Hey channel,

Ever struggled to negotiate a better salary, win a scholarship, close a business deal, or even get a good deal on a car? Whether it’s high-stakes corporate acquisitions or everyday negotiations, mastering the art of negotiation is essential. You should seriously consider reading negotiation books, learning from peers, regularly practicing key tactics, or taking a class if your school or job offers one. This fall, I did all. Now, I’d like to share my reflections with you:

The core idea of the negotiations centers around 4 important principles you should follow:

1. Separate the People from the Problem: Recognize that emotions, perceptions, and communication can cloud negotiation. Address the human issues separately from the substantive issues. Be soft on people and hard on problems
   2. Focus on Interests, Not Positions: Positions are what people say they want; interests are why they want it. Digging into underlying interests can uncover solutions that satisfy both sides.
2. Invent Options for Mutual Gain: Brainstorming multiple options can lead to creative solutions that benefit both parties. Don’t lock into a single solution too early.
   4. Insist on Using Objective Criteria: Decisions should be based on fair standards, such as market value, legal precedent, or expert opinions, rather than the will of either party.

Let’s imagine you have to negotiate with someone more powerful. What should you do? Best practices suggest:

a. Know Your BATNA: Your Best Alternative to a Negotiated Agreement (BATNA) is your fallback plan. It is the most advantageous alternative action you can take if negotiations fail. If the negotiation doesn't work out, what will you do? The stronger your BATNA, the more confident and secure you will feel. Even if the other party is more powerful, knowing your alternatives can protect you from accepting a deal that is too unfavorable. You can ask so how can you strengthen your BATNA:

i. Identify all your alternatives.
ii. Improve your alternatives where possible (e.g., get another job offer if negotiating salary).
iii. Choose the best of those alternatives as your BATNA.

b. Don’t Reveal Your Weakness: If your BATNA is weak, avoid revealing it unless you have to. Instead, focus on the merits of the negotiation to keep the conversation fair.

c. Ask Questions and Probe for Their Interests: Even powerful negotiators have interests. By understanding their deeper interests, you can find areas where they may be willing to compromise or collaborate.

d. Form Alliances: Sometimes, you can balance power by forming alliances with others who share similar interests or objectives. This gives you collective strength in the negotiation.

If you want to learn more I highly recommend reading the book by two Harvard professors "Getting to Yes" and regularly practice those techniques. Stay tuned—I’ll be sharing more insights on negotiation in the future posts.

Why Decision Models Might Be Fuqua's Hidden Gem?
Have you ever spent days over the perfect number of guests for your wedding? Believe it or not, decision models can help! I recently finished Decision Models at Fuqua, and it completely transformed how I approach choices, big and small. While it demanded twice as much time investment compared to other classes, the breadth of knowledge and practical applications made it incredibly rewarding.

Professor David Brown started us off with decision trees, a tool Warren Buffet uses in his everyday thinking process. We then progressed to tackling complex problems like:

- optimizing exchange rates to minimize transaction costs,
- calculating the value of the information in oil well exploration process
- settling down in the court over patent infringement
- valuing options using Monte Carlo simulations
- even creating a Sudoku solver and optimizing calories in McDonalds for given budget!

One particularly impactful lesson involved building a kidney exchange model, which uses algorithms to match compatible donors with patients in need. It was inspiring to see how decision models can have a real-world impact on people's lives. Not only did I win $100 in the first class by applying decision theory (true story!), but I also gained valuable skills that will benefit me far beyond Fuqua.

The application process was hard but rewarding. To be honest, it seems every next step gets harder. When I just started GMAT prep, I thought the GMAT would open doors and the application process would be easy. I was so wrong! Attending admission events, endlessly rewriting essays/CVs, and passing interviews finally got me to university admission while working full-time. I thought I might get some slack after I started my masters, but I immediately got hit hard by the rigor of the recruiting, time management in the first semester at Duke, and imposter syndrome. For BCG alone, the process started in the first week of September and continued to early January, including close to 20 coffee chats, around 10 company networking events, and close to 80 case preparations. After hearing back from the firm, I was invited to the office visit in two weeks, which was supposed to be much fun. Imposter syndrome was waiting for me there as well.

The vicious circle continues, but I remain optimistic about the future that lies ahead and ready to face the new challenges and surprises it's prepared. Lucky I have friends who have been supporting me along the way, never making me feel alone in the process. Sometimes, I feel I never thanked them enough.