What Drives Business Development Activity?
Due to the wide open scope of business development and activities, there are no standard practices and principles. From exploring new opportunities in external markets, to introducing efficiencies in internal business operations, everything can fit under the business development umbrella.
Those involved in business development need to come up with creative ideas, but their proposals may prove to be unfeasible or unrealistic. It's important to be flexible, to seek out and take constructive criticism, and to remember that it's a process.
The Bottom Line
Business development may be difficult to define concisely, but it can be easily understood using a working concept. An open mindset, willingness for an honest and realistic self-assessment, and the ability to accept failures, are a few of the skills needed for successful business development. Beyond the ideation, implementation and execution of a business development idea, the end results matter the most. The bright minds in business development should be ready to accommodate change in order to achieve the best results. Every approval or disapproval is a learning experience, bettering preparing you for the next challenge.Source: http://www.investopedia.com/articles/personal-finance/090815/basics-business-development.asp#ixzz4esBg0vOV