New Delhi, Oct. 20 -- Here's a question I ask all CXOs who attend my negotiation workshops. And you should try answering it, too. What does all of negotiation depend on? It is one word that determines everything. Take a guess and write it down..

Some of you may say: Communication, Ethics, Win-win, Mindset, Fairness, Calmness, Preparation, and so on.

While all of these contribute to effective negotiation in some way, the right answer is. LEVERAGE.

Everything in any negotiation depends on leverage. Your LEVERAGE in the negotiation.

What is leverage? In simple English, it is about how badly you need the other person versus how badly the other person needs you.

The more the other person needs you compared to you needing them, the more le...