Business Development Career Overview: Business development, or "biz development" as industry insiders call it, is all about increasing your company's profits. The business development professional's job is typically to identify new business opportunities, whether that means new markets, new partnerships with other companies, new ways to reach existing markets, or new product or service offerings to better meet needs of existing markets, and then go out and exploit those opportunities to drive more revenue. Business development is a cousin to marketing and sales, and even when an organization doesn't have a stand-alone business development department or professionals with the phrase "business development" in their job titles, you can bet that the people in one or both departments handle business development responsibilities. You can find business development jobs in all industries, from tech startups to large pharmaceutical companies. Exactly what the job entails depends on how established a company is and its business model. What you'll do: Your work in business development may involve any or all of the following: The first aspect of the business development professional's job is typically identifying new business opportunities. This means several things, in terms of what you will do. First, you'll need to stay abreast of what's happening in your industry: what your competitors are doing in terms of product and service offerings, pricing, marketing strategies, and so on. Secondly, you will need to ensure that you understand what your company is doing on an ongoing basis, to understand your company's strategy, how your company compares to its competitors, and how your company is perceived in the… paper medium ...give company money to finance external start-ups. In this way, strategic planning can be a bit like working in the venture capital industry. For example, when high-tech companies invest in high-tech startups, strategic planners can perform due diligence on potential partners, determine how much to invest in a particular venture, and negotiate a stake in a company. Compensation: Compensation will vary depending on the industry you work in, as well as the specific responsibilities and knowledge and experience your job requires. Below are some examples of salary ranges for business development functions in various industries: Biotechnology Business Development Manager: $80,000 to $110,000 Commercial Lending Business Development Manager: $45,000 to $100,000 Marketing Associate Business Development: $40,000 to $80,000 Director of Business Development: $100,000 to $160,000