A professional in this field works to find out new business opportunities, whether it means finding a new partner for your business, new market or new product. To recognize new business opportunities you have to be well aware of the happenings in the market, keep a report of your competitor and what are they up to in terms of their product, the prices they quote and many more. You need to have a creative mind to develop your company and increase the sales further. Next, you got to prioritize your business opportunities; which means you need to evaluate the amount you must spend and the returns you will get. Finally, you have to help take care of the organization that can help you take advantage of the means you have found out.
The best way you can know about the strategy of the business is by working in Business Development. You can learn how to make deals and run a partner relationship. The job of business development is very cross functional, as you need to stay closely in touch with all the teams such as sales and marketing which make up a company.
To make good progress in this Business Development career you need to have strong business, strong research, quantitative and analytical skills. A good communication skill may also come really handy to make deals and negotiate with the companies.
The minimum requirement you need to have to get into the entry level of this field is BA or BS. For the senior positions MBA candidates are more preferable, with an experience of five or more years in this field. For high tech companies, technical knowledge with the related field is necessary. So if you sit for an interview, try and show the interviewer that you know about its competitive landscape.
Careers in Business Development are rising due to many factors. Business is mainly expanding through the web and is doing very well. However, due to economic slowdown, currently there are very few jobs in the market. As the economy starts improving, the career opportunities in this field will also start growing.
The salary for this job varies according to the companies, or the knowledge and experience possessed by the individual. The compensation will be paid according to your abilities.
As the complexity has increased, overlapping layers have been formed with this field – they are sales, partnerships, and strategic planning. Business development is a process which can be used both for a high scale and a low scale based companies. The main thing is to assess the current assets of the company as they look after the maintenance and growth of the company. Development specialists always keep their customer happy and make full use of company resources.
