What is Business Development?

What is Business Development?
30 May 2022

“Business Development” is a word that many people have heard often. But have you ever wondered what this position means? Business Development in each company works differently depending on the type of business. But one thing they have in common is that Business Development is a job that has to enable the company to grow. Working in this position, you must think as if you are the CEO of a company that has to work with multiple parties and aim to generate benefits for the company

Business Development has two main areas: 1. Business Idea & Strategy 2. Implementation. Online, we always hear beautiful stories about the origins of famous companies. NETFLIX: Reeds Hasting (Co-founder) went to rent a movie and forgot to return it (Netflix) or AIRBNB: Brian Chesky (CEO) and Joe Gebbia (CPO) had no money to pay for a room in San Francisco. Those marketing stories make us think that a good idea always pops up in our heads quickly. When we deeply study their stories, we will find that by the time they were able to come up with a good idea. He had to scrutinize his ideas hard and conduct an in-depth analysis, including going through countless bad ideas for too much times, maybe years. Hence, the important thing is patience. In addition to looking for fantastic idea, implementation is also equally important. Although we can come up with many good ideas, they become wasted if we lack an effective action plan, problem-solving skills, strategic thinking and the ability to make it happen. 

However, no matter what part or any organization you are. Remember that do not be discouraged. In every task, there will always be problems. Sometimes what you think and what you expect do not match. But every problem we can solve will make us grow up and be stronger than ourselves yesterday.

Chayaphat's Insight
Chayaphat Rungpiboonsopit
Senior Business Development