Business development is a category of jobs which usually include sales, marketing, and strategic analysis. You may work in support or administration, as an entry level business developer, or in management. The type of job you get depends on your work experience and educational background, with the MBA being the preferred college degree for this field. If you are well organized, an excellent communicator, comfortable with sales and marketing, and have a keen eye for business, business development will be well suited for you.
You will find that you are responsible for a variety of things when you decide to work in business development. Your job can range from sales and marketing to know what is going on in your industry according to your main competitors. You will need to be a creative and analytical thinker and be able to look for new opportunities for your company, such as professional networking and negotiating with other similar organizations. If you decide to go into business development management, you can expect to have more responsibilities in your daily work life.
There are some skills that are recommended if you want to work in business development. You should of course be very comfortable with all aspects of business, including financial aspects, funding, sales, and marketing. You also need very strong researching and development skills, excellent verbal and written communication skills, and feel comfortable working with others on a regular basis.
The educational requirements for business development jobs vary, but for the most part; you will need a higher level of degree. It is possible to have an associate degree and work in business development, but only in entry level, administration, or support positions. Most business development jobs require at least a bachelor’s but prefer you to have your master’s or MBA. Some fields will require more than just your college degree. For example, if you want to work in business development for a high-tech company, you will also need a technical background and possibly sales experience as well
Salary and Job Outlook
The job outlook for business development jobs as a whole looks to be growing in the next 10 years, especially for the biotech, technology, and pharmaceutical industries. If you want to not only find a lucrative career but one that will have excellent prospects in the future, try to get involved in one of these industries if you have your mind set of business development. Salaries for business development jobs vary widely based on your type of job, location, experience, and educational background. On average, a business development manager will warn around $70,000 a year while someone not in management earns around $55,000 a year.