Getting to Yes (not really) - Sharktank Belt Buckle Venture

Last week, we learned about the 4 techniques of principled negotiation from Fisher and Ury's book "Getting to Yes". The four strategies are:
1. Separate people from the problem
2. Focus on interests, not position
3. Invent options for mutual gains
4. Insist on using objective criteria

Watch the above clip from Shark Tank, an ABC show where entrepreneurs come on the show to showcase their products to various venture capitalist. The entrepreneurs give a brief sale pitch and hopefully get the VCs interested enough to invest in the venture in exchange for a share of the company.

Watch this particular designer of buckles as he gives his sales pitch and go into negotiation. Observe how he lock himself into position by demanding $500,000 from the VC in exchange for 25% of his company. Watch how the negotiation process turns out to become one in which he has to defend why his company is worth 2 million dollars.

The negotiation process breaks down. This guy walks away with no deal. Note what the investors say about his arrogance.

What could have happened if this guy were willing to invent optins for mutual gains?

Remember, whenever you enter a negotiation process, you need to be mentally prepared to negotiate and don't let your ego get in the way!