Business Development For Early Stage Startup Founders
Business Development For Early Stage Startup Founders stories
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jc
jchttp://www.jonathanchizick.com/
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The term Business Development has become one of the most generically used in the business world. Everyone's got a different answer for what it is. And as a young startup you should approach BD differently than a more established company.
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Business Development For Early Stage Startup Founders

by jc

What is Business Development...it's not Sales

The term Business Development has become one of the most generically used in the business world. Ask ten companies what their “Business Development” team does and you’ll get ten different answers

So what is Business Development?

BD = growing your biz by other than direct sales. For example, partnerships that put your biz in better position to monetize, add distribution channels, or make your product more appealing

As a young startup – why should I be doing Biz Dev?

Without a plan, you WILL get distracted by shiny new “opportunities”. With a plan, you can proactively target partners you think are best - and quickly yes/no filter inbound opportunities

Who should I hire to do Biz Dev at my startup?

No one. At least not yet. As founders, Business Development is a core function of your role. You’re responsible for planning the future of your business – you shouldn’t delegate that.

How do I get started? -- 1. Grow your business

2. Create a Business Development plan

No big company 'planning session' required - Two founders sitting down for a couple hours is enough to hash through a rough plan. Update quarterly - make it part of your board mtg agenda.

3. Grow your business

4. Repeat #3 until you can offer value to partners

Why? Because growing your business is the best way to gain leverage for Business Development discussions

Top 3 Takeaways --

1. Founders shouldn’t delegate Business Development

2. Use your strategic BD plan to stay focused

No chasing 'shiny objects'

3. Grow your business

Build value in your own business before pitching for partnerships

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