Negotiation Flashcards
What is a key factor in successful negotiation in fintech startups?
Understanding the needs and interests of both parties.
True or False: Negotiation is only about price.
False
Fill in the blank: Successful negotiation often requires _____ skills.
communication
What is a common mistake made during negotiations in fintech?
Focusing too much on immediate gains rather than long-term relationships.
Multiple Choice: Which of the following is NOT a negotiation tactic?
Ignoring the other party’s concerns.
What role does preparation play in negotiation?
Preparation helps identify objectives and potential concessions.
True or False: Emotional intelligence can enhance negotiation outcomes.
True
What is the BATNA in negotiation?
Best Alternative to a Negotiated Agreement.
Fill in the blank: In fintech negotiations, _____ is crucial for building trust.
transparency
What does it mean to ‘anchor’ in negotiation?
Setting the initial offer to influence the negotiation range.
Multiple Choice: Which strategy is often effective in negotiations?
Collaborative problem-solving.
What should be the primary focus during negotiations?
Creating a win-win situation for all parties involved.
True or False: It is beneficial to rush through negotiations.
False
What is the importance of understanding cultural differences in negotiation?
Cultural differences can affect communication styles and negotiation strategies.
Fill in the blank: Effective negotiators often use _____ to clarify misunderstandings.
active listening
What is a common goal in fintech startup negotiations?
Securing funding or partnerships.
Multiple Choice: Which approach is considered unethical in negotiations?
Deceiving or misleading the other party.
What is the significance of timing in negotiation?
Timing can impact the urgency and willingness of parties to negotiate.
True or False: Concessions are a sign of weakness in negotiation.
False
What does it mean to ‘close the deal’?
Finalizing the terms and agreements reached during negotiation.
Fill in the blank: Negotiation in fintech often involves _____ to assess risk.
data analysis
What is a ‘win-win’ scenario?
An outcome where all parties feel satisfied with the agreement.
Multiple Choice: Which of the following is a negotiation style?
Competitive, collaborative, and compromising.
What is the role of follow-up after a negotiation?
To ensure that agreements are implemented and to maintain relationships.
True or False: Non-verbal communication is irrelevant in negotiations.
False
What can influence the power dynamics in a negotiation?
The relative importance of each party’s position and alternatives.
