Business development ideas pdf

Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. Business Marketing Essentials. Table of Contents Expand. Basics Of Business Development. Understanding the Basics. Product Management. Vendor Management. Negotiations, Networking, Lobbying.

Cost Savings. What Should a Developer Know? The Business Plan. The Right Fit. What Drives Development Activity? Business Development Ethics. The Bottom Line. What Are the Basics of Business Development? Key Takeaways Business development encompasses a wide scope of ideas, activities, and initiatives that a business owner and management implement with the goal of making the business better.

Business development can include many objectives, such as sales growth, business expansion, the formation of strategic partnerships, and increased profitability.

Successful business development impacts every department within a company, including sales, marketing, manufacturing, human resources, accounting, finance, product development, and vendor management.

Business developers should be aware of new market opportunities, possibilities for expansion, competitor developments, and the current sources of the company's revenue. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.

This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. We believe this tip deserves to be on top of the list. No matter how talented you are or how quickly you grow. Staying humble is the only way to keep growing and become better every day. Respect everyone that comes across your path and understand that you can always learn something from anyone.

In the same way as you stay humble, learn also to recognize your strengths and make use of them. As young business developers you might be still figuring out what they are. But learn early on in your career that everyone is able to deliver value. And you are no exception. Learn how much you are worth and make sure people know what you have to offer. Curiosity, especially in business development, is not only a nice to have. Observe and be enthusiastic about your job.

Practice curiosity at any occasion. Check also : Top 10 Books for Business Development. Learn early on that good communication is the basis for your success. Understand that every person is different and you need to adapt your style. Being a good communicator means finding a common ground with your interlocutors.

Next to talking, learn to listen. But really listen to what others are saying. You can get so much information and understand so much just by letting the other do the talking.

Start practicing with some of your colleagues or friends and really commit to listen to anything they say. Trust us, it sounds easier than what it is. It prevents you from growing and lets you stay just where you are at. Getting a NO is a big constant in business development. Just as getting NOs, failure is also part of the process.

But see these events as learning points and move on from that. The sooner you learn this lesson the better is gonna be for your future career.

Difference is the thing gained by creativity. Creativity should also result in innovation. For this reason, innovative companies stay strong by differentiating from each other instead of resembling.

This is called Blue Ocean Strategy. This strategy is not based upon beating by competing and fighting with rivals but stepping into markets inhibited by nobody by creating peaceable markets. Because these companies increase opportunities to maximum while decreasing risks to a minimum level. They draw business ideas from opportunities that were increased to a maximum level. All these depend upon companies to create new markets by breaking market limits and cause- effect relationship.

Innovation lies behind it. There is a business idea everywhere innovation exists and there is innovation everywhere a new business idea exists. Undoubtedly businesses will need more ideas then ever. If it can not produce ideas itself, it will take it from outside. Even if it is raw, the idea taken from outside will have a cost.

Although ideas do not have a market for now, in the future it is imaginable to see supply and demand of ideas as the most active market. Up to now, human labour based upon muscle power has been used and people lived with gainings out of it. This situation is divided into two parts. First, brain power based upon knowledge, second, brain power based upon thoughts and ideas.

Knowledge is not enough by itself in terms of competition, besides knowledge, it is necessary to have the understanding, courage and faith of making a difference, behavior and ability of working as a team. These are the features that creates the business idea. After business ideas have become this important for businesses and entrepreneurs, these questions has been asked; how is a business idea created, who or which conditions are more creative?

What can we do to increase creativity, accordingly business ideas? After all, they changed their organizational projections, ability to manage people, physical and social environment, communication and interaction structure, relationship types and motivation factors they apply and started to search what else they can do for this subject. Feasibility Feasibility means there are no remaining obstacles for an entrepreneur to accompish his goals. It is practiced to conclude if a business idea is feasible or not by testing it.

It can be said it is supportive to an entrepreneur to decide which business idea to take It means as if business ideas go through an examination. In feasibility, these researches are mostly carried out: 1. Market 2. Technological 3. Organizational 5. We already based on customer and market while creating a business idea. Here, we review in more detail. Questions such as, is there anyone else in the market besides us? Are we going into a saturated market or an unsaturated market?

