The head of business development is employed to develop and implement new market initiatives. Likewise, he/she assesses new markets and evaluates business opportunities. He/She plans and directs all aspects of business development policies, objectives, and strategies in an organization. He/She may oversee licensing initiatives and programs. Other duties include negotiating contracts, initiating proposals, and closing deals. Asides from that, he/she performs financial feasibility studies. Furthermore, he/she develops proposals for new business opportunities. Additionally, he/she identifies, reviews, and implements policies that support business development.
For this position, you need at least a bachelor's degree in business administration or a relevant field. You must have prior experience in a related position. You must possess communication, leadership, listening, presentation, problem-solving, decision-making, and negotiation skills. Also, you must be proficient in CRM software. The head of business development makes around $116,235 in a year. It varies from $62,000 to $219,000.
There is more than meets the eye when it comes to being a head of business development. For example, did you know that they make an average of $69.32 an hour? That's $144,183 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 21,800 job opportunities across the U.S.
There are certain skills that many heads of business development have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed analytical skills, communication skills and creativity.
If you're interested in becoming a head of business development, one of the first things to consider is how much education you need. We've determined that 63.2% of heads of business development have a bachelor's degree. In terms of higher education levels, we found that 24.0% of heads of business development have master's degrees. Even though most heads of business development have a college degree, it's impossible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a head of business development. When we researched the most common majors for a head of business development, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on head of business development resumes include associate degree degrees or doctoral degree degrees.
You may find that experience in other jobs will help you become a head of business development. In fact, many head of business development jobs require experience in a role such as internship. Meanwhile, many heads of business development also have previous career experience in roles such as vice president or business development manager.