Lesson 7 - You have less leverage than you think if you don't have a BATNA.

BATNA - Best Alternative to a Negotiated Agreement.

People give all kinds of advice to negotiation. However, what I have found is that tactics do very little to influence the outcome. Instead, BATNA is all that matters.

You have to be willing to walk away because you have a better alternative. It can be the current demand for the product or service that your business is delivering. It can also be the current job that you are holding.

So if you are interviewing, don't stop when you have received an offer. Use the new-found confidence to land another one. Only then will you have the basis to compare your true value on the market.

A bidding war is oftentimes the best means to achieve the most favorable end; i.e. the highest price for the product or service that your business is delivering.

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