Business Development Career Path – An increase in the number of Ph.D. graduates each year and the limited availability of faculty positions increases interest in exploring non-traditional career paths in the industry to successfully build a career. Now the questions arise, what are the alternative careers? How is business development a career option? Why are candidates ideal candidates for this?
For decades, educational institutions have been the largest employer of PhDs, but now the traditional career path to become a teacher does not look very promising; given the small number of faculty and the increasing number of Ph.D.s entering the market, it seems risky to assume that one day we will all have our own lab. In 1997, according to the US National Science Foundation’s (NSF) biennial survey of doctoral recipients, educational institutions eclipsed private sector employment by 11 percentage points and increased Ph.D. graduates, this trend has accelerated over time. According to the latest equivalent data for 2017, PhD employment in the private sector is 42%, almost on par with educational institutions (43%), and in 2020 it will be much higher. Thus, for students moving forward in their graduate studies, a major challenge is not knowing what alternative careers exist for new Ph.D.s.
Business Development Career Path
The UC Davis Nology program offers a wide range of resources for graduate students and training in much-needed skills for careers in the industry. One such rewarding program is the Designated Emphasis in Science (DEB), which brings together students and faculty from a wide range of STEM disciplines to create an educational ecosystem that fosters collaborative team science to address complex global challenges related to human health, rural economy and environment. To provide students with hands-on experience in a real industrial environment, the DEB team facilitates 3-6 months of industrial internships. Internships introduce DEB students to the industrial structure of work and provide an opportunity to build a professional network. In addition, these internships are the best way to learn about the different career paths available to PhDs in the industry, which mainly fall into four main categories: research and development (R&D); commercial operations; Services; and operations. Each of these career path categories is further subdivided into subcategories as shown in Figure 1 .
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“Business” is probably not a common term associated with Ph.D. training because the business world is for people with a business degree like an MBA, not for people with PhDs. This is exactly what I used to think about as well, until I had an opportunity through DEB to try a short term internship as a Business Development Associate at Theralink Technologies. In this position, I learned how to gather business intelligence about companies, track leads, and qualify prospects to attract new customers and achieve long-term business success. In this role, I experienced increased customer reach and engagement using the LinkedIn Sales Navigator tool and developed customized materials for sales presentations and client meetings to introduce the company’s technology. Interestingly, I realized that scientific knowledge is important in this role as it helps to explain the features and benefits of the company’s unique technologies to customers in the best possible way.
According to the Forbes article, What is Business Development, “Business development creates long-term value for an organization through customers, brands and relationships. It’s all about figuring out how the interaction of these forces comes together to create opportunities for growth.” BD employees work in small businesses, large corporations, government centers, universities, and private institutions. Day-to-day activities range from strategy to planning market to customer contact, new business development, and licensing (Figure 2). Every business needs to attract new customers in order to grow, but not every potential customer will be a good fit for that business. Therefore, business development professionals must remain aware of the current market and assess whether the prospect is capable of buying what your company is selling They are solely responsible for prospecting and qualifying leads before handing them over to the sales team to nurture the relationship and keep the revenue engine running for long-term value product
PhDs are not typically trained for business in graduate school, so it is natural to ask what would make them suitable for the role of business development professional? From my personal experience, I have found that the following are the traits and skills that I acquired during my Ph.D. the training really helped me understand and excel in my new, exciting role as a Business Development Officer.
While these transferable skills help build a successful career as a business professional, we must remind ourselves that the market is becoming more competitive every day. With the increase in PhDs, companies can afford to be picky. Science Careers Magazine: “Companies are no longer willing to hire PhDs who do not bring complementary skills, they tend to hire candidates who they believe have added value [to the business] in addition to their research ability.”
How To Become A Business Development Manager
Business development is an exciting non-traditional career option for PhDs, and they are well-suited for this role thanks to their excellent communication, research, data analysis, collaboration and negotiation skills. In addition, training as critical thinkers and innovators makes Ph.D.’s in science and technology ideal candidates for success in the real business world. If you are interested in this career, don’t wait for tomorrow, start researching and networking. Get started today, because the person you meet at a conference could be interviewing you five years from now for your dream job as a business development expert.
At the Graduate Student Association (GSA) platform, I recently hosted Theralink Technologies’ Business Development team, including Michael Fanelli, Biopharma’s Senior Director of Commercial Operations, and Kayla Sparks, Business Development Officer and DEB student, to share their experiences. with the UC Davis graduate student community. The recording of the consultation is available at the link on the Internet. Which sales career is right for you? Learn about the different roles in sales and how they fit into different common career paths.
What is your 5 year plan? What in 10 years? While it may be tempting to say, “Who cares, I’m in sales, I’m here to make bank,” there are good reasons to look ahead and map out a real plan for your career. You may find that training others is more rewarding than breaking quotas, or you’re more excited to take a business to the next stage of growth than mining for a large company.
The purpose of this section is to help you understand what the different roles in sales are and how they fit into the various overall career paths. That way, you’ll know what’s right for you when the time comes. (Warning, there are a lot of acronyms in this section! Most of them should be “standard”, but don’t be alarmed if the organization you work for uses different terminology).
Career Growth, Selecting Candidates, Career Ladder. Financial Strategy Concept. Business Development, Strategic Management, Finance, Banking, Market Data Analytics Concept. Strategy For Successful Business. Royalty Free Svg, Cliparts, Vectors, And
This is considered an “entry level job” for sales and a way to start your career in sales. An SDR usually focuses on inbound leads that come in. Don’t get discouraged if you are bullied as an SDR, we all have to start somewhere! Most sellers have an SDR story from the “early days” that they like to share.
This is another “entry-level job” for sales, and it usually focuses on generating leads. In both the SDR and BDR roles, the goal is not to close the sale, but to vet and generate leads for the account executive to close. Keep in mind: Not every company has a separate team of SDRs and BDRs, but these are fairly standard sales positions for entry-level salespeople who don’t need previous sales experience.
Account manager is closer. Typically, an account manager takes over the SDR or BDR team and then works with those leads to close the deal. This role has very high commission potential.
This article looked at three of the most common sales careers: (1) lifetime AE, (2) team management, and (3) sales leadership. However, these are not the only options! You may find yourself better suited to engineering solutions if you’re more technical, to sales enablement if you’re more agile, or to customer success/account management if you prefer to focus on upselling and renewals.
Business Developer Is In Charge Of Growing The Business
No matter what you decide, the most important thing is to know the options and trade-offs. If you want to one day become a VP of sales, you need to figure out how to include business and HR experience on your resume. If you just want to maximize your income, then maybe an AE career is the right move. Finally, when deciding on a job, you should consider how it fits into your long-term career aspirations.
Other sales career related posts: Career Path or Salary Small to Medium Business Sales vs. Enterprise Sales. How to know if you are ready to become an AE. Is a Master’s Degree Worth It for a Sales Career?
Sales Training Tips for SDR/BDR Learn how to effectively and efficiently step into a sales role, manage your day-to-day workflow and achieve
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