- As a CEO, being in the trenches feels a lot like being punched in the face over and over again
- A lot of dysfunctions in teams boils down to not being clear about roles and responsibilities
- always talk about the task and not about the person
- The (blame of the screw up) Buck stops with the CEO whose role and responsibility includes being the ultimate decision maker
- It is the CEO’s job to bring up difficult conversations that are necessary
- performance issues boil down to two types motivational, perceived or ability
- motivation because feeling burned out
- perceived because role n responsibility not clear
- ability then not supposed to clear skillset mismatch
Key advice for Startups and emerging companies
- Start small
- Stay lean
- Raise only the funding you really need and grow judiciously.
- Alignment from all parties on exit strategy is extremely important
- Best time to sell a company is when the future has never looked brighter
- Interest of VCs might not be aligned with interest of founders and angel investors
- VCs need to satisfy the needs of their LPs
- Need their successful companies to generate a minimum of 10-30X return for their fund to perform respectably, taking into account overall failure rates
- They thus need to wait longer to exit and work their investments harder.
- They are ok to accelerate the growth of their investments with their capital or blow it up quick for a capital right off. The latter helps minimize management overheads.
- They will block a sale if the return multiples do not meet their expectation
- VC return multiples of term sheet valuation
- Series A – 10X return
- Series B – 4-7X returns
- SEries C – 2-4X returns
- VC funds have been getting bigger overtime. The need to deploy their capital forces them to seek for opportunities where likelihoods are slim.
- Companies with VC money tend to exit at year 16 on the average
- Invest much less money than VCs
- USD10,000 to USD250,000
- Happy to exit in a few years with a 3-5X return
- In the 50s and 60s
- prior successful entrepreneurs or senior executives
- allocate around 5-10% for angel investing
- has experience and inclination to be great mentors and valuable directors
- Companies with angel only money tend to exit at year 4 on the average
Drivers of acquisition
- trend has been dramatic shift towards earlier exits
- huge amounts of cash on balance sheets of large corporation
- growth in Private equity and buy out funds
Insights on Growth
- The first USD10 to USD20 million valuation are the easiest and less challenge on the skills of the CEO
- It is easy for young companies to maintain year on year compound annual growth rates of 100% or even 200%
- Knowledge of how hard it is to be a CEO and lots of money in the bank is usually a huge deterrent for serial entrepreneurship.
- VCs replace CEOs of 75% of companies within 18 months of their initial investments
- Founder’s shares get trapped in an illiquid private company for another 5-10 years
- Use a 2 year time horizon
- year 1 develop technology
- year 2 develop distribution
- A lot of factors that have the biggest impact on a company’s short term value fluctuation will be out of management’s control
- The factors will also be unforeseen
- General valuation multiples
- SAAS companies are typically valued at 3-4 RR
- Service body shops 0.5 of per staff revenue or PE ratio of 3-4
On sales process
- Typically 4-5 months
- CEOs must focus on the business to ensure metrics are at their best during the sales to maximize valuation
- can add up to 10-20% more valuation
- Until the very last phase of the sales, it is best to delegate the sales process to a professional
- Business broker or M&A advisor – use them as the bad guy
- big firms shoot for exit above USD100million
- 2-3% of final value
- boutique firms shoot for USD20-70 million
- 4-6% of final exit value
- big firms shoot for exit above USD100million
- Business broker or M&A advisor – use them as the bad guy
- Evolution and revolution as organizations grow, Larry Greiner Harvard Business School
- Raising money: The canadian guide to successful business financing, Douglas Gray and Brian Nattrass
- High Anxiety or Great Expectations, Bart Schachter and George Hoyem, Venture Capital Journal
All decisions are inherently emotional. Our lymphatic system is a more ancient and robust system than our logical faculties. Its been shown in studies, conducted by Antonio Damasio in 2000, that patients with damage to the part of the brain that processes emotions have trouble making even the smallest decisions.
Humans are by nature social creatures. Studies show that our brains contain mirror neurons which endows us the ability to empathize with another fellow human being. This also implies our emotions are easily subjected to the influence of others. This is why it is important to get familiar with the various cognitive biases in the human brain and what triggers them (see lecture by Charlie Munger).
On the flip side, it is possible to exploit cognitive biases to boost sales conversions. This is an art that touts in the streets of Cairo have mastered through years of practice. The effectiveness of any street tout is dependent on the number of cognitive biases he can exploit during the short period of encounter with his subject.
