Three Universal Currencies
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In The Personal MBA the Three Universal Currencies are 1) resources, 2) time and 3) flexibility.
Key Points:
- In every negotiation there are three primary Currencies:
- Resources. Tangible items like money, oil, etc.
- Time.
- Flexibility. The cost of not doing something else, which is a very real Opportunity Cost
- Focus on the appropriate trade-offs between the parties to find Common Ground in these Currencies.
- By mixing these currencies in different ways, it’s easier to reach an agreement that the parties can agree with.
Questions for Consideration:
- Which of these currencies would you most like to increase?
- How can you trade for more of what you value?
