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First things first: Even as an employee, see the company you are working in as if it is your own. Imagine you are the CEO; what would you do? How would you develop a strategy? How can you increase market share?
Even though academic education is very important in order to successfully develop a business, it is not everything. Attention to detail, gut feeling, and analytical thinking are crucial and this is what many people miss.
To start with business development, it is neccesary to study different markets and industry, find viability in them. look out their needs, and see who are the competitiors and how it can work. Then, we need to analyse what mode of entry should be the focus.
Business Development is creating long term value for an organization from customers, markets and relationships. It's about creating opportunties for the value to persist over the long term.
Its a feedback mechanism for the managment to know technological advances, social media and other digital avenues that the firm can take advantage of, to build and maintain loyalty. It helps organizations in market penetration and acquire new customers by building relationships.
Academically a MBA course can help you provide some insight and give you valuable tips on learning the BD course. However nothing beats the onfield experience. If you have been invlolved in the sales process, it will help you understand the BD role much better as they are the 2 sides fo the same coin.
Business Development can also have different meaning for different organization and it is very important to understand what the firm is looking out of this role.
Hope this helps and good luck to you.
For business development you need to understand Strategic management, Project management, Marketing and sales, Corporate finance, Interpersonal skills.
You can opt for online courses from coursera, udacity, educba or edx, etc. they should be offering some courses on business development.
You can either start the career as a marketing/sales professional and then over the course of time you can grow up the level towards a business development manager.
Understand Cutomer Needs ... Understand Customer's Business.... Understand your Products and Services well.... Understand how to make a Good Offer ... Building Personal Rapo with Key Decision Makers at Customer's Place.... Make a relevent and Good Offer.... Explain well how and why your offer is best for him and Why he should prefer to do business with you.... Listen to him ... Be flexible and accomodative in approach with Customer ... Be also clear about the Profitability of the Business which you are seeking ... Have Capacity to expalin and convince the Customer that you have worked out the best possible Offer.... Donts ask for Business too many times ... Rather focus of being the best in presenting offer and convincing customer.... Get the Business ... And More importantly Serve the Customer well for Repeat Business as in Business Development Repeat Business should be a majority of your Targets.
Learning Business Development can be done by surveying market, strategic planning, Critical thinking, promoting products in different industrial sectors.
Business Development is something where you are clear what you are taking to the market, Knowing your customer needs, rather selling solve your customer problems, strong strength of building relationship with your clientele.
In my opinion, two main points:
First know your product very well including the market you are in and your competition.
Second know your Customer very well to the extent you can put yourself in his place and why would he use your product
Bothe require time and experience, in my case I started as an engineer and then later (10 years) moved to Business Development.
It is not something to read but process to live through,
as for me I lived the trauma of being a disabled person still graduated university and had found a job.
