When most people hear the word negotiation, they tend to think of it as a lofty sport of verbal combat that’s reserved for political icons and billionaire wheelers and dealers. This notion is entirely false. We all negotiate on a daily basis, we just don’t think about it as negotiation.

Persuading your daughter to go to bed is a negotiation. Defining the rules when your teenage son wants to borrow the car is a negotiation. Convincing your spouse you have enough money put aside to quit your job and start this new business is a negotiation.

Have you asked for free technical support recently? Returned something you bought in a retail store but don’t like anymore? Or tried to get a home equity loan? You were in a negotiation. While the average person might survive without capitalizing on the negotiations they are in, entrepreneurs do not have the luxury of a misstep, especially when starting out. Here’s why. Depending on how far along you are in the process of thinking through your new business venture, you have likely bumped up against a startling reality: You can’t do it all on your own.

With the exception of a few sole proprietorships, in order to get a new business up and running, you have to build a team to help address the following issues: How are you going to finance this, eat, and pay your mortgage? Where the hell are you going find a partner or someone who can sell this stuff? Who is going to make the things you want to sell? Where are you going to get the stuff you need to make your product, and how much will it cost?

With this in mind, here are some negotiating tips for working with potential investors, employees, and suppliers.

Negotiating With Investors

• Do Your Due Diligence: Research and learn as much as you can about the potential investor prior to making your pitch. In addition to gathering information on the person’s track record, you need a clear insight as to why he or she is interested in funding you and what their future intentions are once the business is up and running. Yes, he is looking for a return on his investment, but what else does he want?
• Don’t Put All Your Chips in One Basket: It doesn’t matter whether you are looking for investment capital from a private equity firm or your uncles and aunts—make sure to have several options for financing. You will run into setbacks and, when you do, it’s good to have a Plan B or C or D. You never make good decisions when you are desperate.
• Look for Value Beyond the Cash: Reflecting on Microsoft’s legacy, founder Bill Gates commented, “Our success has really been based on partnerships from the very beginning.” Even experienced negotiators can get bogged down looking solely at the financials, like how much is the person willing to invest and how much interest or equity it will cost you. Do not underestimate the importance of having an investor with expertise in your field or one who can put you in touch with other powerful people who can open doors for you or wield influence.