A case study on how cognitive biases are combined and used
A tout might start the conversation with a small ask, e.g. as simple as “what is your name?”. This seemingly innocent question when responded will trigger off the consistency bias. The subject will inevitably feel a sense of cognitive dissonance if he were to stop further conversation after having started the conversation by telling the tout his name.
The tout next proceeds to offer a seemingly harmless “gift” which might be small and of little value. This gift, when accepted, will exploit the reciprocity bias. The subject having received something of value will inevitably feel uneasy if he does not reciprocate in kind.
Since the subject at this point, without any prior data points, is yet sure on the “value” to place on the “gift”, a skillful tout might take the opportunity to exploit the anchoring bias by providing an high arbitrarily number about something seemingly unrelated such as one of the following:
- the age of his 90 year old mum
- the age of the pyramids
- the inhumanly high temperature
This arbitrarily high number will help facilitate a higher perceived valuation of the “gift”.
And while he is telling about his mum or kids, he might exploit the authority bias by saying his mum is sick and needs money to see the doctor. One might say there is no person of authority in the immediate proximity. However in this scenario, the person is actually some authority figure the subject had in his life, while he was growing up, who preached to him the importance of being a good human being and helping others in need. Having delivered his story till this point, the tout should have successfully wiggled himself to a moral high ground in relationship to the subject.
It can be assumed that sometime has already past since the subject was given physical possession of the gift. The endowment effect should have kicked in by then. The subject if he was even mildly inclined towards the gift at the onset, he will feel a potentially higher level of psychological discomfort at returning the “gift” to the tout.
At this point from a psychological perspective, for the subject to be able to refuse the request of the tout for a donation, he would necessarily need to have priorly developed much mastery over his own emotions. It can be safely assumed the percentage of subjects parting with a “token” amount of donation to the tout will be significantly higher than an alternative scenario where a beggar simply approached begged for money.
How it is relevant to your funnel
Now one would ask how does this relate to driving up conversion rates in my startup application? The point of the story is not to teach you how to be “evil“, by getting your user to doing something against his will, but to illustrate the importance of catering to his psychological needs within your onboarding experience. The reason why your user landed at the top of your funnel was because he has a genuine need that he hopes your application could get done for him.
A smooth flowing onboarding experience coupled with a compelling story will help keep your user motivated as you drive him down the funnel towards the magic moment within your application. There is a reason why folks call the magic moment an Aha! moment. From a biological perspective, your user’s brain releases a small dose of dopamine (a feel good reward) during that very instance.
The key to user retention is to figure how to encourage repeated actions by your user so that he could experience the Aha! moment again and again until the action becomes a habit and your user does it reflexively without needing to think about it. Of course, to ensure your service can continue to benefit the world, it is important to remember asking for contribution to pay for server cost at some point…
At GetData.IO, our mission is to turn the Web into the fully functional Giant Graph Database of Human Knowledge. We aim to do so by nurturing a community of like-minded contributors, hence the importance of successfully on-boarding our users. This is because every successfully created data source will not only benefit its creator but also other community members that might have need of it in the future.
- Hooked: How to Build Habit-Forming Products, Nir Eyal
- Altered Traits: Science Reveals How Meditation Changes Your Mind, Brain, and Body, Daniel Goldman
- AARRR framework, Dave McClure
- Influence: The Psychology of Persuasion, Revised Edition, Robert B Cialdini
- The Power of Habit: Why We Do What We Do in Life and Business, Charles Duhigg
- The psychology of human misjudgment, Charlie Mung
- Jobs to Be Done: A Roadmap for Customer-Centered Innovation, Stephen Wunker
While I was reading through most of the success stories that were published on IndieHackers.com, it occurred to me that my project GetData.IO really took longer than most others to gain significant traction, a full 5 years actually.
I first stumbled upon this project back in December 2012 when I was trying to solve two other problems of my own.
In my first problem, I was trying to identify the best stocks to buy on the Singapore Stock Exchange. While browsing through the stocks listed on their website, I soon realize that most stock exchanges as well as other financial websites gear their data presentation towards quick buy and sell behaviors. If you were looking to get data for granular analysis based on historical company performance as opposed to stock price movements, its like pulling teeth. Even then, important financial data I needed for decision making purposes were spread across multiple websites. This first problem lead me to write 2 web-scrappers, one for SGX.com and the other for Yahoo Finance, to extract data-sets which I later combined to help me with my investment decision-making process.
