By Luke Johnson

Executives who rush the process are likely to have a long time to dwell on their mistake

Negotiation plays a central role in life from an early age. Haggles over homework, discussions about sharing an apartment, buying a car or agreeing terms for a job – we must all negotiate all the time.

Yet the science of negotiation is an obscure discipline, and I fear few of us really practise it with much rigour or forethought.

No doubt most of us believe that we are better negotiators than we really are. All business leaders should be especially willing to improve their techniques.

A recent film serves as a powerful reminder about two of the golden rules in negotiating a deal: be patient and do not get emotionally involved.

The film in question, A Hijacking , is a gripping tale about modern-day African pirates holding a Danish cargo ship and its crew to ransom.

I won’t spoil the plot of the film, but it is well worth watching as a study in how to calmly draw out the bargaining to get a better deal – even when the stakes are very high indeed.

The late Robert Holmes à Court, a master Australian wheeler dealer, once said: “It is a well-known proposition that you know who’s going to win a negotiation: it’s he who pauses longest.”

Read more at the FinancialTimes.com [HERE].