On this episode of The Small Business Radio Show…
SEGMENT 1: If you are going to be an entrepreneur, one of the (many) things you have to get good at is negotiation. But the startup environment is different from other business environments and this impacts the entrepreneur’s ability to negotiate. Here to sort it all out and help us succeed is the co-author of the book “Entrepreneurial Negotiation” Samuel Dinnar.
SEGMENT 2: Let’s say you have a great idea for a product and now you have to produce a prototype to see what it is going to look like in real life… Where do you start? Kevin Mako, founder of Mako Design and Invent is here to walk us through the process.
SEGMENT 3: Collecting payments owed by customers is something that small business owners struggle with all the time. When should they call the customer? Who should do the calls? What do they do with chargebacks? We show small businesses how to set up a process to collect payments from their customers so they can actually get the money they earned.
Listen to The Small Business Radio Show
Listen to “#536 Are You Making These Mistakes When You Negotiate?” on Spreaker.
Segment 1: Samuel Dinnar is the co-author of the book “Entrepreneurial Negotiation”. He is also an instructor at the Program on Negotiation at Harvard Law School.
1:00 – Why the startup environment is different from other business environments and how this impacts an entrepreneur’s ability to negotiate.
3:45 – How do entrepreneurs overcome these unique challenges with negotiations?
5:30 – The eight negotiation mistakes entrepreneurs make.
8:00 – How an entrepreneur’s competitive nature can negatively impact the negotiation process.
9:30 – A successful negotiation isn’t about winning, it’s about collaborating and joint problem solving. How does this work?
11:00 – How to dig into the interests of both sides in order to find a good solution to a negotiation.
12:15 – How do you overcome gender and cultural biases in any negotiation?
Segment 2: Kevin Mako is the founder of Mako Design and Invent, a product development firm that helps inventors and startups bring their invention ideas to life. Kevin’s strong sense of community building enabled him to collaborate with Shark Tank’s Robert Herjavec, Cobie Smulders, PepsiCo and Frito Lay to develop a nationwide competition called Dreamvention for young inventors.
18:30 – Where do you start in making your idea into a tangible prototype?
20:00 – How does Mako Design and Invent work with entrepreneurs to develop products?
22:00 – The risk of developing a product that’s too complicated! Why you should keep your product simple.
25:00 – What should an entrepreneur expect to spend to create a series of prototypes?
28:30 – What should the inventor learn in the prototype stage?
33:00 – How and why you should keep the initial unit production low.
Segment 3: Ohad Samet is the co-founder and CEO of TrueAccord, seeking to put a human face on debt collections using machine learning and behavioral analytics. Ohad headed fraud analytics for FraudSciences, a company that provided eCommerce fraud prevention and was acquired by PayPal in 2008. At PayPal, Ohad incubated and ran the New Ventures Risk team.
37:15 – Why do small businesses struggle to collect payments from their customers?
39:00 – What role should debt collection play in a small business?
40:45 – How do you create a process in your small business to collect debt?
43:30 – Why small businesses shouldn’t be afraid to ask for their money for outstanding invoices.
45:30 – At what point should your small business outsource debt collection?
50:00 – What is the success rate of TrueAccord’s method of debt collection?
Sponsored by LinkedIn, Nextiva, Corporate Direct, MAKO and Web.com