Once I happily parked my cash, I went back to working on my side project then. It was a travel portal which aggregates all the travel packages from tour agencies located in Southeast Asia. It was not long before I encountered my second problem… I had to write a bunch of web-scrapers again to pull data from vendor sites which do not have the APIs! Being forced to write my 3rd, 4th and maybe 5th web-scraper within a single week lead me to put on hold all work and step back to look at the bigger picture.
Being a web developer, and understanding how other web developers think, it quickly occurred to me the patterns that repeat themselves across webpage listings as well as nested webpages. This is especially true for naming conventions when it came to CSS styling. Developers tend to name their CSS classes the way they would actual physical objects in the world.
I figured if there existed a Semantic Query Language that is program independent, it would provide the benefit of querying webpages as if they were database tables while providing for clean abstraction of schema from the underlying technology. These two insights still prove true today after 6 years into the project.
The trough of sorrow
While the first 5 years depicted in the trend line above seem peaceful due to a lack of activity, it felt anything but peaceful. During this time, I was privately struggling with a bunch of challenges.
Team management mistakes and pre-mature scaling
First and foremost was team management. During the inception of the project my ex-schoolmate from years ago approached me to ask if there was any project that he could get involved in. Since I was working on this project, it was a natural that I would invited him to join the project. We soon got ourselves into an incubator in Singapore called JFDI.
In hindsight, while the experience provided us with general knowledge and friends, it really felt like going through a whirlwind. The most important piece of knowledge I came across during the incubation period was this book recommendation?—?The Founder’s dilemma. I wished I read the book before I made all of the mistakes I did.
There was a lot of hype (see the blip in mid-2013), tension and stress during the period between me and my ex-schoolmate. We went our separate ways due to differences in vision of how the project should proceed shortly after JDFI Demo Day. It was not long before I grew the team to a size of 6 and had it disbanded, realizing it was naive to scale in size before figuring out the monetization model.
Investor management mistakes
During this period of time, I also managed to commit a bunch of grave mistakes which I vow never to repeat again.
Mistake #1 was being too liberal with the stock allocation. When we incorporated the company, I was naive to believe the team would stay intact in its then configuration all the way through to the end. The cliff before vesting were to begin was only 3 months with full vesting occurring in 2 years. When my ex-schoolmate departed, the cap table was in a total mess with a huge chunk owned by a non-operator and none left for future employees without significant dilution of existing folks. This was the first serious red-flag when it came to fund raising.
Mistake #2 was giving away too much of the company for too little, too early in the project before achieving critical milestones. This was the second serious red-flag that really turned off follow up would-be investors.
Mistake #3 was not realizing the mindset difference of investors in Asia versus Silicon Valley, and thereafter picking the wrong geographical location (a.k.a network) to incubate the project. Incubating the project in the wrong network can be really detrimental to its future growth. Asian investors are inclined towards investing in applications that have a clear path to monetization while Silicon Valley investors are open towards investing in deep technology of which the path to monetization is yet apparent. During the subsequent period, I saw two similar projects incubated and successfully launched via Ycombinator.
The way I managed to fix the three problems above was to acquire funds I didn’t yet have by taking up a day job while relocating the project to back to the Valley’s network. I count my blessings for having friends who lend a helping hand when I was in a crunch.
I remembered having the conversation with the head of the incubator two years into the project during my visit back to Singapore when he tried to convince me the project was going nowhere and I should just throw in the towel. I managed to convince him and more importantly myself to give it go for another 6 months till the end of the year.
I remember the evenings and weekends alone in my room while not working on my day job. In between spurts of coding, I would browse through the web or sit staring at the wall trying to envision how product market fit would look like. As what Steve Jobs mentioned once in his lecture, it felt like pushing against a wall with no signs of progress or movement whatever so. If anything, it was a lot of frustration, self-doubt and dejection. A few times, I felt like throwing in the towel and just giving up. For a period of 6 months in 2014, I actually stopped touching the code in total exasperation and just left the project running on auto-pilot, swearing to never look at it again.
The hiatus was not to last long though. A calling is just like the siren, even if somewhat faint sometimes, it calls out to you in the depths of night or when just strolling along on the serene beaches of California. It was not long before I was back on my MacBook plowing through the project again with renewed vigor.
