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July 25, 2019
As business development plays a major role in generating revenue it is considered to be the backbone for any business. Business development being an evolving concept can be approached from different perspectives. Business development is all about bringing a growth in business by making it more competitive, expanding products or services, and/or focusing on specific markets. It can also be defined as a practice of improving a business from its present state. To be a successful business development executive/manager one has to be ambitious, target driven, quick learner and love to connect with people. Let us have a look at some of the reasons if one wants to take the plunge into the world of business development.
When creating business development proposals or cracking a blue-chip deal, you need to closely work together with the senior leadership of the company. This can help you get noticed and advance more quickly in the company. In addition, you also get to learn valuable and practical business lessons and leadership skills from your seniors. These should stand you in good stead no matter where you are in the future.
The best part of a career in business development is that there is no defined path on how people go about it. Every stage guarantees continuous learning. As a business development professional, you will also meet many people from various fields and every deal is likely to teach you something new.
If you’re good at what you do, you will gain a significant financial reward that is the best part about working in a business development role. It’s because a large part of the compensation in business development roles is usually geared towards presentation and outcome. So, if you have the ability and capability to create new revenue streams and opportunities, the earning potential is huge.
Business development typically means interacting with the client and building new relationships on a regular basis. It aids to know your customers in a way no other role can. It also trains you to deals, manage and leverage relationships with operations and product teams – a skill that comes in handy no matter which career you choose to follow eventually. This helps you get a holistic view of how a company functions - a knowledge that is essential to step up the corporate ladder.
A career as a Business Development is all based on the hard work one puts in developing a business. So, if you are an avid risk-taker, ready to take challenges, a people’s person and at the same time a smart business trend observer then an aspirant can opt for this job. However, you need to arm yourself analytical skills and build your business acumen in order to make a long term in this profession.
Courtesy: HIGHER EDUCATION Review
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