My dear Entrepreneur, you will have to accept my apologies one more time for missing the post last week. I know that many of you my fans must have felt disappointed by that. However, I do hope that your hearts are also large enough to overlook the omission and move on. I believe that you are not too annoyed to come back and read this blog following the silence. Life situations occasionally make us unable to fulfill commitments. This does not mean that we withdraw from it. We can fall down but we will rise up with a vengeance (against failure) and recover what we have missed. We will always work towards success and this we will do.
Today I’m going to write about the win-win mindset. Within the week I was meditating about the win-win mindset or attitude, so I thought it good to blog about this. Do you know that some of us entrepreneurs and also some other players in the business world oftentimes miss some opportunities for improving and developing our businesses because of lack of this? Do you know that sometimes we negotiate too hard and forget about the interests and concerns of our partners? Many business deals have fallen through because of the fact that some parties are not ready to make a move towards a central point that is beneficial to all. Certainly this is not good for business. Don’t you agree with me?
The win-win mindset simply means that you work for a solution, agreement, decision or position that is beneficial to all parties concerned. It’s the middle path ideally. With win-win situations everybody gets away smiling; willing and committed to proceed with the deal. It portrays willingness to give and take, not a take and take approach that sometimes we want to use in business. When you take and take (I mean taking too much and uncompromisingly), the other party gives and gives (you can rephrase this to lose and lose) and eventually runs away. Ideally, in a win-win situation both parties give and take. The results of this can be amazing.
So, what are the top benefits of a win-win approach or mindset for an entrepreneur?
- People are a vital component of your business success and most people like to be valued and appreciated. Now, I use the phrase ‘most people’ because in society there are always some unique cases. I thought I should make provision for this. However, people who do not like to be valued and appreciated often reach this stage due to some background issues. Mr. Entrepreneur, you will deal and interact with people literally every day you do business on this earth. If you are not in this earth, but operate in another planet then you could possibly convince me that you don’t need people around you. Humans are sensitive and need to be recognized and appreciated. When you utilize the win-win approach, the people involved feel valued and appreciated. This gives them a good feeling. Isn’t this true? So, when you have people (staffs, client, tax collectors etc.) feeling happy while dealing with you – you are in good business. I know someone will complain why I included tax collectors in the team! They are people, and they have the potential to make your business life very unpleasant if they choose to or if you don’t cooperate. So better take care!
- People always get out of situations their heart is not in. Business deals, relationships, agreements etc. that stand the test of time are principally based on the win-win foundation. This avoids the hit and run approach. Most people who want to do business only once with you usually have some secret agenda you need to find out. Your business success dwells on doing business over and over again with people. Do you understand me? People will stick with your business if they feel involved. They will stick if they don’t feel cheated. Without a win-win situation your partners will not have their hearts in the deal. This implies that they will get out if they have the opportunity to do so. I believe that your agenda is to continue in business, so my advice to you is that you should always work for a win-win situation.
- Business networking involves a win-win approach. There is this thing called networking. I mean business networking. I’m not talking about some dot.com or information and communication technology (ICT) stuff here. Business networking creates a lot of synergy. In synergy one plus one makes three or five. It could even make ten. I’m talking about the multiplier effect of connecting to various other stakeholders in the business world, including your competitors. It’s an interesting world. I have met competitors who can hardly see face to face or even shake hands. Come on, you need to be above these trivialities if you must be greatly successful in business. Don’t you think so? Therefore, you need to learn to network with everybody – of course with some wisdom. This is another top benefit of the win-win mindset. It helps you network your way to your business success.
- The win-win approach projects a good business or corporate image. My dear entrepreneur, what about your corporate image? What about your branding? Remember my last article was about branding. Do you know that without a win-win mindset your business image suffers? Let me put this to you candidly. Without a win-win mindset you cannot do something precious in terms of corporate social responsibility to the society you live in, work in and make your money in. Without a win-win mindset, you will always want to rip off society (and other stakeholders) without regard to the realities. You won’t even pay your staffs reasonably. Don’t you think your business image will suffer a great deal with that approach? So, a top benefit of the win-win approach is that it projects a good image for your business because you always go the extra mile to create and deliver value, to your clients and customers, and even far beyond them to society etc. You can resolve conflict and misunderstanding easily with this approach. You will develop very good business relationships with all your stakeholders. Isn’t this good business development advice I’m providing here? Be honest with your answer, even if you don’t write back through this blog. Ok?
