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The differences between business development officers and business owners can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a business development officer and a business owner. Additionally, a business development officer has an average salary of $77,778, which is higher than the $50,934 average annual salary of a business owner.
The top three skills for a business development officer include customer service, business administration and financial services. The most important skills for a business owner are customer service, payroll, and financial statements.
| Business Development Officer | Business Owner | |
| Yearly salary | $77,778 | $50,934 |
| Hourly rate | $37.39 | $24.49 |
| Growth rate | 6% | 6% |
| Number of jobs | 169,947 | 107,663 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 52% |
| Average age | 44 | 44 |
| Years of experience | 6 | 6 |
A business development officer is responsible for implementing project management techniques and identifying business opportunities to generate revenue resources and increase client partnerships. Business development officers negotiate business offers to the clients, understanding their specifications, and develop strategic processes to reach their target goals according to their requirements, such as budget limitations and deadlines. They also review sales proposals and marketing materials, adjusting existing policies to deliver high-quality outputs with minimal costs. A business development officer analyzes feedback, evaluates current market trends, and monitors business and financial transactions.
Business owners, also known as Entrepreneurs, are responsible for their company and brand's success. There are many areas of responsibility when you're a business owner, such as in the aspects of planning and budgeting, arranging finances and legal documentation, and even hiring the workforce essential for the business to grow. However, these responsibilities will vary according to how a business owner will uphold them. Moreover, building a business from the ground up requires dedication and a vision and mission for the brand.
Business development officers and business owners have different pay scales, as shown below.
| Business Development Officer | Business Owner | |
| Average salary | $77,778 | $50,934 |
| Salary range | Between $47,000 And $126,000 | Between $27,000 And $94,000 |
| Highest paying City | Albany, NY | Seattle, WA |
| Highest paying state | New York | Washington |
| Best paying company | MUFG EMEA | BD |
| Best paying industry | Health Care | Retail |
There are a few differences between a business development officer and a business owner in terms of educational background:
| Business Development Officer | Business Owner | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between business development officers' and business owners' demographics:
| Business Development Officer | Business Owner | |
| Average age | 44 | 44 |
| Gender ratio | Male, 62.4% Female, 37.6% | Male, 51.4% Female, 48.6% |
| Race ratio | Black or African American, 6.1% Unknown, 4.3% Hispanic or Latino, 15.0% Asian, 6.3% White, 67.7% American Indian and Alaska Native, 0.5% | Black or African American, 6.3% Unknown, 4.3% Hispanic or Latino, 15.5% Asian, 6.4% White, 67.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 10% | 10% |