If you’re looking for Business Development Associate Questions and whether you’re experienced or fresher & don’t know what kind of questions will be asked in Business Development Associate job interview, then go through the below Real Time 50 Top Business Development Associate Interview Questions and Answers to crack your job interview.
Business Development Associate Interview Questions and Answers
Question: Can You Tell Us About Your Background And How You Got Into Corporate Development?
Sure. I was from a non-target university and worked at a middle-market investment bank after graduation, focusing on Internet companies there.
I was promoted to stay on for a 3rd year, but around that time I was also getting interested in moving on – I stuck around mostly because the economy was in a nosedive and we were just entering a recession at the time.
A few months after that, a company we had worked with before came to my MD and said they were looking for a corporate development Associate, so the MD referred me, I went through the recruiting process there, and had an offer a few weeks later.
I didn’t want to follow the typical PE or HF path, and at this startup I would have a chance to work directly with the CEO and other senior executives and get a much better work-life balance, so I decided to take the offer.
Question: Explain How Would You Identify A New Market To Enter?
Analysis of sales data should help to identify possible new markets. This would be followed up with some market research.
Question: Explain, Do You Enjoy Working To Targets?
Absolutely! Say that you are very much motivated when working in a target-orientated role and enjoy being the first to hit targets.
Question: Give An Example Of A Time When You Had To Sell An Unpopular Idea To Someone?
If you have an example from work experience this is ideal, however, do not be concerned if you do not. You could give an example from your private life, such as persuading a friend or family member to get involved with something they were not really interested in. Good sales skills are transferable to life.
Question: How Would You Get To Understand And Cater To A Prospect’s Specific Needs?
Say that you listen to their needs and then propose a solution that will meet a majority of their needs. If there are any gaps in the product offering, explain that workarounds can be developed to ensure that business runs smoothly.
Question: Right, Sounds Like A Good Move – You Were Actually Employed Throughout An Entire Recession, Which Didn’t Happen To Too Many Other Bankers. You Mentioned “corporate Development” Just Now – Terms Like “business Development,” “corporate Strategy,” “corporate Development,” And “corporate Finance” Are Lumped In The Same Category, But How Are They Different? What Do You Focus On?
It depends on the company, but here’s how I think about the differences:
Corporate Development: You focus on M&A and acquiring other companies as well as setting up joint venture deals.
Business Development: It’s less about M&A and acquiring companies / stakes of companies and more about setting up partnerships.
Corporate Strategy: This is like management consulting, only internal to the company. You focus on planning their big-picture strategy, solving specific operational problems, and competitive analysis.
Corporate Finance: This is more like FP&A (Financial Planning & Analysis) – you maintain the company’s finances, plan their budget, and make sure all the right controls are in place. Of those, corporate development is most similar to banking/PE, and corporate strategy is most similar to consulting; corporate finance is closer to accounting or auditing work and you don’t need to understand deals to do it.
My job is a combination of corporate development, business development, and corporate strategy – since it’s a startup you have to do a bit of everything.
Question: Sounds Like A Good Deal, You Get To Acquire Companies And Advise The Ceo While Avoiding All That Boring Internal Budget Stuff. Why Did You Want To Do Corporate Development Rather Than Pe Or Hf?
A couple reasons:
I wanted to go to a top business school one day and I could set myself apart by doing something other than the typical “track.”
Since I was from a non-target school and didn’t work at a bulge bracket bank, I had almost no chance of getting into the top private equity firms and hedge funds.
Corporate development offered a better lifestyle and more responsibility than what you’d get at a typical PE firm or hedge fund – at a lot of those places you’re still an Excel jockey pulling all-nighters.
Even though it’s a startup, the company itself is very well-known and so I also received the benefit of branding by working there.
The downside is that you don’t get paid as well and bonuses are much lower, so if you’re 100% focused on making as much money as possible, you’re better off following the traditional path.
Question: Tell Me How Do You Go About Selling Unpopular Ideas To People?
Say that you focus on the positive aspects of the idea and explain why it will eventually benefit everybody. Ideas may be unpopular but their outcomes are often welcomed once people understand better what is being proposed.
Question: Tell Me What Attracted You To This Role?
To answer this you need to show a good understanding of the company and say that you are keen to be part of a dynamic team to help the company grow and develop. The aim of business development is to develop growth opportunities, so you must show a keen interest in working with their products and services.
