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The differences between business owners and new business managers 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 new business manager. Additionally, a new business manager has an average salary of $93,395, 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 new business manager are customer service, business plan, and business development.
| Business Owner | New Business Manager | |
| Yearly salary | $50,934 | $93,395 |
| Hourly rate | $24.49 | $44.90 |
| Growth rate | 6% | 6% |
| Number of jobs | 107,663 | 282,416 |
| 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.
A new business manager is responsible for reaching out to existing and potential clients and identify new business opportunities that would generate more revenue resources for the company and increase profitability. Business managers supervise client portfolios and ensure long business relationships by maintaining the highest client satisfaction and efficient deliverables. They also analyze the financial status and sales performance of the company and determine techniques to minimize loss and increase productivity. A new business manager studies recent market trends to develop services that meet public demands and interests.
Business owners and new business managers have different pay scales, as shown below.
| Business Owner | New Business Manager | |
| Average salary | $50,934 | $93,395 |
| Salary range | Between $27,000 And $94,000 | Between $55,000 And $158,000 |
| Highest paying City | Seattle, WA | New Rochelle, NY |
| Highest paying state | Washington | New York |
| Best paying company | BD | Apple |
| Best paying industry | Retail | Energy |
There are a few differences between a business owner and a new business manager in terms of educational background:
| Business Owner | New Business Manager | |
| 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 new business managers' demographics:
| Business Owner | New Business Manager | |
| Average age | 44 | 44 |
| Gender ratio | Male, 51.4% Female, 48.6% | Male, 60.1% Female, 39.9% |
| 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, 15.3% Asian, 6.4% White, 67.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 10% | 10% |