How I Raised Myself from Failure to Success in Selling Ch 17
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Questions and Answers

What did the competitor lose in addition to the sale?

  • The respect of his employees
  • A business partner
  • His own self-respect (correct)
  • A potential future customer

What experience did the narrator have several years prior?

  • Exaggerating the potential of his product (correct)
  • Winning a major contract by being honest
  • Taking over his competitor's business
  • Collaborating with his friend to win a bid

What lesson did the narrator learn from his past experience?

  • It's better to be entitled than to exaggerate. (correct)
  • Misrepresentation can lead to success.
  • Always trust your competitors.
  • Honesty is not always the best policy.

According to the narrator, how did the competitor's lie impact their future business opportunities?

<p>It caused a permanent loss of trust. (A)</p> Signup and view all the answers

What was the response of the narrator upon realizing the error in his previous approach?

<p>He thought about it all night and felt humiliated. (A)</p> Signup and view all the answers

What did Karl Collings' philosophy represent for the narrator?

<p>A belief in the value of entitlement and honesty. (B)</p> Signup and view all the answers

What was the ultimate outcome of the narrator's earlier misrepresentation?

<p>He faced humiliation and a loss of trust. (B)</p> Signup and view all the answers

What was the primary reason given by Mr. Emlen for not proceeding with Frank Bettger's proposal?

<p>The other broker's cost was lower. (A)</p> Signup and view all the answers

How did Frank Bettger react when he reviewed the proposal from the other broker?

<p>He suspected exaggeration and misrepresentation. (D)</p> Signup and view all the answers

What action did Frank Bettger take after suspecting misrepresentation in the proposal?

<p>He contacted the local manager for verification. (A)</p> Signup and view all the answers

According to the conversation with the local manager, what limitation did the company place on estimating future dividends?

<p>The law prohibits estimates of future dividends. (B)</p> Signup and view all the answers

What specific information did Frank ask the local manager to provide during the call?

<p>The first dividend and the twenty-year dividend scale. (A)</p> Signup and view all the answers

How did Mr. Emlen respond when Frank Bettger requested the same privilege as given to the other broker?

<p>He called for a discussion among his associates. (C)</p> Signup and view all the answers

What did Frank Bettger identify as Mr. Emlen's age during the call to the local manager?

<p>Forty-six. (C)</p> Signup and view all the answers

What was Frank Bettger's main tactic during the conversation with the local manager?

<p>To confirm the proposal was accurate. (A)</p> Signup and view all the answers

Flashcards

Consequences of dishonesty

Dishonesty in business leads to loss of sales, respect, and self-respect.

Importance of honesty

Honesty builds trust, respect, and valuable business relationships.

Losing a sale due to exaggeration

Exaggerating product capabilities can result in lost sales and respect.

Impact of dishonesty on reputation

Dishonest actions damage a person's reputation and the ability to form positive business alliances.

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Karl Collings' philosophy

The author learned to prioritize integrity over desires, exemplified by Karl Collings' advice: "Yes, but I'll know it".

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Importance of self-respect

Maintaining self-respect requires honesty and integrity in business dealings.

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Lessons from past mistakes

Past experiences of dishonesty, like losing sales, teach valuable lessons about integrity.

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Interview Rejection

A business client declined a deal due to a less expensive, competing proposition.

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Misrepresentation

Deliberate misstatement of facts, especially in a proposal or contract.

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Verifying Proposal Data

Checking the accuracy of submitted data.

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Hidden Error in Proposal

An inaccurate proposition with exaggerated dividend estimations.

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Estimating Future Dividends

Predicting an upcoming dividend value of a contract.

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Lack of Future Dividend Data

Dividend data unavailable for new contracts, limiting the ability to give estimations.

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Checking Proposal Accuracy

Validating the correctness of a business proposal's numbers against external sources.

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Competitive Bidding

When multiple potential clients or bidders present their proposal to a client.

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Study Notes

Interview & Business Deal

  • Interviewer (Emlen) informed candidate (Bettger) the business was awarded to another broker with a lower cost.
  • Bettger questioned why and was told the other broker presented the same proposal but at a lower cost.
  • Bettger questioned if the other broker saw his proposal.
  • Emlen's response suggested a possible misrepresentation of the other broker's proposal.

Critical Thinking & Verification

  • Bettger requested the opportunity to speak with the source of the competing broker's figures.
  • Bettger confirmed the figures presented by the other broker were inaccurate.
  • Bettger's verification proved the accuracy of own proposal (and the inaccurate nature of the competitor's).
  • The company's proposal had a misleadingly high estimate of dividends.
  • The other broker lost the business due to providing inaccurate information.

Lessons Learned & Personal Experiences

  • Bettger experienced a similar situation where he lost the business due to exaggeration.
  • The experience reinforced the importance of honesty and ethical conduct in business.
  • Bettger learned the value of accurately presenting facts and avoiding misrepresentation.
  • Bettger's key takeaway was a rejection of "I'll know it" (exaggeration) in favor of ethical conduct.

Negative Consequences of Dishonesty

  • Loss of the business deal
  • Loss of the competitor's respect.
  • Loss of one's own self-respect
  • Potential loss of beneficial relationships (such as with a friend).

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Description

Explore the critical thinking and verification process involved in business negotiations. This quiz delves into a situation where accurate proposals and ethical considerations play a vital role in securing business deals. Learn from the experiences that highlight the importance of thorough verification and clarity in communications.

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