Daily I see overconfidence in business. I see too much faith placed in forecasts. I see big bets placed on anticipated market growth. I see investment in businesses that are near bankruptcy. I see these things because people tend toward certainty. They start with a belief and then look for all evidence supporting that belief while ignoring anything that contradicts that belief.
If you and your business partner are not getting along, get it fixed now. Remember, once the lawyers step in, the cost goes way up and few businesses survive the process.
There are many things that can go wrong in a partnership. The consequences of a failed business partnership is often more severe than a divorce. Most states are now “no fault” divorce states. That means you don’t fight out anything in court.
I have seen some incredibly stupid moves in negotiations recently. People have walked away from being within a few dollars of a huge win to face the prospect of getting nothing or potentially having to pay a huge sum. Crazy.
Pay attention and you will be surprised how often you are in a situation to either make your point or get what you want. I see this everyday in business. There’s a decision to be made. Rather than doing the proper work to make the best possible decision (looking at the data, considering the budget, accounting for the impact on people, creating a model) the discussion devolves into some prior sin committed by you or your partner.
I have been involved in a lot of negotiating this year. From small companies with internal problems to very large companies unable to close deals. The subject of negotiating is a big topic and not everything can be covered in a single post. But I want to help you with an important, maybe the most important piece in negotiation.
I refuse to vote in 2016. I’ve heard all the arguments from voting being my “duty” to the need to protect the world from Donald Trump bringing nuclear annihilation to the planet. Bull.