First signs of life
It was mid-2015, the project was still not showing signs of any form of traction. I had by then stockpiled some cash from my day job and was starting to get interested in acquiring a piece of real estate with the hope of generating some cashflow to bootstrap the project while freeing up my own time. It was during this period of time that I got introduced to my friend’s room mate who also happened to be interested in real estate.
We started meeting on weekends and utilizing GetData.IO to gather real estate data for our real estate investment purposes. We were gonna perform machine learning for real estate. The scope of the project was really demanding. It was during this period of dog fooding that I started understanding how users would use GetData.IO. It was also then when I realized how shitty and unsuited the infrastructure was for the kind and scale of data harvesting required for projects like ours. It catalyzed a full rewrite of the infrastructure over the course of the next two years as well as brought the semantic query language to maturity.
Similar to what Max Levchin mentioned in the book Founder’s at work, during this period of time there was always this fear in the back of my mind that I would encounter technical challenges which would be unsolvable.
The site would occasionally go down as we started scaling the volume of daily crawls. I would spend hours on the weekends digging through the logs to attempt at reproducing the error so as to understand the root cause. The operations was like a (data) pipeline, scaling one section of the pipeline without addressing further down sections would inevitably cause fissures and breakage. Some form of manual calculus in the head would always need to be performed to figure out the best configuration to balance the volume and the costs.
The number 1 hardest problem I had to tackle during this period of time was the problem of caching and storage. As the volume of data increase, storage cost increase and so did wait time required before data could be downloaded. This problem brought down the central database a few times.
After procrastinating for a while as the problem festered in mid-2016, I decided that it was to be the number 1 priority to be solved. I spend a good 4 months going to big-data and artificial intelligence MeetUps in the Bay Area to check out the types of solutions available for the problem faced. While no suitable solutions were found, the 4 months helped elicit corner cases to the problem which I did not previously thought of. I ended up building my own in-house solution.
Traction and Growth
An unforeseen side effect of solving the storage and caching problem was its effect on SEO. The effects on SEO would not be visible until mid-2017 when I started seeing increased volume of organic traffic to the site. As load times got reduced from more than a minute in some cases to less than 400 milliseconds seconds, the volume of pages indexed by bots would increase, accompanied by increase in volume of visitors and reduction in bounce rates.
It was in early-2016 that I came across an article expounding the benefits of reading widely and deeply by Paul Graham which prompted me to pick up my hobby of reading again. A self-hack demonstrated to me by the same friend, who helped relocated me here to the Bay Area, which I pursued vehemently got me reading up to 1.5 books a week. These are books which I summarized on my personal blog for later reference. All the learnings developed my mental model of the world and greatly aided in the way I tackled the project.
Edmodo’s VP of engineering hammered in the importance of not boiling the ocean when attempting to solve a technical problem, of always being judicious with the use of resource during my time working as a tech-lead under his wing. Another key lesson learned from him is that in some circumstances being liked and being effective do not go hand in hand. As the key decision maker, it is important to steadfastly practice the discipline of being effective.
Edmodo’s CEO introduced us to mindfulness meditation late-2016 to help us weather through the turbulent times that was happening within the company then. It was rough. The practice which I have adopted till to date has helped keep my mind balance while navigating the uncertainties of the path I am treading.
Edmodo’s VP of product sent me for a course late-2017 which helped consolidate all the knowledge I have acquired till then into a coherent whole. The knowledge gained has helped greatly accelerated the progress of GetData.IO. During the same period, I was also introduced by him the Vipasanna mediation practice which coincidentally a large percentage of the management team practices.
One very significant paradigm shift I observed in myself during this period of continued education is the observed relationship between myself and the project. It has changed from an attitude of urgently needing to succeed at all cost to an attitude of open curiosity and fascination as one would an open ended science project.
To date, I have started working full time on the project again. GetData.IO has the support of more than 1,500 community members worldwide. Our mission is to turn the Web into the fully functional Giant Graph Database of Human Knowledge. Financially, with the help of our community members, the project is now self-sustaining. I feel grateful for all the support and lessons gained during this 6 year journey. I look forward to the journey ahead as I continue along my path.
The ability to fully master yourself is predicated upon the ability to cut through the narratives thrown off by your limbic brain in situations of stress to tap directly into your sensations and be at peace with them.
The ability to master the environment is predicated upon the ability to physically execute upon a series of actions which in the process yields a corresponding set of sensations and results.
