Business Development also commonly known as “Biz Dev” is one of the most popular job profiles these days.So,I thought why not discuss all that you need to know about business development.
What is Business Development?
Business Development is a combination of many skills that are used in the market to develop a business.Business Development can be a job profile that one can use in all fields of work,be it the IT sector,Marketing sector or any other sector.If you need to sell or buy ideas,services,talent or products,you will need a team of business developers.Business Development includes getting leads,getting customers for your company or product.A company may do without other teams but Business Development team is integral.The BD(read as Business Development) team helps in generating employment for the company,they help create business strategies for the company.They help initiate and finalise deals with other companies.As such BD cannot be neglected in a company.You can find biz dev jobs in all industries-at everything from tech startups to huge pharmaceutical companies. What the work entails, exactly, depends on how big a company is and what industry it’s in.
The job of the business development professional is to identify new business opportunities,whether that means new markets, new partnerships with other businesses, new ways to reach existing markets, or new product or service offerings to better meet the needs of existing markets.Once identification of opportunities via research over the internet is done then to go out and exploit those opportunities to bring in more revenue.
What are the qualities required for a person to excel in the field of BD ?
A person who has computer science background but is weak in coding.He/She has no interest in coding but does not want to change his field of work can opt for Business Development in IT .There are two types of skills,NATURAL and INDUCED.
The natural skills that one should possess are:
READY TO LEARN
These skills are very important for BD employee,one has to be patient because it can get very tricky to handle the other party.One has to have interest in talking to people,one should be wise with his words.He/She should always be ready to learn and always be ready to communicate.
The qualities that can be inculcated by training are:
One should have the technical knowledge about the product or service one is selling.
Strong Research Skills.
Excellent quantitative and analytical skills.
Presence of mind while dealing with the other party.
A sweet tongue,one should never be rude.
Knowledge about the Marketing techniques.
Knowledge about the tools used in Business Development,like Data Mining,Conference Calls,Creation of Proposals,proper documentation etc.
What makes Business Development different from other Job Prospects ?
Business Development provides an option for you to deal with the domestic clients as well as the Global Client.As such one gets maximum exposure in this field in field .You get to acquire traits of the market which helps you grow in various skillsets.You can switch from one company to other in different fields.Be it an IT company or a Pharma company or other companies.Switching is easy.All one needs is good knowledge of the tools one uses in BD and the research skillset.