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Business Development

Business development (also known as biz dev) is exactly what it sounds like: It involves figuring out how to build or develop a business. You can find business development jobs in all industries-at everything from tech start-ups to huge pharmaceuticals companies. What the work entails depends on how established a company is and what its business model is.

What You'll Do
Business development people constantly ask: "What ten things will have the biggest positive impact on my company's business, and how can we make them happen?" Their objective is to expand the market reach or revenue of their companies in ways that make the most of their companies' resources and capabilities.

Biz dev executes the company's strategy by "doing deals" with complementary businesses. Exactly what that means varies from company to company. A deal might be a co-branding initiative, a technology- or content-licensing arrangement, an e-commerce partnership, or some combination of the three.

Who Does Well
Business development involves varying degrees of sales and strategy. In some companies, biz dev people may focus on getting new corporate sales accounts, while in others they may lead new product development. At larger companies such as AOL Time Warner, Cisco, or Microsoft, one of biz dev's many responsibilities may be to decide which smaller companies the company should acquire next to ensure that it retains its market strength in the future.

Working in business development is an excellent way to become adept at business strategy while gaining hands-on experience in negotiating deals and managing partner relationships. Business development jobs are also highly cross-functional, requiring close collaboration with various internal and partner-company teams such as sales, engineering, and marketing to ensure that a deal is consummated. With its focus on strategy, biz dev steers the direction of a company-the deals forged today determine what the rest of the company will be working on tomorrow.

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