The ability to master other sapiens and mammals is predicated upon the ability to bend them to your will, namely the disciplined application of the carrot and the stick. In Sapiens, it is necessary to utilize narratives to manage their limbic brain.
Any property in nature brought to its extreme form counter-intuitively appears on the surface to be its exact opposite. High levels of Self-mastery on occasions gets perceived as Sociopathy by the casual observer.
Forecoming social experiment: To practice exploiting the unsuspecting street tout without yielding a single dollar.
- Steve Jobs, by Walter Isacson
- The Elon Musk blog series, by Urban Tim
- Titan: the life of a John D Rockefeller, by Chernow Ron
- Anabasis, Xenophon
- Mein Kampf by Adolf Hitler
- The everything store: Jeff Bezos and the age of Amazon by Stone Brad
- The Facebook effect: The inside story of the company by Kirkpatrick David
- Machina by Sebastian Marshal
- Be slightly evil, by Vankatesh G Rao
- Sapiens: a brief history of humankind by Yuval Noah Harrari
- Why the west rules for now by Morris Ian
- Analysis of Arabic Street tout aggressive sales technique by Gary Teh
- Observations in Sudan by Gary Teh
- Summary of learnings into the subject of Mundfulness by Gary Teh
- The same set of raw facts can be used to construct a really positive story or a really negative one. Choose your frame wisely.
- Ethics is not universal, but restricted for application only on a group. In domains where ethics don’t exist, Might means right applies.
- Do not count on continued gratitude and love from the crowd. They will just as soon turn against you as they would worship you
- When dealing within conflict first elicit all existing context, thereafter make your case by applying clear logic and consistent argument.
- Be wary of individuals with dubious characters. If anything, you can always trust them to stay dubious.
- Market is not always readily available. There needs to be willing buyers and willing sellers
- The vision will stay the same while the nitty gritty details should remain flexible to cater to changes as required.
- Timing is important. Some times are not conducive for specific activities while others are. The use of sacrifice /blood magic should be helpful in decipheringbthe present moment given a clear binary frame.
- Ved and Tim
- Abstract terms like simplicity can get interpretated differently
- Simplicity could mean minimal number of clicks
- Simplicity could mean the look and feel is something I am most familiar with
- To keep the tendency to do everything yourself in check
- much better to learn from the mistake of others
- find a group of people that are actively learning how to solve the pricing problem and learn their lessons. It’s cheaper
- personal branding is important. Not being taken seriously results in lack of access to resources in times of need
- The design of everyday things
- Dont make me think
If you want to scale beyond your own physical efforts, you will need to be able to convince others the importance of what you are doing. When you are successful at that you will be able to elicit their muscles to work for your own cause.
To be able to elicit their muscles, you will need to be able to tell a good story. If you read the book titled “Sapiens” by Yuval Harari, story telling is a technological innovation by the human species that has enabled large numbers of people to coordinate their efforts based around a single endeavor. It is one of the main causes for the human species’ predominance in our environment.
This innovation is enabled by our limbic brain which understands things based on narratives. Compelling narratives elicit an emotional response resulting in human motivation and corresponding action.
As a product manager working on the core product as opposed to growth, the primary focus is the narrative as opposed to the metrics.
The primary job of the executive is to “fight” for resources to further his agenda. The way he does so is by telling a compelling narrative to the company.
As opposed to a demagog, a good product manager tells a story, backs it up with data and delivers his promise. The demagog gets his resources by telling a story but never delivers anything of substance.
Learn to tell a story. That is a very important skill set acquire if you haven’t done so.
Inspired by conversations with Ved.
