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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 | Managing Partner | |
| Yearly salary | $50,934 | $147,401 |
| Hourly rate | $24.49 | $70.87 |
| Growth rate | 6% | 6% |
| Number of jobs | 107,663 | 66,916 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 67% |
| 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.
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 owners and managing partners have different pay scales, as shown below.
| Business Owner | Managing Partner | |
| Average salary | $50,934 | $147,401 |
| Salary range | Between $27,000 And $94,000 | Between $83,000 And $259,000 |
| Highest paying City | Seattle, WA | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | BD | Gartner |
| Best paying industry | Retail | Construction |
There are a few differences between a business owner and a managing partner in terms of educational background:
| Business Owner | Managing Partner | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between business owners' and managing partners' demographics:
| Business Owner | Managing Partner | |
| Average age | 44 | 44 |
| Gender ratio | Male, 51.4% Female, 48.6% | Male, 79.0% Female, 21.0% |
| 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, 6.2% 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% |