This is one of the most important positions in any business that is still in its developmental stages. As the name suggests a business development executive cultivates opportunities for the development of the business and plans strategies to target potential clients and customers. Organizations which are new and need to create goodwill in the market have to employ talented and young business development executives.
Business development executives are the pioneers in development of the business; therefore, they need to upgrade themselves regularly with current industry trends and maintain good relations with potential business entrepreneurs. They are always required to correspond with the senior managers and business leads of the clients. Hence, having a charming and impressive personality will also make a contribution to these officials.
For entry level business or management related jobs, a bachelor's degree is the minimum requirement. However, for the position of business development executive a person should at least have a master's degree in business administration with specialization in any stream such as finance, marketing, human resource, etc. People specialized in marketing are preferred over others for this profile.
A business development executive needs to have respectable number of years of prior experience in the relevant field. Experience in sales, marketing, management, etc. is countable for this position.
To have a remarkable career in business development one should be a strategic thinker and visionary and help in making profitable future business deals. Apart from this an individual should have knowledge of the type of industry he is working with. If he is working in an IT firm then he should have technical knowledge and understand the requirements of an IT company along with good business skills. This can be gained only through experience or prior training.
The salaries offered to these people may vary depending upon the organization and the number of years of experience but on an average a business development executive earns $184,277 to $293,799 annually. However, this is not the exact figure and the number may vary depending upon various attributes.
Business development executives are the senior officials so they handle most of the corporate responsibilities of the organization. People who are seeking employment in this field have a good future if they find employment in leading and recognized organizations. Hope the above given job description helped you in understanding the job better.