Students also learn not to get

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It s nice to get the benefit of that  anchor  if the number is in the right ballpark  but if you re unsure what the range might be in a likely outcome  it can be a mistake to blurt out a figure too soon.  If you don t have a good sense for the  zone of possible agreement   you can anchor in the wrong place and end up with a suboptimal outcome   Mohan says.

Questions Unlock Information Asking a lot of questions—especially the right questions—is part of the deal making process.  Early on  they may think that they understand the other side  but sometimes asking a question once is not enough   Mohan says.  You often need to explore the other side s interests and true alternatives more deeply Chinese Overseas America Number Data or things can go wrong. We get people to think about what their mindset is and also the fact that other people might have another mindset.   snowed by certain tactics that are used by the other party. For instance  the class works on a case in which a banker is selling a business and the student is the potential buyer trying to understand the competitive dynamics and decide on the right bid.  Bankers are famous for saying   We have a number of offers in order to get a bidder to pay more.  But in second grade you learn that  one  is also a number   Mohan says.



  If you re the only bidder or the best bidder  you probably don t have to raise your offer.  Most of the classroom negotiations involve pursuing a potential deal that benefits both parties—although in real life  getting to a deal is not always possible. Mohan says in the corporate world  those involved in negotiations often need to ask themselves whether they are talking to the  right other side.  He recalls a time in his own corporate career when  we spoke to   entrepreneurs a year to get to deals.