Is Business Development a Good Career?

Duncan Wyse

October 2, 2022

Duncan Wyse

As the job title suggests, business development is a wide-ranging field. The skills needed for success are diverse, with many relevant courses and apprenticeships. A business development professional may choose to work for several different employers, switching between smaller enterprises and larger organizations. However, there are disadvantages to this career as well.

Skills required for success

In a business development role, it’s vital to have a wide range of skills. You’ll need a broad knowledge of the business environment and an ability to communicate effectively with a diverse group of people. You’ll also need a comprehensive understanding of organizational and project management to lead a project and meet deadlines effectively. In addition, you’ll need to be good at managing a team of people, facilitating teamwork, resolving conflicts and evaluating performance.

While there are many intricate skills that you’ll need to excel in your job, a soft skill set that can stand out from the rest is essential. Soft skills include being a good communicator and being organized. Hard skills require more specific training and can be measured or learned. However, hard skills are essential for success in a business¬† role.

Typical job duties of a business development executive

The job of a business development executive involves generating leads and expanding the company’s client base. It executives also manage a team of more junior employees. Typically, their daily schedule runs from 9 am to 5 pm. Despite this, some positions require overtime. They may also be required to travel. Despite their demanding schedule, however, it jobs can be advantageous.

To succeed in this role, you must have a passion for business and excellent industry knowledge. You should also have excellent communication skills and work well under pressure. Business development executives must also have a thorough understanding of the company’s products, services, and marketing strategies. Furthermore, you should have a knack for selling and be good at developing positive client relationships.

Rewarding the nature of a career in business development

A career in business development can be rewarding and challenging. The work is usually 9 am-5 pm, with the option of working overtime. It can also be flexible, and you can work from home.  You will be in touch with a diverse range of people.

It can be a great career choice for people from various backgrounds. It requires analytical thinking and developing efficient solutions to business problems. This builds business acumen and can pay well – especially at the senior level. Many organizations offer commission-based pay packages for successful business development professionals.

Required Education

A business development manager typically has a bachelor’s degree in business. However, there are many different types of business degrees and relevant courses. A business degree can give you a solid foundation in decision-making, data analysis, innovation, entrepreneurship, and communication. In addition, it can introduce you to the “people element” of business development. Additionally, a business development manager must have experience in the selling process. In many cases, this means working as a retail sales associate, an inside sales representative, or an outside sales representative. Each role requires the manager to learn how to communicate with prospects, demonstrate products and services, and secure new accounts.

A master’s degree in business can also increase your value to employers. The requirement for an MBA varies from company to company, but in general, employers are looking for people with at least a bachelor’s degree. The degree is typically not required, but it can boost your value as a candidate.