This document outlines 10 lessons the author learned about negotiation from their experience at Stanford GSB. The lessons are: know the real cost of not negotiating; there are no set rules in negotiation; thorough preparation is essential and should include understanding your own interests, issues, alternatives, reservation and aspiration prices, sources of power, and opening move as well as your opponent; focus on interests rather than positions; the resources being negotiated do not have to be fixed but can be expanded; bring additional value to the negotiation; be open to multiple possible outcomes; do not underestimate your own power in the negotiation; aim high in your goals and requests; and consider whether being fair or rational is the best approach.

1. 10 Lessons I Learnt about Negotiation
JayWSalon, Feb 2013, Stanford GSB

2. #1: Know the Real Cost of Not Negotiating

3. #2: Rules? Says Who?

4. Negotiation
Process whereby two or more parties decide
what to give and take in their relationship,
and through a process of mutual influence,
to a common course of action.

5. #3: Prepare, Prepare, & Prepare

6. #3: Prepare, Prepare, & Prepare
Self
Interests
Issues
Alternatives
Reservation Price
Aspiration Price
Sources of Power
Opening Move
Opponent

7. #4: Interests, NOT Positions!

8. #5: Not Always a “Fixed Pie”!

9. #6: Bring More Value on the Table

10. #7: Maybe Yes, Maybe No

11. #8: Don’t Underestimate Your Power!

12. #9: Aim HIGH!

13. #10: Be Fair or Rational?