Texas Tech University

Day 4 - Venture Capital and a Master Class in Negotiations

Michael Babick

May 21, 2018

Group photo

With a late 11:00AM report time the RBLP crew found ourselves with plenty of time to explore the area surrounding the hotel.

With a late 11:00AM report time the RBLP crew found ourselves with plenty of time to explore the area surrounding the hotel. For some however this was thwarted by a consistent light rain, others got a little damp and explored Eastern China Normal University, a few blocks from our hotel.

After boarding the metro and heading for the first stop of the day we found ourselves in a beautiful dining room with Mr. Steven Peng, Executive Director at TZG Partners. The business lunch was conducted in a Q&A manner, our host had each of us go around the table and ask a question. Mr. Peng had some very valuable insights as to the differences in business environments between China and the United States, having graduated with his MBA from Harvard Business School and working in the states a while after graduating.

After concluding the lunch meeting Yan, our program director, took us to the Shanghai Fake Market. Here we Yan provided some basic negotiation tips and turned us loose. This quickly turned into a master class in negotiations with some students walking away with backpacks full of souvenirs.

Just remember, no matter what price they offer your answer is always tài guìle (太贵了) or "too expensive."