Question: Tell Me What Do You Think Makes A Good Salesperson?
A good sales person needs to be friendly and professional, to be a good listener and an excellent speaker. Above all, they must be confident and extremely knowledgeable about the products they are selling.
Question: Tell Me What Motivates You In Your Work?
Hitting targets and achieving goals is your main motivation. Say that you are motivated by the desire to do a great job and to help improve business.
Question: Tell Me Why Do You Enjoy Business Development?
Say that you feel that business development is the heart of a healthy business and it is extremely rewarding to see a business grow on the back of your decisions and actions.
Question: Tell Me Why Do You Enjoy Working With People So Much?
To answer this effectively it is best to say that you find that working with others is the most enjoyable and fulfilling way to develop new ideas and implement solutions. Say that working in a team environment allows many different skills to be brought together to produce better results in less time.
Question: Tell Me Why Do You Think You’re Good At Sales?
If you have a proven track record in sales, say so and give some examples. Mention how you are a good listener, good at interpreting a person’s motive and intention and that you feel confident in closing deals.
Question: Tell Us What Do You Enjoy Most/least About Teamwork?
Teamwork is central to most roles today; few people work in isolation. Answer that you like seeing how a group of people with a wide skill set can work together to achieve results not possible by any individual.
For the least enjoyable part of teamwork, try to keep it positive by saying that you sometimes prefer to concentrate on more complex problems in a quiet environment so there are times when the team environment can be a little distracting.
Question: What Experience Do You Have In This Field Or For Business Process Associate Position?
I have been working with computers since 2001. I also have a degree in network support/computer repair. I have built my last 3 computers, have work with Dell as an employee. So I have around 15 years experience working with computers.
Question: What Have You Done To Improve Your Knowledge For Business Process Associate Position In The Last Year?
- Try to include improvement activities that relate to the job. A wide variety of activities can be mentioned as positive self-improvement. Have some good ones handy to mention.
- Employers look for applicants who are goal-oriented. Show a desire for continuous learning by listing hobbies non-work related. Regardless of what hobbies you choose to showcase, remember that the goal is to prove self-sufficiency, time management, and motivation.
- Every should learn from his mistake. I always try to consult my mistakes with my kith and kin especially with elderly and experienced person.
- I enrolled myself into a course useful for the next version of our current project. I attended seminars on personal development and managerial skills improvement.
Question: What Is Your Greatest Weakness For Position: Business Process Associate?
Turning your strong point into weak point.
For example: I am a perfectionist and therefore, I rarely believe in anyone who can work as well as me. As a result, I am afraid to delegate important tasks to others. This approach has a weak side as that if you are not clever, you will cause the employer to believe that you are cheating him.
Solving your weakness absolutely.
A better approach is that you state one point which was once your weakness, but you have done well to resolve it.
For example: I tended to be a perfectionist, therefore I didn’t like to delegate to others. But I have found out that in order to develop the organization, everyone in the organization must be experienced with many tasks and this is very good for an efficient team work.
- You need to show it through your attitude and voice: It is really your weakness. And, you may also state some situations how much that weakness has caused you difficulties.
- Give your solution to resolve that weakness, partly or wholly.
- Solutions to a weakness may be training, mentoring, etc
- This is a common question in any interview, so don’t try to avoid answering it.
- Never mentioning a weakness that relates to a crucial requirement of the job.
- Don’t try to make up a weakness.
- Don’t say you have no weakness. No one is perfect, therefore, you shouldn’t say you have no weakness.
Question: What Is Your Ideal Working Environment?
Say that you enjoy working in a team environment. Describe the environment in such a way as it sounds similar to the work environment you believe the company has adopted.
Question: What’s The Recruiting Process Like For Corporate Development?
As I mentioned, my MD recommended me to the VP of Corporate Development at my company and so I got interviews right away without having to go through a resume screen.
Here’s what I went through:
- After my MD recommended me, the VP of Corporate Development called me to chat and find out more about my background.
- I did 3 phone interviews before I flew in to meet with the company.
- On the interview day itself, I met with 10 people across all divisions at the company, from managers and VPs all the way up to the CEO himself.
- Right after meeting in-person, I heard back fairly quickly and accepted the offer.