Question 1

What is business development, and why is it important?

Accepted Answer

Business development is the process by which organizations pursue opportunities to create greater value. Just like people, organizations must grow and change over time to thrive, and successful ones engage in development planning guided by strategic thinking and the pursuit of long-term goals. However, while business development is important to the ongoing viability of any organization, the specifics of a given growth strategy may involve entirely different processes from case to case.

For example, a multinational corporation’s business development strategy may include an analysis of their competitive position in the market, a capabilities analysis to determine areas of strength and weakness, and then a consideration of opportunities to divest from businesses that are no longer likely to be profitable. Alternatively, a company may identify new market opportunities and seek to diversify by establishing a new business unit or through mergers and acquisitions (M&A).

In contrast, for non-profit organizations, business development typically has quite a different meaning. In this context, development is usually focused on fundraising through a variety of means, including social media campaigns, grant programs, special events, one-on-one donor cultivation, and other activities.

Regardless of the types of activities pursued, business development is a core element of the lifecycle of any long-running enterprise.

Question 2

What kinds of careers can you pursue with business development skills?

Accepted Answer

Business development expertise can be a prerequisite for many types of careers, although the actual job titles and tasks vary whether you work for for-profits or non-profits.

In the for-profit world, business development experience is often associated with upper-level management or strategic consulting, where one must be able to evaluate the costs and benefits of choices in steering the future of a company. Business development manager or partner development manager may also be an important position in some companies, particularly business-to-business (B2B) companies that must find and strike deals with prospective corporate customers.

Non-profit business development careers typically start with work as a development associate and continue on to more strategic roles as directors of development. As detailed by the National Council of Non-Profits, these development professionals must creatively pursue a wide range of activities in order to secure funding for upcoming programs, including grant writing, event planning, and soliciting donors. Non-profit development roles typically require greater social and interpersonal skills than in the business world, since building warm relationships with key donors is often a major part of the job.

Question 3

Can I learn about business development through online courses available on Coursera?

Accepted Answer

Indeed! Coursera offers a wide range of accredited business courses and Specializations from top-ranked institutions, including courses in business development and related topics. With the opportunity to learn about business development remotely from leading faculty at schools like the University of Virginia and the University of London, you can be sure that learning on Coursera can be a high-value element in your own career growth strategy.

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