Viking investments learning journal composition

The Viking negotiation was quite tasking or in other words that it was challenging to try to determine a solution mainly because both sides were in a bad situation fiscally, and the sum of alternatives to solve the problem were very limited. From the beginning we just discussed the scenario in a open up, friendly approach to see what each side needed to say about the situation. We reviewed each issue at hand and what either side wanted, thus we had several idea of what type of option we could try to come up with.

Whenever we found out the fact that things we wanted may not be able to yield a pleasant option for any get together. I knew now someone would need to compromise within a big method to come up with a plausible solution.

The Viking Investments simulation presented a reality of many negotiations about bad debts: It is beneficial for both sides to come to an agreement and steer clear of any legal situations.

In this case, Pat(Harsha) and Exotic (me) a new contractual arrangement for supplies and solutions rendered, nevertheless through miscommunication an upgrade was performed on the elements without Pat’s personal acceptance. In order for this kind of negotiation to reach your goals, Pat and I had to see through the small arguments of who “screwed up and who is legally responsible for the events leading up to this kind of negotiation. If we continued debating the merits of one another’s positions, we might have ended up being in the courtroom, I would possess declared under and Pat would have wound up receiving a reduced percentage with the owed sum.

Fortunately, both equally sides realized this and the negotiation went efficiently. I knew we would work some thing out whenever we both made a decision to work together. Both equally Pat and i also focused on the numbers of the agreement, and how we could work/pay off Sandy’s debt, while still permitting WoodCrafters to flourish, and Viking Expenditure to continue its future expansion goals. We did find an layout that would permit these desired goals to become possible. Initially, Terry kept pushing for me to promote my mansion and use the proceeds to assist with my personal financial situation yet I moved against this because My spouse and i considered it my overall worst case scenario. All of us agreed to agree to payment that will turn WoodCrafters no income for job rendered, and let for long term work to become done as a way of paying down the one hundred dollar, 000 outstanding debt. Furthermore, we arranged that Dab would write-off the rent owed for 10, 1000 and only pay a total of 810, 500 (490, 500 cash and 2 condos with their market value of 160, 000 each).

The settlement strategy I used in working with Pat was to emphasize the negative influence not visiting an agreement might have on each of our companies. We continually explained to him not coming to a contract would locate my business claiming bankruptcy and therefore restricting the returns paid to Viking. This method seemed to work as Pat noticed that was true and was very looking of an contract that would not really leave WoodCrafters in individual bankruptcy. I also emphasized the importance of adding whatever fights we had in past times aside to get the reasons of going to an layout. I was extremely pleased with the discussion as we developed deal that appeared to work for both sides and permit both companies to continue their reputation and allow future progress.

This was a dispute- centered negotiation because our BATNA’s were associated. It helped to establish a posture of power form the get go. I first learned this kind of from seeing episodes of 30 Mountain where Jack port Donaghy was involved in different negotiations. Jack port was a quite strong character and always believed in coming from a place of power even though it at times meant searching up just a little dirt around the opponent. That i knew of I wasn’t going that far with this negotiation however it still helped to have the idea at the back of my thoughts.

Even though That i knew I had hardly any leverage more than Pat, I actually tried to focus on the advantages I had fashioned. For example , I kept referring to the fact that he offered his admin the right to manage thing whilst he was away and that whenever we went to court it would hold-up as a sworn testimony. I actually also kept reminding him that if we didn’t reach an agreement he stood the risk of bankruptcy and this was a thing we were both trying to prevent. I think that helped. Thus i would admit establishing and emphasizing the strengths, regardless of little, genuinely helps in negotiations.

I found that it also helped to use mixed communications with my partner. Although I tried to establish a position of strength, I actually also made it clear which i was pretty prepared to come to a good agreement pertaining to both parties therefore i basically reciprocated contentious connection with a cooperative communication and this helped a whole lot.

I would wish to negotiate with Harsha again. He was smart, willing to develop a good solution, and honest about his needs. This negotiation revealed the importance of seeing the larger picture. You need to realize what arguing but not reaching a contract will mean for you, your company, as well as your future. Even though time was an established limit, I think each of our agreement method was done properly. Merely had this case again, I might negotiate more and run the figures more to come up with more ideas about how precisely to reach a cheerful accordance. I think I got an attractive good deal by the end. Negotiating with Pat was a pleasure and I’d definitely do it again. When he was very intent in getting a few of his hobbies accomplished, which usually occasionally led to breakdowns of communication, he understood the only way to avoid going to court would be to use a collaborative strategy. Having been as focused on my interests as he was with his individual which I treasured greatly.

I learned that even if people help to make big errors in the business world nobody is victorious when two parties have to go to court docket except for legal professionals. While Pat thought that what I did was completely ridiculous, he made sure we reached an personable agreement. I will also take away that the just way to truly satisfy the passions of both parties is to be collaborative.

I also learned a whole lot about entitlement in this discussion. I learned that often times in a negotiation, entitlement or thoughts of entitlement mean absolutely nothing. Although Dab felt that he was allowed to more than he received, in the event he aimed at that entitlement I would have received nothing. Whether or not he also felt that paying the 250, 000 extra for the oak wasn’t his difficulty and that I actually owed him 210, 000, he as well knew that he had something to lose if we didn’t come to an agreement and so he quickly did not remember about those facts and focused more on problem solving and us helping each other out.

The next time I will disclose all relevant information faster. In this negotiation I failed to tell Dab that selling my house was an option upfront because We felt like selling my house was a last resort. However , the only method to come to a negotiated agreement in this case was going to sell my house. Therefore the negotiation could have been achieved in a more well-timed fashion had I revealed all of this data up front.

Overall I think this kind of negotiation was obviously a good representation of real world issues. We definitely don’t desire to be in this kind situation later on, but it was actually good practice and it definitely sharp my discussion skills further more. I think this was a good representation of the type of issues people move through in life plus the people that you can expect to possibly be working with. Overall my big eliminate from this workout is “Do certainly not breach a contract.

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