Business Development Services (BDS) at DeKUT
Business Development Services (BDS) operates within the RTMCL Division and is concerned with managing the development of business ventures from both an external and an internal perspective. Business development is a set of efforts for identifying, researching, developing and strategizing a range of business opportunities and supporting them to grow into viable business enterprises. The business development unit acts as a catalyst for surfacing new strategic business options for the University and presents these facts and opportunities for review. We aim at developing an 'enterprise culture' which involves moving away from a 'dependency culture' where people continually expect others to initiate business prospects or imitate them. Being enterprising involves being prepared to take risks and to 'think out of the box' in developing solutions to business related problems. Business development involves evaluating a business and then realising its full potential using good marketing, information management and effective customer services.
We are guided by market orientation philosophy where market intelligence is generated pertaining to the current and future customer needs. By providing professional business services and capacity building activities, BDS enables enterprises to scale up and improve their operations, ultimately preparing them for investment. We promote the concept of intrapreneurship which applies to the 'start up'style of management (characterised by flexibility, innovation and risk taking) to a secure and stable business. The objective is to fast track product development by circumventing the bureaucracy and take advantage of a new opportunity or toassess feasibility of a new process or design.
Across the University and beyond, we have many people who are talented with great ideas and entrepreneurial skills and this unit provides a variety of technical, human resource, and strategic support. Through our work, we have been able to identify some of the challenges faced by emerging business enterprises and have developed specific services to address them, including:
- Pre and Post-Investment Business Development. We conduct due diligence, financial analysis and projections, business model analysis, organizational analysis, product development, business modeling and expansion strategy.
- Managing Capacity Development. We undertake capacity building initiatives,
- Market Research. We assist business to understand the customer needs, improving decision-making through market intelligence.
- Provide long term professional advice. We provide professional advice giving business promoters the greatest ability to understand the market, identify root problems and have the time needed to implement, test, and adjust on solutions needed for success.
- Ensuring Sustainability. It is pivotal that businesses continue to thrive independently of the work of BDS staff, and so they work to ensure that the business has sufficient management and technical capacity to continue the work started.
A Business Development Strategy is used to operationalize the Business Plans and it sets out a standard approach for developing new opportunities, either from the existing enterprises or by proactively targeting brand new potential business prospects. We utilise the seven key sources of ideas as postulated by Peter Drucker (Innovation and Entrepreneurship book) and explore the 4Ps of innovation space to position a business. In this regard, all the members of DeKUT community are encouraged to generate business ideas, develop proposals and venture into business as individuals, teams or as PPPs. For further information, contact the Registrar (RTMCL).