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Ask The Entrepreneurs: Stop Being Underpaid and Start Negotiating Smarter

Ask The Entrepreneurs: Stop Being Underpaid and Start Negotiating Smarter

Ask The Entrepreneurs is a regular series where members of those involved in the Young Entrepreneur Council are asked a single question that aims to help Lifehack readers level up their own lives, whether in a area of management, communication, business or life in general.

Here’s the question posed in this edition of Ask The Entrepreneurs:

What book can help entrepreneurs or freelancers learn how to get what they want and negotiate smarter?

1. “Getting to Yes” by Roger Fisher and William Ury

    Getting to Yes

    is a great book on negotiation based on the work on the Harvard Negotiation Project. One of the key takeaways is to respect and know your counterparty’s interests well.
    Josh Weiss, Bluegala

     

    2. “How to Win Friends and Influence People” by Dale Carnegie

      Many people would think that by a name like this, this book is all about manipulation, but it is the exact opposite. Written almost 100 years ago, How to Win Friends and Influence People has stood the test of time for teaching people how to become a likable person. The underlying premise of the book is to learn to become interested in others rather than becoming interesting to others.
      Louis Lautman, Young Entrepreneur Society

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      3. “Negotiation Genius” by Deepak Malhotra

        Negotiating Genius

        outlines five research-backed principles to apply in any negotiation. A central insight: increase the opportunity of achieving “win-win” outcomes by approaching the negotiation from an investigative viewpoint, rather than assuming you know what the other party wants. Don’t assume; ask. It’s surprising how few negotiators have the courage to ask tough questions that could provide valuable information.
        Emerson Spartz, Spartz Media

        4. “The Last Lecture” by Randy Pausch

          The Last Lecture

          is certainly not a negotiations book, but it teaches you how to think more productively and focus on what’s important. You can use the principles he teaches in the book and apply it to your negotiations and you’ll have more success.
          Nathan Lustig, Entrustet

           

          5. “Influence: The Psychology of Persuasion” by Robert B. Cialdini

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            This classic negotiation book, Influence: The Psychology of Persuasion, shows you how to effectively persuade other parties. Using the principles outlined in the book — consistency, reciprocation, social proof, liking, authority and scarcity — can help you tremendously in getting what you what, not only when you’re negotiating but also when you’re selling your company, your vision, your product of your services.
            Matt Mickiewicz, Flippa

            6. The Thirty-Six Strategems

              One of my all time favorite books written way long ago in Ancient China. While not a business book by nature, it’s principles can be used in everyday business life, such as “Partnering with an enemy to take out a larger enemy” (strategic business partnership) or “How to focus on a weakness” (focusing on the prospect’s central pain and helping that pain with your solution).
              Kenny Nguyen, Big Fish Presentations

               

              7. “Beyond the Chicken Dance” by Charles Newman

                Get Beyond the Chicken Dance with Charles Newman’s book on negotiation. One of the first helpful principles Newman outlines is that everything in life is negotiable. Then, he gives the reader actionable insight for becoming a better negotiator. It’s a fun, fast read for entrepreneurs and freelancers alike.
                Doreen Bloch, Poshly Inc.

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                8. “Power Up; Speak Up; Be Heard” by Kay White

                  Power Up; Speak Up; Be Heard

                  by Kay White is a good one. White’s guide on how to become more confident, clear and effective in communicating with others is perfect for any career professional. It’s good to learn how to stand up for yourself – and your ideas – while you’re just starting out; it will be that much easier later.
                  Nicolas Gremion, Foboko.com

                   

                  9. “Pitch Anything” by Oren Klaff

                    Written by the successful investment banker, Oren Klaff provides a powerful guide to cognitive psychology, social dynamics, and message framing. Pitch Anything has generated tons of buzz in the startup and venture capital communities.
                    Michael Margolis, Get Storied

                     

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                    10. “Crucial Conversations” from VitalSmarts

                      There are few better negotiation books than Crucial Conversations. The toughest thing for most negotiators is keeping your cool when emotions run high. Whether you are discussing your valuation with investors or pricing with perspective partners, opinions will always diverge. This book teaches you how to have a building conversation — and avoid destructive ones — ensuring that you and your negotiating partner will understand each other, not just talk.
                      Aaron Schwartz, Modify Watches

                      11. “The Networking Diary” by Nancy Nguyen

                        A major part of negotiating is networking. If want to master networking success, learn and apply the simple networking secrets reveled in my book, The Networking Diary. These people know what it takes to succeed and they want to share it with you. Learn their secrets to get an edge when networking to expand their network and make the right connections for career advancement.
                        Nancy T. Nguyen, Sweet T

                        (Photo credit: Workplace for Negotation via Shutterstock)

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                        Trending in Money

                        1 9 Millionaire Success Habits That Will Inspire Your Life 2 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2020 3 How to Set Financial Goals and Actually Meet Them 4 25 Killer Sites For Free Online Education 5 How to Develop a Millionaire Mindset in 6 Simple Steps

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                        Published on January 15, 2020

                        9 Millionaire Success Habits That Will Inspire Your Life

                        9 Millionaire Success Habits That Will Inspire Your Life

                        As technology evolves and information becomes more accessible, it has also become more challenging to define success. A lot of people are trapped in the rat race while trying to discover the actual formula for success.

