How do you if know a business development person is “good” at an early stage startup?
I think one mark of a great BD person is that they’re able to get that initial deal with a meaningful party. Generally speaking, they’re able to convince someone worthwhile to take a chance on them.
If I’m a successful company why should they take a meeting with a lowly startup? Why should I trust you can execute what you say you can? Why should I potentially risk time, energy, and resources on something that’s largely unproven?
A great BD person can answer all these questions. But it takes much more than answers to get these type of deals done. It takes a meaningful relationship to get …
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I heard our VP of Sales Adam Liebman say something a few weeks ago, that I think is very important for all Sales/BD people to understand. Sometimes it’s just as important to get to a no than a yes. Why? It’s in your time’s best interest. Every moment you spend on a deal that’s never going to happen, is time you could be working on one that will. Thus, the faster you determine that someone isn’t buying, the more you can focus on people that are. The idea is to get to a resolution as fast a possible without jeopardizing a positive outcome. It’s an art that can only be learned through time and experience and is more appropriate …
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A lot of people have been asking me how to get into BD recently. Similar to Venture Capital, I don’t think there is a boilerplate prescription for getting into BD. There are definitely things you can do to put yourself in a favorable position like networking, blogging, and gaining an understanding of what BD actually means. That’s all great, but I’m here to tell you that I think getting a job in BD is about putting yourself in a position to capitalize when a “right time, right place opportunity” presents itself by working your ass off.
I think it’d be useful to outline how I got into business development by re-telling my startup journey. More than anything else, I want …
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Pro-active business development is about finding decision makers and making it happen when you do.
LinkedIn is a pretty powerful tool for finding a decision maker, but sometimes it’s not enough. Let me illustrate an example of what I’m alluding to from my subscription commerce days.
As a budding sub-com warlord, I wanted to reach the person in charge of allocating sampling budgets for a large brand. My guess was that I needed to talk to someone in the marketing department, but there would be 13 marketing coordinators on LinkedIn. Of course none of them mentioned anything about sampling in their job description. What’s a little known startup to do?
When I find myself in …
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