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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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                        Last Updated on June 26, 2020

                        25 Easy Tips on How to Save Money Fast

                        25 Easy Tips on How to Save Money Fast

                        “How to save money fast?” This is the question asked by all of us not in the top 1% of rich people.

                        If you are looking for ways to drastically reduce your expenses immediately, first look at what you need to spend money on every week. And I mean really need.

                        You don’t really need to order in food. You don’t really need to buy expensive perfume.

                        Building from that, you can work out how your regular expenses can be reduced.

                        As for irregular expenses, they can also be deceptively costly in the long run. Once-off buys can also be tackled with some prudent planning and a little extra research.

                        And remember: a budgeted lifestyle does not mean a bad or boring one!

                        But first, understand what budget you can cut down on daily:

                        • Regular expenses for the average adult (can be trimmed but not eliminated):
                          • food
                          • rent/mortgage
                          • cell phone
                          • insurance
                          • socializing/entertainment
                          • transportation
                          • hygiene products
                          • household bills
                        • Irregular expenses for the average adult (can be eliminated or cut down a lot):
                          • travel
                          • clothing
                          • medication (*depends)
                          • grooming (hair, nails etc.)
                          • gifts

                        Now, let’s dive right into the 25 ways to save money fast:

                        Save Money on Food

                        1. Bring a stock of food to the office/work

                        Instead of popping out for an overpriced salad and a smoothie, leave a set of basic utensils at the office as well as a stock of non-perishable goods such as tinned fruit, tuna, rice crackers and so on (try to avoid the junk food and this can turn into a pretty great diet!).

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                        Stocking up means you won’t forget or say “I didn’t have the time” when you rushed out to work in the morning.

                        2. Buy the store-brand version

                        Many basic foods, such as bread and milk, will taste exactly the same as their branded alternatives. Go for stuff with minimal additives and preservatives. Meat in a tube is probably insanely unhealthy!

                        3. Eat cheaper cuts of meat

                        Learn how to tenderize and flavour cheaper meat and fish, and save on the (typically) most expensive item on your grocery bill.

                        4. Have group dinners

                        If 10 friends put $5 each in the kitty, it’s pretty easy to make a giant lasagne and get refreshments, as well as hang out with your favourite people.

                        Save Money in Transport

                        5. Get a bicycle

                        Save on gas money and bus/metro fares with this underrated mode of transport.

                        6. Use public transport and/or don’t get taxis

                        Some places can only be reached by car. But as a good practise, check your public transport website and see if any routes pass nearby where you need to get to. Walk as much as you can.

                        7. Find the cheapest gas

                        Regularly check out where the cheapest gas can be bought.

                        Save Money in General Shopping

                        8. Shop online

                        Not only will you save on the gas or transport fares from going to the shopping mall but you will also find better deals

                        9. Sell your old stuff

                        Get your unwanted belongings up on eBay ASAP and earn a few dollars.

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                        Here’re more ideas for you: 25 Things to Sell to Make a Lot of Money

                        10. Bulk buying stores

                        For regular non-perishable/slow perishable purchases such as toilet paper, cat food, pasta, washing powder and so on, do an epic stocking-up trip to a co-op or equivalent (my mum used to go to a place that restaurants buy from).

                        Be wary of supermarket “deals”, as some have been found to be fraudulent after working out a simple calculation.

                        11. Become a flea market/car boot sale/street market guru

                        You can find original gifts and develop good negotiation skills at these places.

                        12. Generic brand medication

                        More often than not, the generic version of paracetamol and other basics work the same as the branded version.

                        13. Choose deodorant, not perfume

                        It blows my mind when someone drops $70 on a bottle of spray. Stick with a nice deodorant, and not only will you smell just fine but you’ll be sweat-free as well!

