Essay On Small Business Development

Business Development Essay

Business Development
Career Overview:
Business development—or "biz dev," as insiders call it—is all about growing your company's bottom line. The job of the business development professional is typically to identify new business opportunities—whether that means new markets, new partnerships with other businesses, new ways to reach existing markets, or new product or service offerings to better meet the needs of existing markets—and then to go out and exploit those opportunities to bring in more revenue.

Business development is a cousin of marketing and sales, and even when an organization doesn't have a stand-alone business development department, or professionals with the phrase "business development" in their job titles, you can bet that folks in one or both of those departments are handling business development responsibilities. You can find business development jobs in all industries—at everything from tech start-ups to huge pharmaceutical companies. What the work entails, exactly, depends on how established a company is and what its business model is.

What You'll Do:
Your job in business development may involve any or all of the following:

The first aspect of the business development professional's job is typically to identify new business opportunities.

This means several things, in terms of what you'll do. First, you'll need to stay abreast of what's happening in your industry—what your competitors are up to in terms of products and service offerings, pricing, marketing strategies, and so on. Second, you'll need to make sure you understand what your company is up to on an ongoing basis—to understand your company's strategy, how your company compares to its competitors, and how your company is perceived in the marketplace. Third, you'll need to understand the marketplace for your company's offerings—who comprises the market, and how the market may be changing.

Next, as a business development professional, you'll need to think creatively on everything you know about your company, its market, and its competitive landscape. This is the part of the job where you identify possible ways to improve your company's sales, which can mean anything from identifying new market segments (or individual potential clients) for your company to sell to, to identifying new sales channels to sell through, to identifying other, related products or services in the marketplace with which your company's products or services can be combined into synergistic, new, "co-branded" offerings.

The next part of the job is prioritizing the new business opportunities you've identified. To do this, you'll need to compare the potential returns of each new business opportunity to the costs your company would incur to exploit that opportunity. Which means spreadsheets—lots of spreadsheets.

Finally, the business development professional is tasked with making the new business opportunities he or she has identified come to fruition. In other words,...

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Starting a small business is the best way to gain freedom. Although this statement is disputable, it has sense.

Why do people decide to become entrepreneurs? They are longing for independence. Small business helps one manage his time in the way he wants. He can produce the goods and services he likes. Finally, he is able to try to be responsible and creative.

Small business is very important for the economy of every state. Small entrepreneurs contribute into the state budget a lot. It is possible to say that the complex of small and middle firms provides the country with the same profit as big business does. In simple words, a prosperous state cannot survive without small business. It is impossible to defeat poverty without small business. Thus, if you have any genuine and uncommon ideas concerning the production of useful goods and services, establish your own small firm.

Starting up is not easy

Starting a small business is not an easy thing. You should be psychologically and financially prepared to numerous challenges. Moreover, it is vital to know something about business, management and marketing.

To begin with, you should study the market in order to learn about the goods and services that are required by consumers. This factor is the crucial one. When you discover that people demand an item but no one has produced it yet, you have the best chances to conquer the chosen sector of the market. Secondly, you ought to think about the price and quality of your product.

There are two options. The foremost one is the production of high-quality and expensive goods that will serve long. The second option is related to consumerism. You produce poor-quality cheap goods and attract clients with the help of the lowest prices.

Sad to say but it is difficult to choose the best option. Many people are ready to pay a lot to possess a quality item. Others avoid paying a lot and prefer cheap products.

Create a business plan

Then, you should create your own business plan that will contain the entire information about the functioning of your firm. Think about the target groups of customers, production, logistics, storage and retail.

Apparently, you should produce and store your goods somewhere. Then, you will meet with such issues as revenue and expense. You will need to hire a few employees to run your business rewardingly. Without doubt, you will have to be selective, demanding and attentive in order to recruit the right people into your firm. Finally, you will meet the problem of rent, taxation, etc. A firm resembles a household. You should pay attention to the slightest problem, question and misunderstanding if you want to increase your income and develop your small firm into something bigger.

The ups and downs

As might be expected, starting a small business has many advantages and disadvantages. The most solid strong side is independence. You do not have to work for someone else. You work for your own profit. You possess the freedom of choice and actions. If you are not respected and appreciated at work, you can embody your original and amusing ideas in your own business.

Ambitious people always try to start a small business if they receive such an opportunity. You do not need to listen to the instructions and threats of your boss when you are late. At long last, you will earn more money. You are the boss and the entire profit is yours.

Nevertheless, there are many factors that cause problems to a novice entrepreneur. You should remember that independence is also responsibility. You are responsible for your firm, its prosperity and the wellbeing of your employees. Furthermore, you are responsible for the health and life of your customers who consume your products.

You are expected to know how to develop and improve your small company beneficially. You should know how to behave in case of crisis and unpredictable situations. You should be ready to wake up at night and spend the whole day at your firm in order to settle down all urgent problems and conflicts between employees. You should be a teacher, psychologist and negotiator who is able to resolve conflicts and motivate his staff practically.

Takeaway

Starting a small business is a challenging but beneficial idea. You are able to establish you own store, café, restaurant or bakery and embody your offbeat and splendid ideas there. On the other hand, you should be ready to resist numerous challenges and work hard for the protection and development of your business.

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