- The more universal truths you uncover about the world, the less the number of moral opinions you will need
- In life, you will eventually be forced to decide between being somebody or doing something
- The unreasonable person adapts surrounding conditions to himself
- The straight path in your head turns to spaghetti in the real world vice versa
- The straight and narrow path grounded in truth seeking is the faster road to meaningful destinations
- Power handed to the untrained mind leads inevitably to mental damage
- The ability to see reality as it really is, in minimally deluded ways, leads inevitably to the earning of authority
- A CEO’s job is to interpret external realities for a company, A.G. Lafley
- survive a lack of incoming empathy
- generate a positive atmosphere and empathy for others under your “information protection” umbrella
- A startup team of two is better than solo entrepreneurs due to the sharing of “information parenthood”
- Idealism believes in change and creates believers who don’t change whereas the opposite is true
- The idealist goes into Zen Retreat and remains unchanged after he is done
- The realist starts a business and is forced to change
- Path to freedom
- Integrating the self (addiction) and the shadow (aversions) to cover your whole personality
- Myer Briggs cognitive function
- first four functions represent your self
- last four functions represent your shadow – usually triggered by stress
- If status doesn’t matter to you, it becomes available to you as a tool to control those whom status does matter
- consciously cultivate away this felt need
- The easiest way to figure out someone is to look at the information they choose to consume
- Handling information
- Truth telling
- requires you to calmly separate your feelings from facts and tell yourself the truth before you tell others
- cursing and candor both reflect an inability to bear the stress of being otherwise
- Cold blooded listening
- listen for the data behind heated words
- don’t take what you hear about your personality as worth responding to
- freely draw your own conclusion about the data received
- the larger the group the fewer the key beliefs allowed to be conveyed
- at the level of human civilization use extremely simple but very fertile fill-in-the-blanks messaging
- Truth telling
- Handling negotiation
- most work is done away from the actual negotiating table
- Discovery pre-work conversation to tease out what people know and the trust relationship
- the more there is that mutually greed upon, the less there is to negotiate
- ignore sunk cost
- Choose to be effective instead of being liked
- On money
- aim to be anti-fragile
- even millionaires are stuck in the psychology that the money is transient
- salary men are stuck in the illusion that the pay check will extend indefinitely into the future
- The fighter who changed the art of war, Boyd
- 48 Laws of Power
- The Alchemist, Paul Coelho
- The Redemptive Self, McAdam
- The origins of political order, Francis Fukuyama
- Yes, Minister
- Glengarry Glen Ross
- Be willing to live with ambiguity
- Be resilient
- Maslow hierarchy of needs
- Be willing to live beyond stage three most of the time – surpass the need to be liked
- Maslow hierarchy of needs
- Don’t be conflict adverse
Dealing with the decision maker
- When present with a proposal, don’t ask for something specific in return but let the other person offer up an item for exchange
- Get the other person to commit first
- Always flinch when proposed something
- Never say yes to the first offer
- Ask for more than you expect to get
- Never be too eager to close the deal – they will give away half of his/her negotiating range
- Shut up and wait after delivering a rejection or delivering the details of a proposal
- Always negotiated in absolute numbers instead of percentages
- Convince them that you are the only one that could solve the problem
Finding the decision maker
- Ascertain the person you are dealing with is the actual decision maker
- Do not present yourself as the decision maker
- When possible always defer to higher authority. The more vague and abstract the better
- Seek to neutralize the other person’s Higher Authority Gambit ( also watch out for good cop and invisible bad cop)
- Appeal to their ego
- Get their commitment that they will take the proposal to the committee with a positive recommendation
- Use the qualified subject to close (assume close)
- Example: let’s sign the deal and put in the condition that it will be closed unless the following conditions occur
Things to watch out for
- The value of a service greatly diminishes after its been performed
- Negotiated your fee before you do the work
- incomplete disagreement over one issue that could kill the whole agreement
- Propose to set aside the issue and discuss the other details based on the assumption that we will be able to sort out this issue as some point
- Create momentum by solving other smaller issues first
- both sides are still talking but not making progress
- Create momentum by solving other smaller issues first
- Change the dynamics by altering one of the elements
- lack of progress frustrated both sides causing conversations to come to a halt
- bring in a 3rd party
- bring in a 3rd party
- Keep an open mind about deadlocks – they happen sometime
Tactics to watch out for and utilize
- Good cop / bad cop
- Red Herring – they ask you for something impossible to divert attention so as to get something they want out of you
- Cherry picking – if on the receiving side, Don’t deal
- ask for itemized breakdown
- Learn so much about your competitors that they would see it as a waste of their time to go talk to them
- The deliberate mistake
- They offer a good deal to you and then realize from their boss the terms no longer apply
- Acting dumb to make their feel OK and cause them to let their guard down
- Don’t get thrown off by their tactics just focus on the concession you are targeting for
Powers of concern
- Reward power
- Coercive power
- Reverent power –
- When people invoke the power of traditions. The power accumulated by doing things consistently
- How to neutralize it:
- Demonstrate exceptions do exist
- Demonstrate that times have change
- Situational power
- Always do enough research so that you can challenge the situation