Sunday, June 17, 2012

The Biggest Factor in Negotiating: Knowing Your Worth!



currystrumpet
When it comes to negotiating, there are many factors that come into play. How you negotiate determines the outcome. Knowing how to effectively negotiate is crucial because most times, you are negotiating something that could possible affect your life. While talking to Coach Philip Wallace, who happens to be a high school track coach in one of the Chicago Public Schools, he said that knowing your worth is important when negotiating. From time to time, Coach Wallace helps students that are going on to college negotiate contracts that will benefit them. So out of all things why might this be important?
Let’s say that you are offered a deal somewhere and it is a very good deal but there is something missing. What is missing? The value that you add to the team or company that you are negotiating with! The value that you add to a team or a company can be the changing factor in a negotiating. This applies to any situation in life where there is a deal that needs to be made.
When negotiating, it is really about what the two parties bring to the table and how it will be mutually benefiting for both parties to agree on the terms. Maybe the party that you are negotiating with has overlooked something that you can bring to the table. Therefore you can bring that into the negotiation and so that they can take that into consideration.
Its also important to stand firm when negotiating because they are some times when you may just want to give in but you have to think about how this deal could impact your life. Sometimes you may have to say if we cannot agree to these terms, then I cannot sign this contract. You may find that sometimes that is all the party that you are negotiating with is really looking for.
Sometimes people just want to see if you will stand up for yourself or how well you can stand on your own. These are good things to keep in mind because the entertainment industry is a tough industry that is strictly business! It is all about the best deal and the right person for the deal.
Just like most artists make different amounts of money, many athletes make different amounts of money as well, even if they are on the same team. You will find that the bigger artists such as Jay-z, Sean “puffy” Combs, etc. are the ones that have been able to negotiate better because they understand that it is business. Not only that, they know what they are capable of and what they can bring to the table.
Always make sure that a contract is in your best interest! You do not want to sign anything without carefully reading it over first. Independent Artist JNan “IAm Chicago”, who has had much success in the entertainment industry says that he sends all contracts to a lawyer but he still does not sign it without looking it over at least 3 times.  Jnan also says that you have to be able to market yourself and again it all goes back to what you can bring to the table.
So always remember to know your worth! Never settle for less, no matter how promising the situation seems but also be able to compromise. Make sure the compromise benefits you though. 

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