How big is the market we want to get into? How is the growth potential of the market? Are qualified as our guides? Because based on this, we also determine the capacity of our business. The answers to these questions are sought: How different is our products and services from the others?

Why would consumers prefer ours? How much are customers that we expect for our products and services willing to pay? How many can we sell in short, mid and long term?

Where are our customers? This research gives us information about where to establish the business. Technological Research Necessary researches are carried out about the manufacture of the product that takes place in the business idea such as, hardware and technological choice, licence, patent opportunities, choosing the production and the place of production, technology placement, researching maintenance, service and repair possibilities, detailed cost accounting, critical resource, situation of processes and feasibility of the work.

In these researches, other techniques are used such as technology, ability valuation and quality function. Entrepreneurs in countries where there are no regulations about financing entrepreneurship use their creativity to find the finance instead of the business idea.

In financial feasibility, how much is required for establishing finance of the management fixed investments and operational finance business capital is determined. In this research financial information is produced such as the cashflow of the business, profit formula and breakeven point identification. In other words, assumptions are made depending upon the hypothesis on subjects like; in a living business, what kind of changes our new business idea will make on organizational structure of our business.

Business analysis, here, search subjects such as specialization, distribution of authority and responsibilities, procedures, critical human resources and wages. It tries to find if there is an obstacle on these issues. If there are any, out business idea would be stuck here and results as "unfeasible".

Legal Researches It is carried out to search if the business idea, product and service content we identified match with current legal structure. This issue is limited by laws. Your business idea may seem very profitable however it may not be legal. Then this business idea is not feasible. For instance, however profitable usury may seem, it is not legal. Entrepreneur has to search about consumerism, competition, contract and compensation law, taxing law, patent and trademark protection law where he applies his business idea country, territory, state or city etc.

Decisions will be made at the end of this process. Until decision is made, feasibility is carried out for his ordered ideas. In this stage, a new idea on which regulations can be made may come out.

It is possible to see a preliminary project performed after feasibility. At that case choice and decision are made after the preliminary project. In some cases, feasibility and preliminary project run in a supportive or colleteral way.

Bu the end of this stage business model will be shaped. Choices below appear as decisions The most appropriate business idea may be chosen. No decision is made because there are not any appropriate business ideas It can be asked to make an additional study on some ideas between which it is difficult to make a decision.

Some business ideas my not be feasible for that period. Instead of tossing them out, they are frozen and kept in a bank of ideas for protection for the purpose of reconsideration when the time comes. As the problems and requirements of customers and consumers come upon, those ideas are used as well. There are such business ideas that cost of the products and services they present may be high.

With any innovation that lowers the cost these business ideas may be applicable. Projection Concept In today's markets where customer demands and requirements increase day by day, place of projection becomes increasingly important as well. When businesses are analyzed by means of if they are successful or not, the most striking factor as a difference is the emphasis they place on projection and its process.

There are a lot of factors that makes customers to buy a product. Among these, there are quality, percieved value of money, aesthetical attraction, different and unique qualities, appropriacy and price. These factors do not show up by themselves but they are the results of projection. Importance of Projection On Entrepreneurship Projection becomes a very important factor for an entrepreneur who is profit-oriented but puts up with the risks, produces economical goods and services and organizes production factors for the purpose of marketing.

Today projection is accepted as a strong expression of transforming human intelligence, ability, creativity and imagination into a product or service. The entrepreneur that takes risks by making use of idle resources has to show his difference with the products and services he presents to the market. Projection has a very important place in showing this difference.

In order to be affected by increasing competition as a result of globalization in a minimum level, businesses have to offer distinctive and difference maker products and services. One of the most crucial shareholders of this is projection and innovation. However the emphasis is put on the design of the product which is believed to be the most important one.

Package of the product and style of presentation are important for the product to hold onto the market, however the main issue is the product itself. As one of the main components of entrepreneurial thinking, being innovative and creative is directly related to projection.

Although entrepreneurship is essentially taking risks, it also needs innovation and creativity for the products or services it will produce and commercialize. The duty and responsibility here fall to projection stage.

