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The differences between business owners and product owners can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a business owner, becoming a product owner takes usually requires 8-10 years. Additionally, a product owner has an average salary of $97,070, 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 product owner are user stories, acceptance criteria, and product backlog.
| Business Owner | Product Owner | |
| Yearly salary | $50,934 | $97,070 |
| Hourly rate | $24.49 | $46.67 |
| Growth rate | 6% | 10% |
| Number of jobs | 107,663 | 129,990 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 67% |
| Average age | 44 | 39 |
| Years of experience | 6 | 10 |
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.
Product owners are at the forefront of an organization's development cycle. They have various duties and responsibilities, which include ensuring that the value of products created by the development team is maximized, creating a vision and defining the goals for development projects, and working closely with all stakeholders. As the product owner, you are responsible for ensuring that the development team maintains a consistent vision and overseeing the product backlog. You are also expected to supervise the actual product development stages and anticipate the needs of clients.
Business owners and product owners have different pay scales, as shown below.
| Business Owner | Product Owner | |
| Average salary | $50,934 | $97,070 |
| Salary range | Between $27,000 And $94,000 | Between $71,000 And $130,000 |
| Highest paying City | Seattle, WA | San Francisco, CA |
| Highest paying state | Washington | California |
| Best paying company | BD | ORIX USA |
| Best paying industry | Retail | Manufacturing |
There are a few differences between a business owner and a product owner in terms of educational background:
| Business Owner | Product Owner | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Georgia |
Here are the differences between business owners' and product owners' demographics:
| Business Owner | Product Owner | |
| Average age | 44 | 39 |
| Gender ratio | Male, 51.4% Female, 48.6% | Male, 64.3% Female, 35.7% |
| 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, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 10% |