Business Development is closely related to sales and marketing, bridging the two under a remit that encompasses the multiple factors that contribute to successful growth in the world of enterprise.
As such, the discipline combines core principles of business studies with more specialised insights to do with development theory, managerial strategy, consumer studies, economics, finance, leadership, entrepreneurship, and more – in sum, all those domains with relevance to success in business. Business Development, it follows, relates to both the pragmatic concerns of the day-to-day running of a business as well as theoretical ideas concerning the underlying principles at play.
A successful Business Development student will need to possess a firm understanding of how businesses operate on the ground level, on top of a well-rounded appreciation for associated critical precepts. Being able to unite theoretical and practical business know-how is the key; and this allows for a diversity of interdisciplinary combinations, in which critical discernment will be important. Each business is different, with its own set of unique contexts and requirements. You therefore need to be able to identify and thus cultivate those elements most conducive to your specific business.
Seeing as there is no one clear formula for success in business, the study of Business Development allows for much creativity, for lateral thinking and innovation in approaches, meaning there is always room for new methods and ideas. Those who excel in Business Development will therefore have a necessary command of critical thinking, logical analysis, and evidence-led argumentation. You need to be able to analyse complex situations and formulate convincing reasons for one over another course of action; this requires the ability lucidly to explain difficult ideas and to communicate a coherent strategy.
Working in Business Development is a highly interpersonal and people-led occupation that entails much networking and face-to-face liaison with clients.
A large part of developing a business is finding new clients, as well as maintaining good relations with existing ones. You will accordingly need to be proactive in upholding old and locating new custom. This means being proficient with ideas of marketing and consumer relations, understanding client motivation, the needs of your customer base. Hence you will need a good eye for detail and a keen customer-driven work ethic. Being aware of your business climate – who your competitors are and what they are doing, latest industry advances and likely future developments – is also of the utmost importance.
Furthermore, keeping up to date with the latest scholarship is a good way of staying informed of the most current advances and insights in the field; by staying abreast of cutting edge research, you are more likely to offer your business the most innovative approaches. Originality and creativity are important components of growing a business, because they help your firm to stand out from the crowd, and this is extremely important in today's highly competitive global marketplace.
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