In the essence of projection lies creativity and with the usage of this creativity, innovative products that will make a name in the market may show up. As one of the other main components of entrepreneurship, leadership is also directly related to projection. From businesses' aspect, one important factor of leadership is the product or service being presented. From the product or service's aspect, with different and new designs, the entrepreneur can create his own market and benefit from its advantages as being the first in the market.

So, he can direct the market as the leader however he wants. Besides, with the presentation style of the product and the differences he makes on its package, he can make the product distinctive in the market. One of the best examples of this is the work of Apple Company which started with IPod.

The entrepreneur may encounter with a big competition in the new market he will go into. For this reason, he must try to gain competitive advantage by researching the features of rival products and needs and demands of potential customers very well and satisfy his customers with the products and services he manufactures. An entrepreneur has several functions such as organizing production in constantly developing global economies, providing product range, creating employment and supplying new markets.

Increasing competition conditions forces the businesses and entrepreneurs to specializing and providing product range. Businesses that do not provide these get into a difficult situation. Businesses can only keep up with this situation by fulfilling projection and innovation activities. Besides, new products that show up in today's markets are imitated in a short time which leaves entrepreneurs who has made big investments on the new product in a difficult situation. Entrepreneurs that go into new markets with new products through innovations succeed to an extent they reflect the developing technology to their products and services with the help of projection process.

Otherwise, the studies that have been carried out will not be much different than other products or services in the market and will not create competitive advantage. As a conclusion, all the functions and components of entrepreneurship listed below do not mean much without projection and innovation and do not meet the expectations of entrepreneurs in today's markets where competition is increasing. Entrepreneurs, who comprehend the place and importance of projection, increase their chance to succeed in current or new markets they go into.

Creativity in entrepreneurship is related to finding problems and troubleshooting. In theological terms, creativity is one of the God's almighty attributions which creates out of nothing. Creativity handled here is creating out of something substantial and gathering pieces that were never gathered before by no one. Or else it is not creating out of nothing, it is revealing the substantial. Several definitions of creativity have been made. According to Bentley creativity is "the orcess of obtaining the information and shaping and organizing it until it takes another form or forms another idea.

According to Rogers, creativity is combining two ideas that seem irrelevant to each other. There is a Chinese proverb about this issue. Business creativity is not creating out of nothing but getting a combination of the existent anyway. Many scientific discoveries show up in this way. In Bold Science, Ted Anton tells about leaders who carries out scientific studies and states that " Each of the leaders achieved big discoveries by creating new ideas that cover important ideas of irrelevant areas or borrowing ideas outside their own field.

It is not creating out of nothing but revealing the existent. Einstein sees creativity as the harmony of combinations. According to Stoven Johnson, "brilliant ideas never show up out of nothing" They come up with creativity by gathering existing pieces in different forms.

Again likewise he says in creativity old pieces are brough together in order to create a brand new thing. There are several other definitions made for creativity. However every definition limits creativity. Creativity does not like limitations. Considering the definitions, it is said that nothing can be created out of nothing and it is necessary to bring different things and link them together. Here it is clear that two basic concepts are related to creativity.

One of them is difference and the other one is linking. In other words, when we put them together, it means linking the differences. Let's clarify this. Difference Bringing differences together constitutes creativity. Creativity does not occur by gathering homogeneous ones, in other words the same ones. Different things are the ones that can be integral pieces such as information, data, word, concept, culture or idea. If the difference we want to get is this, creativity also consists of difference as well.

The same things aren't creativity, we make the same things out of the same things. Because creativity is making something unaccomplished it is not making something that was previously made. Definition of madness is "doing the same thing over again but expecting different results". As it is clear from this definition that it would be madness to do the same thing over again.

For this reason some societies have just noticed that being different is wealth. Sociologically speaking, similarities and homogeneity are important in traditional societies while in city communities differences and heterogeneity are important.

Likewise, city communities are not isolated, they have relationships with other societies. It is not important if the societies they built relationship with are the same or different. Traditional societies are usually isolated with other societies. They protect their differences. City communities also increase their differences. For this reason, city communities are more creative.

