Buffer

This is a preview of a concept contained in The Personal MBA by Josh Kaufman, a book that will help you master the fundamentals of business, hone your business instincts, and save a fortune in tuition. The Personal MBA distills the most powerful principles of business and delivers them quickly and concisely. Order your copy now…

What is a “Buffer”?

“Zeal without knowledge is the sister of folly.” — Sir John Davies, Elizabethan poet and lawyer and former attorney general of Ireland

Key Points:

• A Buffer is a third party empowered to negotiate on your behalf. Agents, attorneys, etc. are all examples of Buffers.
• Depending on the agreement, your Buffer’s priorities may be very different from your own. Be mindful of Incentive-Caused Bias.
• If possible, work with a Buffer who is willing to accept a flat fee. Their interests will be more aligned with yours when they are paid no matter what happens.
• Don’t let your buffer replace your own judgment. Don’t give total control of your decisions or resources to your Buffer.

Questions for Consideration:

• Does this negotiation situation call for a buffer?
• If so, is your buffer’s incentives closely aligned with your own?

Share this concept: http://book.personalmba.com/buffer/

True leaders aren’t made by business schools – they make themselves, seeking out the knowledge, skills, and experiences they need to succeed. Read this book and you will learn in one week the principles it takes most business professionals a lifetime to master. Buy The Personal MBA by Josh Kaufman now.