What is it? Ask ten VP's and you will get ten different answers. Every one seems to have a different idea as to what it is.
But reality is very simple and elegant indeed. Business development simply stated is "Value Creation". Value first and foremost for your customers / clients, Value for the people who work with you, not just your employees but everyone involved, and ultimately value for yourself the visionary.
In the end the question you must ask if you really want to build and develop a business is "not what is in it for me, but why and how I can serve and create value for my fellow human beings"