- The abundance theory operates on a win-win platform. Have you ever heard about the abundance theory? It is the opposite of the scarcity theory. Many of us studied some basic economics and the lecturers made us always remember that resources are scarce. When I later read about the abundance theory I was a bit surprised. Proponents of this theory indicate that the world is abundant enough with its resources for everybody. In other words, the global village can accommodate everybody. This means that you can operate your business and make your money while co-existing with other businesses. You don’t need to destroy them even if you have the powers to. Source your products and allow the rest to source too. Make your money and allow others to make it too. Tap into the great and infinite resources of the universe and let others tap too. The resources are available. I know that some people who vehemently preach the scarcity theory will rise up to fight me here. I don’t really pretty much care, and I’m ready for an academic argument here if required. Why? It’s because I know when, where and how to use the scarcity theory; and when, where and how to use the abundance theory. Period! I play it smart. The abundance theory can benefit your business, and this operates on the win-win platform.
- Negotiation is critical in business success and this hinges on the win-win agenda. I have written severally about the power and importance of negotiation. I will not give you links to those articles so that you can do some work and search for them on the net if you are interested. Ok? My dear entrepreneur, negotiation is so vital a part of business success, which you simply can’t afford to ignore it. You negotiate with your staffs, suppliers, customers, tax agents, the government, your bankers and financiers etc. Good negotiation skills can open doors for your business in a way that you can’t even imagine. Don’t you agree with me? Negotiation hinges on the win-win agenda. It’s another top benefit of the win-win mindset. It simply means that you are being reasonable and positive. Employ the BABSON (Best alternative before shutting off negotiation) method always. I mean, keep doors and windows open. Try and keep the negotiation going. Possibly you will reach an agreement. Get me right here. I’m not saying that you should negotiate about one thing until you grow old and die. Ok? I’m simply saying, keep long enough at it. Have the win-win patience and you might be successful. Isn’t this better than a no-deal situation?
- The fidelity concept rests on the win-win paradigm. What about fidelity? Do you still remember that famous fidelity guarantee principle those lecturing and teaching folks at the University or school teach about? Even if you never went to the University or school (no offence intended), you can just walk into the office of any insurer in town and ask about fidelity. I can assure you. They can lecture you on this until you either get terribly bored or alternatively contract an insurance policy for fidelity guarantee then go running. Now, fidelity is utmost good faith. The business world runs on this principle. People do business with utmost good faith. It means doing business with the right motive, loyalty and trust. It means being considerate. Lack of fidelity means lack of business. Can you just imagine a scenario of someone in a remote part of the world (anywhere you can imagine) ordering for a car from say Japan, paying for it online (not small money by the way) and sleeping comfortably for several weeks after knowing that the vehicle will be delivered to him or her? Of course for this example to make much sense we are assuming that you are possibly thousands of miles away from Japan. Isn’t it? If you are remote but can drive your way to Tokyo in two hours then the example becomes ridiculous. In that case you can just spring up at the supplier’s or car manufacturer’s office and quarrel when you don’t see the car or feel cheated. Do you get what I mean? Fidelity operates on the win-win paradigm or way of thinking. Without this, the business world simply crumbles. Forget about the long binding contracts. Without fidelity even to recognize that there is a contract in the first place, the rest is nonsense even if sealed by an international lawyer.
- You will always be a winner with the win-win mindset or attitude. Finally, another top benefit of the win-win mindset for an entrepreneur is that you will always be a winner. You will have lasting success. You will build your business to last. This does not mean you become reckless and do anything you like, or omit to do other critical things in your business that guarantee success. Do you understand? With a win-win attitude, people will always want to relate and do business with you. The win-win approach is an attitude. It’s a good attitude and attitude determines altitude.
So, today I will have another swift closing – because I think I’ve taken quite a bit of your time with the long article. I need to set you free, while I also run to something else. It’s another win-win situation here!
With every good wish and win-wins,
The Wise Entrepreneur