My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
“Your first negotiation is trust”
What It Means
Before negotiating terms, you must negotiate whether the other party trusts you enough to share important information
Why It Matters
Without trust, you only get surface-level information and can't create optimal deals for both parties
When It's True
In any negotiation where information asymmetry exists and long-term relationships matter
When It's Risky
In purely adversarial situations or when dealing with bad-faith actors
How to Apply
Invest in trust-building before discussing terms
Remove yourself as a threat first
Use tactical empathy to demonstrate understanding
Show genuine concern for their outcomes
Example Scenario
“When acquiring a company, spend the first meeting understanding the founder's concerns about team and culture rather than jumping into valuation discussions.”