Describe a situation where you successfully identified a new business opportunity and pitched it to your team or superiors. How did you gather the necessary information and data to support your idea, and how did you overcome any skepticism or resistance from others?

Answer:

During my tenure as a Business Development Manager, I encountered a situation where I identified a lucrative new business opportunity and presented it to my team and superiors. To gather the necessary information and data to support my idea, I conducted thorough market research, analyzed industry trends, and examined competitor strategies to validate the potential success of the opportunity.

When pitching the idea, I prepared a detailed presentation highlighting key insights and projections, illustrating the market demand and the potential revenue it could generate. I also outlined a comprehensive plan outlining the steps needed to capitalize on the opportunity and mitigate any risks.

Although there was initial skepticism and resistance from some team members and superiors, I addressed their concerns by providing additional data-backed evidence, answering their questions, and emphasizing the strategic benefits of seizing the opportunity. I actively listened to their feedback and incorporated constructive suggestions to further strengthen the proposal.

Ultimately, by effectively communicating the value and feasibility of the business opportunity, I was able to secure buy-in from the team and superiors, leading to the successful implementation of the new business initiative.