This roadmap is a step by step process for pursuing an opportunity in Business Development, specifically as a Business Development Manager. As a Business Development Manager, your objective is to grow the company’s business by establishing new partnerships and increasing sales from existing accounts. Specific activities include the analysis of potential targets, creation of business cases, sales visits and calls to prospective and current clients, and deal negotiation. Business Development typically works closely with many other functional groups such as Operations, Finance, Legal, and Development. In Business Development, you will need great organizational and communication skills, and the ability to work well independently. Although you will work with other groups in the organization, in many companies you will operate without significant guidance. Many Business Development Managers have an MBA degree; however it is not always required.
MUST DO – Action Items
Build experience managing a project or product through key milestones.
There is no better way to get product or project management experience than to bear responsibility for seeing something through important milestones. Look for opportunities to manage a project or meaningful piece of a project through an organization or club you are involved with. Be prepared to talk about what was required to manage the project, the mileston
Look to grow the “business” or an organization you are involved with
Companies love to hire people who have already done the exact job they are hiring for. Don’t despair if that doesn’t describe you. Think about the specific skills that are important in the job, and how you can build those skills through the job or organizations you are currently affiliated with. What is important is that you have several stories you can tell and quantify the impact if possible, that illustrate that you have the skills to do what needs to get done. Be creative.Think about all the clubs, non profits or other organizations that you might be involved with. Think creatively of what you might be able to do to enhance that business / organization. For instance:
- What other relationships might make sense to improve the business` / organization`s mission?
- Can you identify a new channel to target?
- Is there an opportunity to expand current relationships?
- How can you bring this business / organization to the next level?
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| Business Development Manager |
Pursue an MBA
Positions such as this one prefer that candidates have a Masters in Business Administration (MBA). Although most who graduate with an MBA do not leave with a technical skill set (e.g. financial analysis, operational management, etc.). They do leave with a broad based understanding of the many facets that make a business operate successfully. It is a highly respected credential.
There are hundreds of universities that offer MBA programs. We suggest that you do a great deal of research before pursuing an MBA for the sake of just having the degree. Not all MBA programs are created equal. Most know about the upper echelon schools (e.g. Harvard, Stanford, Wharton, etc); however, there are other universities that provide good regional name recognition or are highly respected for a particular discipline within business.
SHOULD DO – Action Items
Build experience analyzing data for business implications
In this position, hiring organizations prioritize individuals who are strong in executing data analysis, drawing conclusions and producing useful information from data. Don`t be intimidated if you`re more of a poet than an engineer; you`ll only need basic quantitative skills. Here are some helpful courses to build these skills:
- Financial Statement Analysis
- Introduction to Finance
- Introductory Accounting
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