                        You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips over the internet. At every click and turn, there are ‘how-tos and quick-fix’ on how to become successful overnight. You will find several courses, articles, videos and books on how to achieve financial success.

                        But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following these 9 millionaire success habits?

                        1. Read for Personal Development

                        A daily habit I have discovered millionaire share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.

                        A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. [1] Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.

                        While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-tos, self-help, biographies, lifehacks and also follow current events.

                        2. Establish Multiple Sources of Income

                        Another success habit I noticed about success is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.

                        They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, dividends from investments. They also launch a side business or run a website or sell information products.

                        How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.

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                        3. Live on a Stipulated Monthly Budget

                        An average millionaire does not believe in luck and jackpot. They take the time to understand cashflow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.

                        The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals. Here’re some tips to help you stuck to your budget: 32 Hacks for Sticking to Your Budget

                        4. Manage and Maximize Money

                        The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire regardless of their income update their knowledge about tax strategies.

                        They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.

                        Do you know that about 60 companies paid $0 legally in the 2018 tax year? Some of these companies that ‘avoided'(note: not evaded) federal income tax include Chevron, Amazon, Halliburton, General Motors, Delta. The total income. Their total US income was totaled at $79 billion with an effective tax rate of -5%.

                        What’s the deal? They got a tax refund. How do they accomplish these?

                        An ITEP report indicated that they have the culture of throwing huge sums at tax experts who assist them in discovering creative, as well as convoluted means of paying little tax as much as possible. [2]

                        5. Avoid Debt

                        Another habit that separates the millionaires from the rest of the world is how they manage debt.

                        They don’t live an extravagant lifestyle and only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.

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                        They are conscious of the interest rates even when they use credits cards or take loans. They use those facilities for their advantage or pay with cash because of its zero percent interest rate.

                        6. Set Daily Goals

                        It does not matter if they are setting business, career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly to generate momentum in achieving their long-term goals.

                        Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.

                        Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars than hundreds of dollars.

                        7. Don’t Act Rich

                        The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed this in his book that the most prestige brands of cars, about 86% percent are toys of the non-millionaires. People with huge fortunes tend to drive exotic cars but in reality, the largest consumers of pricey cars are aspirational. [3]

                        According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate. [4]

                        8. Own or Buy Businesses

                        In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.[5]

                        • E stands for employee – they work for others
                        • S stands for self-employed – they work for themselves
                        • B stands for a Business owner- employees work for them (500 or more employees)
                        • I stand for Investors – Money work for them like Warren Buffet.

                        Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.

                        It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.

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                        9. Avoid Get-Rick-Quick Scheme

                        A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.

                        Bonus: How Can You Develop the Millionaire Success Habits?

                        Having learned these habits, the next question is,

                        How can I develop the Millionaire Success habits?

                        Here are six values you will need to develop:

                        Establish Your Life Vision

                        You need to be clear about what you want in life to set yourself for a life of success. Your vision has to go beyond becoming a millionaire to understanding why you want to become one. Any great entrepreneur you will ever find has a clear vision and an established mission.

                        Understanding why you are doing what you do will drive you to become the kind of successful person you want to be.

                        Make Your Passion a Profession

                        When your passion becomes your profession, work becomes pleasurable. Loving what you do enables money to flow to you and through you.

                        So what’s going to be? Wake up every morning by speaking positive words into your work, love what you do, and focus on the work that brings you joy.

                        Take a look at this article and learn how to make it happen: 5 Steps To Turn Your Passion Into A Career

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                        Focus on Solution

                        Focusing on the solution means establishing the problem that you or your business address. This will help you focus on the solutions when others are faced with challenges.

                        A millionaire has a mindset that is fixed on the solution. He or she knows there’s a way out, and that every problem is an opportunity in disguise.

                        Improve your problem solving skills with these tips: 6 Effective Ways to Enhance Your Problem Solving Skills

                        Develop Your Leadership Skills

                        Leadership skills are an asset that is indispensable if you want to develop a millionaire success habit. The more you hone your leadership skills, the more you will attract leaders who share your values.

                        Be Growth-Focused

                        Millionaire entrepreneurs prioritize self-improvement. Here’s how to achieve it:

                        • Get a coach. Coaching will impact your life, and you will achieve peak performance in life and business when you have a life coach.
                        • Be coachable. It is not enough to have a coach; you must be coachable. Sometimes, you need feedback and counsel to reposition your life and business. A coach has the wisdom and experience to counsel you from a higher perspective. The more you receive feedback and work on yourself, the more you become better at what you do and who you are.

                        Flip Your Thought Pattern From Acting To Being

                        It is not enough to have a millionaire success habit, you must also become a person of positive influence. This is how you can become significant. Bill Gates is not only rich; he is changing lives in Africa and different parts of the world.

                        If you want to become successful, you must first be and think like a successful person. This is how resources you need can flow into your life.

                        Here’s a final thought from me:

                        It is not enough to do something to have something; success is about being someone who possesses what is needed to take positive and inspired actions.

                        More Success Habits

                        Featured photo credit: Austin Distel via unsplash.com

                        Reference

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