Negotiation is an essential skill for any successful business. This statement is especially true for Gary Tharaldson, North Dakota’s first billionaire. After a humble start as a gym teacher in his home state, Tharaldson has become one of the most successful businessmen in the world (Coudriet, 2019). His success can be attributed to his ability to negotiate effectively and capitalize on opportunities.
In this paper, I will explore his career and discuss why negotiation is essential in business. I will also reflect on my negotiating skills, looking at what I do well and where to improve.
Gary Tharaldson has come a long way since his humble beginnings as a gym trainer in North Dakota. After leaving the teaching profession, Tharaldson invested in a local hotel. After this initial success, he acquired more than 500 hotels across the U.S., including the world-famous La Quinta chain of hotels (Coudriet, 2019). To this day, Tharaldson’s businesses remain some of the most successful in the United States.
Many factors have contributed to Tharaldson’s success, but one of the most important is his negotiating ability. Negotiation plays a vital role in business, allowing parties to reach an agreement that benefits both sides (Neck et al., 2020). Tharaldson has mastered this skill, thus acquiring numerous properties on favorable terms.
He has also successfully resolved conflicts between himself and other parties. This achievement is a testament to his skill as a negotiator. For instance, he could purchase a hotel in San Francisco, California, through his bargaining capabilities. After a long negotiation process, Tharaldson finally reached a favorable deal with the hotel’s owners (Coudriet, 2019). He secured several benefits despite the high price tag, including a longer-term lease and additional amenities.
I have had a few opportunities to practice negotiation in my own life. For example, I have negotiated with my landlords to get a lower rent. I have also successfully bargained with employers to get better wages than my colleagues at the same level. Furthermore, I negotiate with my family, friends, and colleagues, and my skills are always outstanding. I am a good listener who understands the needs and wants of the other party. More importantly, I can think quickly and develop creative solutions that benefit both parties.
One of the things I do well in negotiation is listening and understanding the other party’s perspective. Active listening is the key to successful negotiations, as it helps identify the other party’s needs and interests.
I also try to be flexible and open-minded. This allows me to create an environment of trust and understanding. For example, when negotiating a contract for my business, I remained calm and composed even though the other party was getting frustrated. I could take the time to capture their concerns and eventually come to a mutually beneficial agreement for both sides.
My biggest challenge is my lack of confidence. I often second-guess my decisions or not speaking up when I should, meaning I am not always sure of my opinions. Moreover, I tend to be too accommodating. I can be very eager to please the other party, which can sometimes lead to me not getting the best deal. Therefore, I must be more assertive and stand my ground when negotiating.
In conclusion, Gary Tharaldson’s success as a businessman can be attributed partly to his strong negotiating abilities. Since negotiation enables partners to reach advantageous agreements with both sides, it is a crucial talent for every organization. When I think about my negotiation abilities, my strongest asset is my capacity for attentive listening, while my worst weakness is my lack of self-assurance. To succeed in negotiations, I must become more confident and assertive in my abilities.
References
Coudriet, C. (2019). Gym-Teacher-Turned-Hotelier Gary Tharaldson Becomes North Dakota’s First Billionaire. Web.
Neck, C. P., Houghton, J. D., & Murray, E. L. (2020). Organizational behavior: A skill-building approach. Los Angeles: SAGE.