Even development of cities increases creativity faster. This is called "superlinear scaling". According to a study, a person that lives in a city with five million people is three times more creative than a place with five hundred thousand people. In other words, despite its crowd and excess noise, big cities can be more creative than small ones.

In that case, people that live in cities are more creative than the ones that live in towns and villages. Such a result comes from the increase in differences. Difference is vandalizm, corruptive and causes infighting in the societies where being different is worthless.

Difference of opinion is personal. Difference is wealth and it strenghtens in the societies where being different is valuable. When observed with a microscope, being different is also striking in terms of personal creativity because people that can not enrich themselves with differences and do not have any specialties or interests in different areas can not be creative.

They need to possess different inputs in order to be creative. Different inputs have different outputs. Same inputs does not have different outputs. This applies to organizational creativity as well. The best teams of creativity studies are the ones with the greatest diversity. No different ideas may come out of the teams in which all individuals have the same opinion. One aim of science is to clarify the relationships of events and objects. Not combining existent different pieces by combining them does not present creativity.

What is done here is combination. And this comes out by trial. Not every linking may have a meaning. It is being able to get meaningful explanations by using different pieces we have as much as possible in order to create opportunities and then problems and solutions.

It is necessary to catch the best option more than the first option. To achieve this, it is vital to make tests. It is a very low chance to find the best and right option in the first try. Most of the tests will be a failure and not give good results. But every trial and failure will take us closer to the right and the best.

The understanding of not being afraid of doing mistakes, mistakes being valuable like accuracy and not being able to find accuracy without making a mistake is very important in creativity. The one fears to make mistakes, will fear to try as well. The one that does not try makes no mistakes but it means he has done nothing.

It is necessary to accept the culture of failure in order to develop creativity. People who works in Einstein's teams say that: "Master, our tests are incorrect and erroneous. When are we going to find accuracy? A person that fears to make mistake has a low range of taking risks.

In creativity, employees should be allowed to make tests, make mistakes and take risks. Poincare says "ideas grow between crowds". Strong networks are necessary to link and bring ideas together with ideas. Today, the power of communication shows itself with the networks configured. Intense usage and abundance of networks make creativity increase in this sense. In a sense, linking is more frequent and more comfortable compared to the past.

How long you stay in the network, that much your creativity increases. Because by combining and linking your ideas with the ideas in the network, you make new ideas to show up. Ideas supply important and missing pieces from other networks in the network. How much ideas are in motion and if there is a chance to meet other ideas, the possibility for creation to increase is that high.

Presence of management in a culture depends on the presence and intesity of the networks that provide interaction and if they are available and accessible by everyone.

Processes of Creativity It has been said that creativity is not an event but a process and this changes according to the nature of the individual that creates.

This process is dynamic and benefits from areas of human consciousness. Creativity benefits from intelligence, emotion and logic. In the last years, emotions, senses and instincts have been highly used in creativity. As known, science makes explanations and art describes. Operation processes of both look alike.

Both have creativity in them. Their relationship increases progressively. Creativity processes are inclusive for it. In terms of its relation to creativity processes, usage of right and left brains constitutes human nature. Brain consists of two half spheres.

Left brain has logical, analytical, rational, practical, traditional, linear features while right brain has intuitional, untraditional, illogical, emotional, integral, creative, emphatical, meaningful and joyful features. It is stated that through industrial era, left brain was used and through post-industrial era right brain will be used more than the past. In fact, opinions which say female brain uses emphaty a lot is very common.

Today, right brain has been used more but in terms of creativity processes, success depends on the usage of two half spheres of the brain together. Creativity processes are seen as more than one multi-phase models. Multiple similar and different models originates from the spirit of creativity. Accepting only one model means limiting the creativity which is not a right thing. James Webb Young sees creativity processes as five steps.

Cognitive digestion process 3. Digressing incubation 4. Appearance of Ideas 5. Application Josh Linkner listed the five steps of creativity discipline as below: 1. Problem 2. Preparation 3. Exploration 4. Creative spark 5. Application Roger Von Oech proposes that there are two phases of idea creation process: 1. Business Development Strategy 3. Business Development Strategy Format 4. Business Development Strategy Plan 5. International Business Development Strategy Plan 6.

New Business Development Strategy 7.