If you are a budding entrepreneur, you have probably heard how important business development is. This is a pretty vague term, so you are probably wondering what exactly this means and what you have to do.
As someone with an entrepreneurial spirit, Ilya Movshovich has worked in numerous industries taking on a variety of leadership roles during his career. Let’s take a look at what business development actually means.
Business development refers to anything you can do as a business owner to improve the way your business runs. It is a broad subject, and you need to focus on improving many different areas of your business, including:
- Increasing revenue through sales
- Finding new business opportunities
- Product development
- Marketing to your target consumer base
- Accounting and finance
- Managing vendors
- Developing business relationships and partnerships
- Doing market research to understand the competition
- Project management
- Negotiating and networking
- Cost saving initiatives