Business is all about expansion. That is how a business stays alive—they find new products, new clients, and new fields to invest in. But how does a large company expand? How do they find the new products, opportunities, and clients? How does a business stay informed enough to make the right decisions regarding investments and change? The answer to all of those questions is in two words—Business Development. All of this company-altering work is done by business developers—and it might be the perfect career for you.
It’s already been established that jobs in business development are vitally important to a company’s survival, but what else is there to this career? What does someone in business development do on a day to day basis?
Mostly people working for jobs in business development would spend the majority of their time conducting research or analyzing past sales and a company’s marketing effectiveness. The research is especially important, because that is where the team of business developers for a company begins forming new ideas for a particular business. But does the work end on their part once a good investment is discovered? Absolutely not—they’re just getting started. A business developer then gathers data and statistics to prove to their superiors that this new trend or direction for the business is a worthwhile venture. And once they get approval, it’s time to get really busy. There are people to contact, other businesses to convince—and finally they begin to discuss things with investing clients.
A career in business development is a tough job to fill because there is a unique personality needed in order to succeed. Anyone wishing to make business development their career needs to be fast with calculations and analysis, plus be a more than decent researcher. And then there is the more social aspect—presenting work in front of company boards, and attending meetings with potential investors. A lot of the work takes place in social settings, and so anyone wishing to make this their career must be versatile.
As far as education is concerned, at least a Bachelors degree in business is desired, although sometimes a different degree will do. It’s also important to decide if there is a specific business field you want to work in. There are finance business development jobs and energy business development jobs. Once you can decide on a certain business, you can tailor your education to make a more perfect match. For example, if you went into finance business development, having a degree in accounting might be a plus on your resume. Any knowledge you have in marketing, strategy, finance, and even legal studies will go a long way in recommending you.
Another very important thing to note is the expected salary. It really depends on what business you join into, but your yearly salary will start somewhere around $45,500, but will build up quite rapidly as your experience grows. Within the space of 15 years, many successful people in business development are making $90,000 a year.
This job is not only an important one to a business, but it is also a fulfilling, creative, and challenging career that will prove personally rewarding.
