ABSTRACT
Managing business is all about taking risks and negotiating deals for getting attractive return on investment. In spite of the fact that lot of reliable and valid information is collected before making business decisions, there will always be some element of risks which are directly related to the unknown and uncontrollable. Entrepreneurs therefore must have risk-taking abilities and good negotiation skills. Exposing yourself to unmanageable and unaffordable risks can prove to have disastrous consequences. The chapter discusses the sources and identification of various types of risk, impact of those risks, risk analyses and mitigation strategies and plans. Good negotiation skills are an art, and businesses must acquire those skills to emerge as winners in any negotiation which has been discussed in detail. Why negotiations fail and what negotiation techniques are is discussed, with many examples and cases. The chapter also addresses negotiation strategies and conflict resolution techniques through negotiation.
