances of receiving a good deal increases.
The last video titled “Entrepreneurship - Part 7: Negotiation,” the
narrator talks about tips and tricks for entrepreneurs in negotiations. In my opinion, the most important thing he
talked about was knowing what your BATNA (best alternative to a negotiated
agreement) is. One should always have a
plan in place in case negotiations fall through, but you should use your BATNA
as an absolute last choice. The idea of
negotiation is to improve upon things, not having to fall back to your alternative
plan. Just like in entertainment
business, if something goes wrong, then having a BATNA would be wise to
have. Therefore, in conclusion, emotions
can hurt or help you, know your objective criteria and your BATNA.
