"customer service," "payroll," and "financial statements" aren't the only skills we found business owners list on their resumes. In fact, there's a whole list of business owner responsibilities that we found, including:
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.
Business Owner Responsibilities
Here are examples of responsibilities from real business owner resumes representing typical tasks they are likely to perform in their roles.
- 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.
- Design all listings and banner ads using Photoshop.
- Supply, design, and run all jobs from start to finish.
- Blacked LLC is a fashion forward lifestyle brand focusing on quality apparel and lifestyle accessories
- Acquire CDL license and begin hauling all types of different material from masonry sand to crush granite.
- General home repairs and remodels; electrical, plumbing, dry wall, painting, and lawn mowing.
- Provide services to companies for their new product introductions, windows' displays, special activities, anniversaries, etc.
- Identify and plan the key SEO requirements for the software product to optimize syndication delivery across multiple consumer brand websites.
- Provide full range of mowing, trimming, spraying, including design and installation of beds, plants and irrigation systems.
- Facilitate all travel arrangements and convention center logistics.
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Business Owner Skills and Personality Traits
We calculated that 31% of Business Owners are proficient in Customer Service, Payroll, and Financial Statements. They’re also known for soft skills such as Communication skills, Leadership skills, and Management skills.
We break down the percentage of Business Owners that have these skills listed on their resume here:
- Customer Service, 31%
Developed business plans and employee manuals with an emphasis on manufacturing, packaging and communication systems that provide exceptional customer service.
- Payroll, 12%
Reconciled monthly activity, generated year-end reports, and fulfilled tax related requirements administered payroll and employee benefits and organizational insurance.
- Financial Statements, 9%
Performed monthly bookkeeping, cost reporting, budgeting and prepared financial statements for various non-profit organizations.
- Business Plan, 7%
Developed and implemented business plan and infrastructure including construction and financial forecasting in opening a full service bistro in Manhattan.
- Business Model, 3%
Developed a business model and implemented this model by carrying out daily strategic, operational and administrative tasks.
- Real Estate, 2%
Managed family owned real estate portfolio in which responsibilities including budget management, marketing, troubleshooting, customer interaction and scheduling.
The three companies that hire the most prestigious business owners are:
- Allstate171 Business Owners Jobs
- Bank of America35 Business Owners Jobs
- USAA30 Business Owners Jobs
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What General Manager/Partners Do
A general manager/partner of any organization has many roles to perform. Depending on the industry they work in, they may be in charge of the management of operations, logistics, or maintenance. They also create an overall budget for every project. They are required to monitor budgets and payroll records and to review financial transactions.
In this section, we take a look at the annual salaries of other professions. Take general manager/partner for example. On average, the general managers/partner annual salary is $34,127 higher than what business owners make on average every year.
Even though business owners and general managers/partner have vast differences in their careers, a few of the skills required to do both jobs are similar. For example, both careers require customer service, payroll, and financial statements in the day-to-day roles.
These skill sets are where the common ground ends though. A business owner responsibility is more likely to require skills like "business model," "windows," "business management," and "graphic design." Whereas a general manager/partner requires skills like "pos," "food quality," "sales growth," and "cash flow." Just by understanding these different skills you can see how different these careers are.
The education levels that general managers/partner earn is a bit different than that of business owners. In particular, general managers/partner are 2.2% more likely to graduate with a Master's Degree than a business owner. Additionally, they're 2.4% more likely to earn a Doctoral Degree.
What Are The Duties Of an Entrepreneur?
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.
The next role we're going to look at is the entrepreneur profession. Typically, this position earns a higher pay. In fact, they earn a $19,915 higher salary than business owners per year.
A similarity between the two careers of business owners and entrepreneurs are a few of the skills associated with both roles. We used resumes from both professions to find that both use skills like "payroll," "financial statements," and "business plan. "
In addition to the difference in salary, there are some other key differences that are worth noting. For example, business owner responsibilities are more likely to require skills like "customer service," "financial management," "photoshop," and "client relations." Meanwhile, a entrepreneur might be skilled in areas such as "kids," "product development," "roi," and "entrepreneurship." These differences highlight just how different the day-to-day in each role looks.
Entrepreneurs may earn a higher salary than business owners, but entrepreneurs earn the most pay in the finance industry with an average salary of $74,554. On the other side of things, business owners receive higher paychecks in the retail industry where they earn an average of $63,316.
On the topic of education, entrepreneurs earn similar levels of education than business owners. In general, they're 2.4% more likely to graduate with a Master's Degree and 2.4% more likely to earn a Doctoral Degree.
