What Is Business Development?

Is it sales, marketing, social media or management? How about a combination of each. Like most people in business these days, I really enjoy watching Shark Tank. I believe I am at the point where I can tell before they answer just what deals will be funded.

The reason is because when we look at a business proposition we must look at it with both eyes, individually! By that I mean does the deal make economic sense. Does it stand on its own merit, without a lot of explanation. Next when removing the emotional content that all presenters share, does it have the right recipe where the potential investor can get excited about it because it hits all of the points within their own criteria.

And most importantly doe your concept fill a need in the market place? Would you invest in the concept if you had the funds and someone presented it to you? When we step back and look at a project from a non bias perspective is when we can see the true potential of an business concept. Now I know that I have been speaking from an investment perspective but you must keep in mind that every time you ask someone to consider your business concept be it internally or externally, you are requesting an investment of some sort.

With that in mind you must be able to show the risk reward and break-even or maturation date. With this information you can close the likes of a disciplined investor each and every time. I really like Kevin Leary because in actuality he is saying "give me a good reason to do business with you". Control the emotion and let the facts speak for themselves!