Business Development - Requirements

REQUIREMENTS

If you're interested in business but don't want to go the traditional route of working for a consulting or investment banking firm or getting an MBA, biz dev may be a good alternative. The best way to get into business development is by first gaining experience in finance or corporate sales.

The minimum degree requirement for an entry-level position in business development is a BA or BS. For more senior positions, an MBA is often preferred, along with five or more years of previous business development or sales experience.

Business development positions at high-tech companies may require a technical background, or sales experience in a related field. Strategic-planning or corporate-development positions usually require a minimum of two years' experience in investment banking or consulting.

Networking with friends or alumni will give you an advantage getting your foot in the door. If you're asked in for an interview, be ready to demonstrate your knowledge of the company's business and show that you're familiar with its competitive landscape. Be sure to play up any experience you have in closing deals or managing relationships. And remember that recruiters will be seeking a keen eye for detail, solid communication skills, and analytical ability.


CARRER TRACKS

In order of increasing sophistication, the three overlapping layers within business development are sales, partnerships, and strategic planning. Most biz dev jobs blend all three, although one area may be emphasized.

Sales

At some companies, business development might be better described as business-to-business sales. In many cases, the business development team and the sales team are one and the same.

Cold-calling or prospecting for potential clients, members, or partners is often a task that falls to entry-level biz dev employees. These employees often have to hone their own sales pitch to convince other companies that a partnership would add value to their businesses.

As in traditional sales jobs, there's often an account-management aspect to business development—coordinating a variety of partner relationships and deal types, each at a different stage.

Partnerships

Companies of all sizes in all industries are building their businesses around partnerships—and it is business development's responsibility to initiate and manage such relationships.

Often the biggest challenge facing business developers is negotiating the terms of partnership deals. Getting another company interested in a partnership is just the beginning—drafting a contract and negotiating its terms is a process that can drag on for months.

Once both parties sign the contract, business development must work with other teams in a company (e.g., product management, marketing, and operations) to oversee the successful meeting of the terms of the partnership.

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