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Business owner vs managing partner

The differences between business owners and managing partners 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 a managing partner. Additionally, a managing partner has an average salary of $147,401, 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 a managing partner are food handling, cleanliness, and customer service.

Business owner vs managing partner overview

Business OwnerManaging Partner
Yearly salary$50,934$147,401
Hourly rate$24.49$70.87
Growth rate6%6%
Number of jobs107,66366,916
Job satisfaction--
Most common degreeBachelor's Degree, 52%Bachelor's Degree, 67%
Average age4444
Years of experience66

What does a business owner do?

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.

What does a managing partner do?

The primary role of managing partners is to manage a company's day-to-day operations and provide overall strategic and administrative decisions. They have to maintain positive client relations and consult and collaborate with other employees, executives, and board members. They are also responsible for overseeing recruitment activities, determining improvement gaps, and administering corrective measures. To be qualified for this position, one should have a degree in business administration or a related field, excellent leadership and communication skills, and a healthy analytical and strategic mindset.

Business owner vs managing partner salary

Business owners and managing partners have different pay scales, as shown below.

Business OwnerManaging Partner
Average salary$50,934$147,401
Salary rangeBetween $27,000 And $94,000Between $83,000 And $259,000
Highest paying CitySeattle, WANew York, NY
Highest paying stateWashingtonNew York
Best paying companyBDGartner
Best paying industryRetailConstruction

Differences between business owner and managing partner education

There are a few differences between a business owner and a managing partner in terms of educational background:

Business OwnerManaging Partner
Most common degreeBachelor's Degree, 52%Bachelor's Degree, 67%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Business owner vs managing partner demographics

Here are the differences between business owners' and managing partners' demographics:

Business OwnerManaging Partner
Average age4444
Gender ratioMale, 51.4% Female, 48.6%Male, 79.0% Female, 21.0%
Race ratioBlack 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, 6.2% Unknown, 4.3% Hispanic or Latino, 15.4% Asian, 6.4% White, 67.1% American Indian and Alaska Native, 0.5%
LGBT Percentage10%10%

Differences between business owner and managing partner duties and responsibilities

Business owner example responsibilities.

  • Manage the budget and insure operations run smoothly.
  • Create, own and manage a LLC for grind pet transportation.
  • Establish and manage a beading boutique via the Internet by utilizing Photoshop to post designs on a personal website.
  • Manage sales, customer service, billing, A/P, A/R, vendor relations, negotiations, repairs, and maintenance.
  • Manage end to end business operations including hiring, scheduling visits, conducting customer consultations and performing pet visits.
  • Handle all aspects from A/P to A/R, payroll, ordering and dealing with all distributors and city officials.
  • Show more

Managing partner example responsibilities.

  • Manage website, eBay, and Facebook marketing, as well as vendor relations and cross-marketing with vendors.
  • Manage daily operations, including office administration, accounts-payable, accounts-receivable, and payroll processing.
  • Develop and implement marketing campaigns, and manage a variety self-contain EMR systems for numerous private practice healthcare providers.
  • Provide oversight to ensure projects and programs within various portfolios are in compliance with establish standards to achieve business transformation objectives.
  • Perform all business development, sales, marketing, basic web design and SEO; administrative operations and actual event performance.
  • Create and develop internet presence via website and FaceBook.
  • Show more

Business owner vs managing partner skills

Common business owner skills
  • Customer Service, 31%
  • Payroll, 12%
  • Financial Statements, 9%
  • Business Plan, 7%
  • Business Model, 3%
  • Real Estate, 2%
Common managing partner skills
  • Food Handling, 20%
  • Cleanliness, 18%
  • Customer Service, 9%
  • Financial Statements, 5%
  • Regulatory Compliance, 4%
  • POS, 4%

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