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Entrepreneur 360™ features a great piece on how to negotiate business like a poker player.
Position is Everything
The best position in poker is “on the button”, which essentially means you get to act last.
In business “be patient and wait for the other parties involved to throw out the first offers. This gives you an idea of where they’re at, so that you can adjust your counter-offer accordingly and ensures that you don’t sell yourself short by putting an offer out that is too low.
Don’t Be Afraid to Re-Raise
In other words, don’t be tempted by the first offer.
Put on Your Poker Face
Nothing will sink a negotiation faster than appearing hungry or desperate for a deal, Entrepreneur.com suggests.
“Be aware of what your body language, tone of voice and word choices are communicating. Keeping a poker face will ensure that you don’t give away your hand or show your cards too soon.”
It Might Not Be Wise to Bluff
Bluffing in poker is often thought of as a good tactic. Bluffing in business might not be.
“If you act like you are ready to walk away from a deal when you’re not, the other party may “call your bluff” and you can either look foolish and unprofessional when you inevitably re-consider or worse, lose the deal entirely.”
- Nagesh Rath, Gambling911.com
