Monday, April 9, 2012

Networking for Mutual Benefit - Takeaways

Networking for Mutual Benefit – Takeaways

You know it is a great meeting when after the meeting, people stayed back to talk to each other. Here are some takeaways to share:

Must Read Books:

• Never Eat Alone

• How to Win Friends and Influence People

What is Networking?

Teddy Burriss’s motto – “Networking is finding, developing, and nurturing relationships that mutually move people forward thru life”

• Not just for job search

• It is all about building relationships

• If you are not building relationships – you will not be successful

• It is a successful way to build business, find new job, help others

How to Network?

• You can’t ASK until you have developed a relationship

• Key to networking – making it all about the other person

• Meet people that are different so that you can learn new ideas, solutions, and possibilities

• Try to meet someone new daily

• In real life conversations are best form of networking

• Leverage social media to connect with people

• Connect with your weak ties periodically – people in the past you have had a relationship with that you haven’t contacted in a while

Principles of how to win friends and influence others

Teddy went over 9 critical – When I googled the principles, I liked all of them. I’ve copied the principles from the below website:

Fundamental Techniques in Handling People

1. Don't criticize, condemn or complain.

2. Give honest and sincere appreciation.

3. Arouse in the other person an eager want.

Six ways to make people like you

1. Become genuinely interested in other people.

2. Smile.

3. Remember that a person's name is to that person the sweetest and most important sound in any language.

4. Be a good listener. Encourage others to talk about themselves.

5. Talk in terms of the other person's interests.

6. Make the other person feel important - and do it sincerely.

Win people to your way of thinking

1. The only way to get the best of an argument is to avoid it.

2. Show respect for the other person's opinions. Never say, "You're wrong."

3. If you are wrong, admit it quickly and emphatically.

4. Begin in a friendly way.

5. Get the other person saying "yes, yes" immediately.

6. Let the other person do a great deal of the talking.

7. Let the other person feel that the idea is his or hers.

8. Try honestly to see things from the other person's point of view.

9. Be sympathetic with the other person's ideas and desires.

10. Appeal to the nobler motives.

11. Dramatize your ideas.

12. Throw down a challenge.

Be a Leader: How to Change People Without Giving Offense or Arousing Resentment

A leader's job often includes changing your people's attitudes and behavior. Some suggestions to accomplish this:

1. Begin with praise and honest appreciation.

2. Call attention to people's mistakes indirectly.

3. Talk about your own mistakes before criticizing the other person.

4. Ask questions instead of giving direct orders.

5. Let the other person save face.

6. Praise the slightest improvement and praise every improvement. Be "hearty in your approbation and lavish in your praise."

7. Give the other person a fine reputation to live up to.

8. Use encouragement. Make the fault seem easy to correct.

9. Make the other person happy about doing the thing you suggest.

Sunday, April 1, 2012

Negotiating with a Car Salesman - Lessons Learned

Valuable Lessons Learned – Negotiating with a Car Salesman

People often tell me that I’m a hard core negotiator…I often get sought out to give advice on apartment rentals, house buying, or salary negotiations. One of my buddies recently took me to negotiate a deal for a car purchase. I learned something this weekend – How to be prepared to negotiate with a car salesmen. Here are some valuable lessons learned from this weekend –


o It was very important to listen to the salesman. As he talked, I knew that a sale for him was crucial as he needed to make his numbers and it was the end of the month.

o He also mentioned that they sell on average 10 cars a month. Since the next business day was the last day of the month, their chance of selling a new car was 33% - very low if you need to make your targets.

o My car salesman, while talking to his manager, repeatedly mentioned that this sale would go towards end of month numbers. He really had a sense of urgency to make the deal.


o My negotiating class taught me the importance of BATNA – Best alternative to a negotiated agreement. Thank You Bill Davis and Wake Forest!!!!

o I had a strong BATNA vs. the car salesman – I was in no rush of purchasing a car and I was interested in other brands. My best alternative would have been either to wait or go to another dealership. On the other hand, my car salesman, he was 1 car away from making the numbers.

Walk-away Point

o I’m not really a car person – I’m pretty shallow when it comes to cars…do they look pretty; is it easy to maintain; can I show it off to my friends. When I walked into the dealership, I didn’t know what car or model I wanted to purchase but I knew my walk-away point.

Don’t Finish Negotiation on the Same Day

o At the end of the negotiation, I took the offer and went home to sleep on it. I also felt it makes the other party nervous – will she take the car or not.

o I also knew I may have a little more wiggle room to negotiate when I got an email after 10 minutes from the dealership opening time.

Be Fair

o In India, there is a saying that good deals are often when both parties feel happy. If one side feels slighted, in the long term, the deal will somehow get sour. I did enough research to know what was fair for both me and the salesman. I made sure my end amount was good to make both parties happy.