Negotiation strategies for women entrepreneurs to success
"Women should learn to leverage their unique advantages as negotiators for their success "
For women in the business world and her journey as an entrepreneur, gender bias can make negotiating tricky, but many research shows that women have unique strengths they bring to the table. The recent focus on diversity, equity and inclusion (DEI) in the workplace has highlighted how gender bias can affect both people and profits. Women are still expected to be “nice” in negotiations and that’s a problem, but advances on the DEI front will hopefully ensure that future generations of professional women will sit down at a more equitable table. In the meantime, women can leverage a number of proven strategies to make the most of their unique advantages as negotiators.
How to approach a negotiation
Before starting the negotiation,we must understand how to approach the negotiation strategically.
There are 3 key approaches to negotiations: hard, soft and principled negotiation. Many experts consider the third option – principled negotiation – to be best practice:
The hard approach involves contending by using extremely competitive bargaining.
The soft approach involves yielding, where one party tries hard to meet the interests of the other party and forgoes their own interests.
Principled negotiation focuses on achieving a lasting, win-win outcome.
The strategies of negotiations for women entrepreneurs are
Position yourself as a solution.
Reasearch before planning for the deal
Use inclusive language
Work for a mutually beneficial deal.
Keep Stakeholders top of mind.
Start with a trusting relationship.
Prioritize Empathy.
Acknowledge the other party's needs.
Strive towards a Win-Win situation.
Label their fears.
Women bring problem-solving skills and personality traits to the table that make them highly effective negotiators. Although negotiating can be trickier for women, they can adopt specific strategies that are based on proven research and updated on life experiences
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