What is Business Development
Business development covers a number of activities & inter-related processes under its umbrella, grouped together for strategic growth of an organization & exploring growth opportunities. The field involves successful implementation & evaluation of these activities. It sets from the field of e-commerce, business studies & organizational behavior.
Business development concisely incorporates the idea, successive moves & activities all synergized together towards the betterment of a particular business. This covers revenue generation, sales growth , business expansion plans , going under mergers & acquisitions or partnering with some venture for profitability increase & making long-term business plans & key decisions.
The term “Business development” is very wide & is extended across diverse inter-organizational departments that synergizes to produce efficient output, including, sales& marketing , finance, supply chain, Human resource , project management, product management and Networking, additionally, vendor terms , partnerships, and cost-savings models are also included .each of the department although working independently but mutually aligned with & moved by the organizational goal.
Openness to change, creativity at par, ability to make honest & bias-free self-assessment and a positive behaviors towards failures as lessons are the most important skill sets & traits towards successful business development.. Not only a successful big idea is sufficient, it should be backed by timely execution as well.