Business Development or BD can be regarded as the backbone of any successful business because it generates the coveted revenue. It is an ever-evolving concept that can be approached from different perspectives. At its basic level business development can be defined as growing a business by making it more competitive, expanding products or services, and/or focusing on specific markets. In simple words, business development is the practice of growing a business beyond its current state. So, if you are ambitious, target driven, quick learner, love to connect with people and with great communication skill, here are some great reasons to take the plunge into the world of business development.
Working closely with leadership and senior experts:
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.
Continues learning and great satisfaction:
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.
Hard work and results never go unrewarded:
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.
Adds valuable skills:
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.
