Business development is one of the most difficult career choices in the blockchain space, and that’s why we have so many people in it.
Being a business developer means you would be responsible for ‘figuring’ how any project, organization, or business will scale, become profitable and grow.
It’s like being a blockchain developer, only that you’re focused on the business aspect.
Blockchain developers work with codes, already set structures, mathematical algorithms, logic, etc. The tools to build with are readily available, the language is there, sometimes the design is ready, and what you do is write the codes for things to work and if things don’t work at first, you go back to the drawing board and re-write or change the logic. It’s almost the same in Business Development, except, it’s like you are creating the language with which the programs would be written.
Looking at the business side of things, take a start-up for instance in the Blockchain space, say someone has an idea that they’d like to build on the Blockchain, the responsibilities of the business developer is to:
- Find out if an idea will work
The biggest of all businesses started as an idea that is not fully formed. As a business developer, your responsibility is to carry out a feasibility study of the idea and assess whether it is workable or not.
- How should it work?
Knowing the feasibility of an idea is not the peak of the responsibility, you should find out the best way an idea should work.
- Who should be responsible for making it work?
As a business developer, you alone cannot carry out all the duties and responsibilities of an organization so you should know who are the required personalities needed to make the idea work?
Plans are great until it is time for execution which is the stepping stone to getting results.
Unless execution follows the initiation stage, the work of business is not completed.
- Setting up structures to keep What, How, and Who running.
Mcgregor, in his theory which he called Theory X, postulated that human beings are not ready to work.
It is the responsibility of a business developer to make sure that necessary structures are being put in place for the smooth running of the organization.
The business developer is responsible for the rise and fall of any organization or business, whether in blockchain or another industry. But the reason it’s harder in the blockchain space is that the blockchain models are constantly changing.
For example, a lot of the Defi companies and different chains that started long ago are now looking at adding an NFT side to their products, it sounds funny but it is what it is.
Goal Of A Business Developer
The primary goal for any business developer is growth… growth in every aspect of the project, aspects like:
Types Of Organization’s Resources
To achieve the goal, a business developer should know about the resources in an organization.
- Human resources
This refers to the human capital that is available in an organization.
In layman’s terms, it refers to the staff in an organization.
- Technical resources
Technical resources are known as intangible resources like intellectual properties, skills, experience, and software licenses or patents.
- Financial resources
Financial resources do not mean the capital alone. It also includes any credit or other source of capital that is available for a business.
This is the most widely known resource and in most cases, it is the most scarce in an organization.
- Informational resources
Information resources are not always reckoned with but the extent to which a business developer can distinguish between data and information determines the extent of the business success.
Gathering data is not as important as having access to quality information that can aid informed business decisions.
If you were a business developer and you were just hired into a company your key focus would be to identify these key resources of the company and measure their strength level for the company.
Qualities Of A Business Developer
A business developer should be someone who can work effectively and efficiently.
Effective work is knowing the right action or strategy to take. Knowing WHAT to do.
Efficient work is taking the right action the best way (usually without wasting resources like time and money). Knowing HOW to do WHAT.
Another thing is, a business developer MUST work with results in mind.
As a business developer, you cannot be so focused on a business activity that you forget to look out for the results.
How Long Does It Take To Become A Business Developer?
Unlike other fields, there is no specific time requirement to become a business developer.
Becoming a business developer can take as long as it takes you to learn to build discipline, fortitude, and knowledge.
Speaker’s Track Record
My business development career started in 2008 immediately after I finished secondary school or high school as some might call it.
I built small businesses and even sold a few. Then I went to the university or college to study Management.
After my graduation, I started a Digital Marketing firm and a business consultancy firm. I went after businesses, served a few companies and startups, and then in 2019, I decided I wanted to be a biz dev in the tech field.
The first thing I did was volunteer my services at a tech company and then in 2020, I got retained as a permanent biz dev for the company.
By the end of 2021, I decided to add Blockchain to it also because they are closely related and I’ve been in the Blockchain space since 2017.
And here I am as a Blockchain business developer. 🤗🤗🤗
Speaker’s Parting Words
Your journey might be a little different, first, you need to have a management background, so I would advise you to do these 2 things first:
- Take a course on management and
- Volunteer for a company to join their business development team.
Give yourself 2 years working as part of a business development team of any company. The main strength of a business developer is in the experience and ability to creatively manage all resources.
This is an excerpt of our let’s talk session with Karla Obakpolor, the founder of Crypto Smart and Qlip.
As usual, this Friday, 25th of February, 2022, Toritseju Kaka, Founder of emeCrypto and EOS Ambassador will be talking about RISK MANAGEMENT AS A REQUIRED SKILL IN ASSET MANAGEMENT
- What is risk management?
- Acceptable versus unacceptable risk.
- The 5 outcomes of any trade
- How to “stop losses”.
- What is a trading edge?
- What is R/R ratio
- Does high leverage amount to more risk?
- This is another session that you should not miss. Join the Crypto Smart Telegram Community now!!!