                        Cut Down on Household Expenses

                        14. Printing

                        Ink is one of the most expensive substances in the office and coloured ink is doubly so. B

                        e more efficient and choose black and white, and if your printer doesn’t have a print-both-sides options, just print odd pages first, re-insert the paper and print even pages.

                        Expand the margins of what you are printing as often as you can to save on paper.

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                        15. Minimize SMS and phone calls

                        A combination of a free chat service such as WhatsApp and a free call service such as Skype can reduce your bill to nothing (so long as you have a decent Wifi connection).

                        16. Shop around for insurance

                        Most people don’t spend enough time searching for the best insurance deal.

                        Keep a watchful eye out for deals and new competitors in the market.

                        17. Try re-negotiating your rent/mortgage

                        If you have built up a good credit history or a good rapport with your landlord, then chances are a frank chat about needing to tighten your spending could result in lowering your payments. You’ve nothing to lose from trying.

                        18. Don’t get a TV

                        Invest in a computer/laptop and an internet-only package. You can watch more (and often better) entertainment on the web, and skip the advertisements as well.

                        19. Pool your internet bill with a neighbour

                        My apartment building is basically a big old house split into three apartments. There are five of us in total. We pool the internet bill, making it crazy cheap.

                        Save Money in Socializing, Entertainment And Travel

                        20. Have house parties

                        Instead of paying for overpriced drinks, set up a series of in-house get-togethers with your friends. Everyone takes a turn, so it’s not always your house that needs cleaning.

                        For sound insulation, hang heavy drapes on the walls and windows. For music, invest in a good second-hand set of speakers which you can connect to your computer. Let Spotify or Grooveshark playlists do the rest.

                        21. Open festivals, meetups and events

                        It never fails to surprise me how much underground stuff goes on around me for free or for very cheap. Find out who runs the blogs and websites that list all the less well-known cultural activities.

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                        22. Volunteer

                        If you can’t pay for a ticket, volunteer and get to be there anyway.

                        23. Housesit

                        There are multiple housesitting websites offering you the possibility to avoid paying hotels and skip the discomfort of crummy hostels.

                        Save Money on Hygiene and Beauty

                        24. DIY beauty

                        French manicures, pedicures, waxing, eyebrows… pretty much all of these can be achieved at home (and done well) with some practise. There are plenty excellent blogs and YouTube tutorials to help.

                        25. Fewer haircuts/volunteer at a trainee hairdresser

                        If you can’t bear the risk of a trainee touching your locks, learn more ways to manipulate your hair as it grows and get haircuts sparingly. Women’s haircuts are outrageously priced in many cities.

                        Bonus: Effective Money-Saving Tips for Everything

                        Here’s a summary of what you can generally do to save more money:

                        • Share/pool resources. Organize a neighbourhood sharing scheme, common resources for your apartment block or with your friends. Not everybody needs an individual lawnmower.
                        • Buy energy-saving everything. The easiest way to lower your bills – replace those lightbulbs!
                        • Buy in bulk. Be sensible about it (i.e. make sure you have space!), and drastically reduce weekly expenditure.
                        • DIY. Skill up using YouTube tutorials on plumbing and many other essential services so you never have to pay for simple problems again.
                        • Research a lot before making a decision. Most money-wasting is the result of poor preparation and planning. Don’t shirk this part just because you don’t like it!
                        • Use your network. Your network is full of resources that can ease the pain of budgeting. Ask for help.
                        • Stop and think. Do I really need it?

                        Unfortunately, there are some things that require plain ol’ giving up for the time being. This can include high-cost sports such as skiing, the latest versions of some technologies, the finest brands of food/drinks, premier seats at the opera and most other indulgences.

                        What is important to remember during lean times is that when you look back on your life, it will be the experiences that stand out, not the extra comforts.

                        Living on a budget can teach you a lot about how much you can really get out of your paycheck. We only live one life, so make the most of every penny you earn!

                        More Tips for Personal Finance Management

                        Featured photo credit: Unsplash via unsplash.com

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