508: The radical way to negotiate (with Barry Nalebuff)

508: The radical way to negotiate (with Barry Nalebuff)

Welcome to an episode with a leading Yale expert and serial entrepreneur, Barry Nalebuff. Get Barry's book here: https://amzn.to/3OiNiJs

For thirty years, Barry has taught negotiation, innovation, strategy, and game theory at Yale School of Management, which led him to develop a new approach toward negotiation. This approach is vastly different from how most people think about negotiation, which usually involves having the best tactic to out-smart the other party and get the best deal.

This podcast explains the concept of the negotiation pie, which is the additional value created through an agreement to work together. It exhibits fairness and identifies what's really at stake in any negotiation. We share examples that showcase negotiation principles and a different mindset about creating value that benefits both parties involved – more importantly, understanding the views of each party as if they are solving problems rather than making the most out of the negotiation.

Barry is the co-author of seven books and an online course. Thinking Strategically and The Art of Strategy are two crossover books on game theory with more than 400,000 copies in print. Co-opetition looks beyond zero-sum games to emphasize the potential for cooperating while competing. Why Not? offers a framework for problem-solving and ingenuity. Lifecycle Investing provides a new strategy for retirement investing. Mission in a Bottle tells the story of Honest Tea. His most recent book is Split the Pie, which is based on his negotiation course at SOM. An online version of the negotiation course is available for free on Coursera. It has 400,000 active learners and is the second-highest rating on the Coursera platform.

In 1998, Barry—together with his former student Seth Goldman—co-founded Honest Tea. In 2011, the company was purchased by Coca-Cola. His second venture, Kombrewcha, is a slightly alcoholic version of kombucha. The company was acquired in 2016 by AB-Inbev. He is currently working to build Real Made Foods.

He works with many entrepreneurial firms. He serves on the board of Q Drinks (started by his former student Jordan Silbert), Calicraft Beer, and AGP Glass. Alongside startups, he has extensive experience consulting with multinational firms. He advised the NBA in their prior negotiations with the National Basketball Players Association and served on the board of Nationwide Insurance. A graduate of MIT, a Rhodes Scholar, and a Junior Fellow at Harvard's Society of Fellows, Nalebuff earned his doctorate at Oxford University.

Get Barry's book here:

Split the Pie: A Radical New Way to Negotiate. Barry Nalebuff: https://amzn.to/3OiNiJs

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97: Using Podcast Feedback

97: Using Podcast Feedback

We produce a significant amount of podcasts with information on case interviews, PEI, FIT, brainstorming techniques etc. This information can be overwhelming and hard to prioritize for the typical listener. This podcast offers some helpful suggestions on how to use the feedback.

8 Loka 20127min

96: Estimation Cases Should Ideally Be Imprecise

96: Estimation Cases Should Ideally Be Imprecise

Many candidates are obsessed with generating correct answers in estimations they must make within cases or standalone estimation cases. This is a poor strategy. By obsessing about the final answer in a McKinsey estimation case, they ignore the structure of the estimation case which is far more important and forget why an estimation case exists in the first place - to test the ability to generate an answer with imperfect information. Listeners are strongly advised, as well, to ignore speed at the beginning and focus on good case technique.

2 Loka 20127min

95: Stressful Interview Situations

95: Stressful Interview Situations

This podcast examines the typical tell-tale signs candidates show when placed under stress in a case interview and offers suggestions on how to manage these situations. The key to managing this problem is not to reduce the stress, which may be impossible to do, but to change the way you show your stress. We also provide anecdotes on how our own clients manage, or struggle to manage, stress in their practice cases and interviews.

26 Syys 201216min

94: Consulting Rejections Are Not Equal All The Time

94: Consulting Rejections Are Not Equal All The Time

Being rejected from McKinsey and BCG is humbling, painful and possibly expensive exercise. The key is to carefully review your feedback since not all rejections are equal. Two people getting the same feedback must interpret them in vastly different ways: an MIT math PhD and Brown Arts undergrad both failing the PST (it has happened) need to take very different next steps from this outcome. Therefore, your unique profile must determine how you will interpret feedback. This podcast explores feedback and its meaning in much greater detail.

20 Syys 20127min

93: Taking Resume Feedback

93: Taking Resume Feedback

Taking resume feedback is one of the most fundamental steps as you begin your application process and case interview preparation. If done badly, no matter how well you practice for cases, you will not get the interview. Feedback refers to two parts. First, is the philosophy around how you collect the feedback. Second, is the physical steps you take as you are collecting the feedback. Both are equally important.

14 Syys 201215min

92: How to Network with a Senior Partner

92: How to Network with a Senior Partner

Networking with a partner is counter-intuitive. It is much easier to network with a McKinsey / BCG partner for at least four reasons. First, partners always return emails. Second, partners are generally willing to take a call just to explore your profile. Third, partners are less hung up on things like degrees etc. since they look deeper at a profile. Fourth, partners are accessible with easy to find details. That said, the trick to networking with partners is to treat them as a peer. As soon as you place them on a pedestal, you will kill your networking chances.

8 Syys 201213min

91: Networking with More Junior Consultants

91: Networking with More Junior Consultants

We use the terms junior consultants to loosely refer to anyone at the engagement manager level and below: senior associates, associates, consultants and analysts. Our history of working with 279 clients indicates that the best results occur when networking directly with partners. There is no dispute on this point given the difference in our client base between those who networked with partners and those who did not. In this podcast we explain why it is better to network with partners and the inadvertent reasons why junior consultants will be less helpful.

2 Syys 201211min

90: Never Start Training with McKinsey Cases

90: Never Start Training with McKinsey Cases

This is a mistake common to most case interview candidates. They start with the McKinsey approach. This is a very, very bad idea. McKinsey cases are those were the interviewer leads the case. If you are only trained to do cases in this format, you will never learn how to lead a case. This is no small matter. The prompts and guides provided by a McKinsey interviewer play a significant role in helping you through the case and you will struggle without them. It is best to first learn to do cases where you are pointing out the areas or importance, and once you have developed this skill, thereafter shifting to the interviewer-led format.

27 Elo 201214min

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