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.”
Related Knowledge
Tactical Empathy Framework
Demonstrating understanding of another person's emotions and perspective without agreeing, designed to build trust and e
Listening Hijack Prevention Framework
A system to resist the two main impulses that destroy active listening: the urge to correct and the urge to relate
Steel Negotiation Model
A framework that replaces 50/50 compromise with finding the optimal blend of ideas, like steel being 2% carbon and 98% i
Build trust and gather proprietary information before making any deal proposals
The other party voluntarily shares information they normally wouldn't reveal, both parties understand the real constrain
Apply hostage negotiation principles to business deals for better outcomes
The other party feels safe enough to share their real concerns, both parties work together to solve the underlying probl
Problem Across the Table Model
Visualize both parties sitting on the same side of the table with the problem/obstacle on the other side, rather than ad