Business development openings are always available in the job market, since business development is an ongoing and unceasing process within every business organization. Every field has business-related activity, and each business entity seeks continuous development until it achieves dominance, within practical limits, in its product or service category.
Who Works in Business Development?
Every business organization is driven by military instincts to seek new territory, acquire new territory, retain acquired territory, and dominate territory acquired in the marketplace. Each of these functions require people who understand business development as well as their employers' product or service categories.
Business development jobs draw people from all educational disciplines. They are generally employed by business organizations that match their backgrounds and/or educations. Although business development jobs are not only for people with specific educational backgrounds, the core skill sets and qualities of a business development professional remain almost the same across industries and designations. The business development professional must be able to drive and improve business performance by creating, streamlining, and restructuring business models, operations, and organizations. Business development jobs are focused on aligning businesses, enhancing revenue, increasing the efficiency of logistics and supply chains, aligning organizations to meet employer objectives, and advising employers of business opportunities.
Core Qualifications and Skills of a Business Development Professional
The basic qualification for a business development job is a graduate degree in a field that matches the employer's product or service category. Postgraduate qualifications in business development or business administration are highly desired. However, work experience and proven records of accomplishment in business development are sufficient for landing a job, in most cases.
A business development professional's core skills include:
- A professional and positive outlook
- Creative abilities
- Ability to be a team player
- Ability to identify business opportunities
- Ability to identify weaknesses in organizations or operations
- Ability to analyze business histories and spot strengths and deficiencies
- Ability to identify key activities, priorities, and risks
- Ability to provide timely solutions to existing or unexpected problems with achieving business objectives
- Knowledge of the markets, products, and services of his or her employer
- Thorough grasp of market economics
- Ability to create effective plans and strategies for business development
- Ability to implement business plans and strategies
- Excellent interpersonal skills
- Relationship-management skills
- Ability to persuade and negotiate<
- Project-management skills
- Research, documentation, and report-writing skills
- Presentation skills
- Training and people-management skills
- Computer literacy