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The differences between business owners and entrepreneurs 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 owner and an entrepreneur. Additionally, an entrepreneur has an average salary of $70,849, which is higher than the $50,934 average annual salary of a business owner.
The top three skills for a business owner include customer service, payroll and financial statements. The most important skills for an entrepreneur are kids, web design, and product development.
| Business Owner | Entrepreneur | |
| Yearly salary | $50,934 | $70,849 |
| Hourly rate | $24.49 | $34.06 |
| Growth rate | 6% | 6% |
| Number of jobs | 107,663 | 34,711 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 62% |
| Average age | 44 | 44 |
| Years of experience | 6 | 6 |
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.
An entrepreneur is a business owner who regularly creates new ventures and sells them with the end goal of turning them into profit. To start up a new business, entrepreneurs must create business plans and acquire resources and financing while hiring talented individuals. They play a vital role in the economy because they are the driver of economic growth and innovation. They also make use of their business as a means of creating a sustainable living, which improves the quality of life.
Business owners and entrepreneurs have different pay scales, as shown below.
| Business Owner | Entrepreneur | |
| Average salary | $50,934 | $70,849 |
| Salary range | Between $27,000 And $94,000 | Between $42,000 And $118,000 |
| Highest paying City | Seattle, WA | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | BD | General Catalyst |
| Best paying industry | Retail | Finance |
There are a few differences between a business owner and an entrepreneur in terms of educational background:
| Business Owner | Entrepreneur | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between business owners' and entrepreneurs' demographics:
| Business Owner | Entrepreneur | |
| Average age | 44 | 44 |
| Gender ratio | Male, 51.4% Female, 48.6% | Male, 58.5% Female, 41.5% |
| Race ratio | 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% | Black or African American, 6.3% Unknown, 4.3% Hispanic or Latino, 15.4% Asian, 6.4% White, 67.1% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 10% | 10% |