How a Co-Owner/Operator Compares
A co-owner/operator is responsible for delivering goods and services for the companies using their trucks and vehicles. Co-owner/operators ensure timely merchandise deliveries, check the quantity and quality of the cargo, and follow routes accordingly. They also inspect vehicle conditions, identify any inconsistencies, and perform troubleshooting for malfunction for immediate repair or replacement of components to prevent deliveries delays. A co-owner/operator must have clean driving records, adhering to the road's safety regulations.
The third profession we take a look at is co-owner/operator. On an average scale, these workers bring in lower salaries than business owners. In fact, they make a $18,678 lower salary per year.
By looking over several business owners and co-owner/operators resumes, we found that both roles utilize similar skills, such as "financial statements," "business plan," and "windows." But beyond that the careers look very different.
As mentioned, these two careers differ between other skills that are required for performing the work exceedingly well. For example, gathering from business owners resumes, they are more likely to have skills like "customer service," "payroll," "business model," and "real estate." But a co-owner/operator might have skills like "co-op," "patients," "data analysis," and "powerpoint."
Additionally, co-owner/operators earn a higher salary in the technology industry compared to other industries. In this industry, they receive an average salary of $49,760. Additionally, business owners earn an average salary of $63,316 in the retail industry.
Co-owner/operators are known to earn similar educational levels when compared to business owners. Additionally, they're 1.2% less likely to graduate with a Master's Degree, and 0.5% less likely to earn a Doctoral Degree.
Description Of a Manager/Partner
A manager/partner or managing partner is a professional who manages the daily activities of a company as well as guides its overall strategic business direction. Managing partners must cooperate with other executives, board members, and employees to implement organizational goals, procedures, and policies. They are responsible for the hiring and managing of employees and should follow the executive committee guidelines and federal and state laws and regulations. Managing partners must also maintain positive client relationships and lead the drive for new business acquisitions.
Managers/partner tend to earn a higher pay than business owners by about $44,448 per year.
According to resumes from both business owners and managers/partner, some of the skills necessary to complete the responsibilities of each role are similar. These skills include "customer service," "payroll," and "financial statements. "
While some skills are shared by these professions, there are some differences to note. "business model," "business management," "financial management," and "graphic design" are skills that have shown up on business owners resumes. Additionally, manager/partner uses skills like project management, client facing, account management, and partner relationships on their resumes.
In general, managers/partner reach similar levels of education when compared to business owners resumes. Managers/partner are 4.3% more likely to earn their Master's Degree and 1.0% more likely to graduate with a Doctoral Degree.
Types Of Business Owner
Owner
Average Salary: $90,334
Bachelor's Degree
Available Jobs: 310,513
How To Become an Owner
Managing Partner
Average Salary: $147,401
Bachelor's Degree
Available Jobs: 18,944
How To Become a Managing Partner
Entrepreneur
Average Salary: $70,849
Bachelor's Degree
Available Jobs: 13,407
How To Become an Entrepreneur
Business Director
Average Salary: $124,563
Bachelor's Degree
Available Jobs: 4,777
How To Become a Business Director
Business Partner
Average Salary: $96,324
Bachelor's Degree
Available Jobs: 4,320
How To Become a Business Partner
Director Of Business Operations
Average Salary: $111,945
Bachelor's Degree
Available Jobs: 3,450
How To Become a Director Of Business Operations
What a Business Owner Does FAQs
Can You Run A Business From Home?
Yes, you can run a business from home. There are several things to consider and remember when running a small business from home. Here are the top issues to keep in mind:
Federal, state, and local regulations. Depending on what type of business you are running from home these may vary, so it is important to do some research in this area.
How To Buy A Company
You will need to find a business you want to acquire and then take the necessary steps to do so in order to buy a company. Many business owners find that buying a company is much easier to do than starting one from scratch, but it can be a costly and timely endeavor.
How To Sell Shares Of Your Company
To sell shares of your company, you can do many different things, such as sell the shares back to the company, sell to employees, sell to ESOPs, sell to outside investors, or sell on secondary markets. The simplest way is through redemption, where the company buys back your stock.
What Happens To A Stock When A Company Goes Bankrupt?
When a company goes bankrupt, a stock essentially becomes worthless and stops paying dividends.
If the company in question is publicly traded, the shareholders might be entitled to a portion of its assets, but this depends on what types of shares they hold. In general, though, the stock of a company that goes bankrupt loses all of its value.
What Is A Plc Company?
A PLC (public limited company) is a company under United Kingdom law that offers shares of stock to the general public. This means that anyone with capital is able to invest in this company, and either gain money when it does well or has the potential to lose money if the market goes down.
PLC is the term used in the United Kingdom, some Commonwealth jurisdictions, and the Republic of Ireland. This concept is very similar to publicly traded companies (PTC) that exist in the United States. Both function with separate legal entities and allow the public to take part in funding the company's stocks.
What Is A Company Domain?
A company domain is the web address for a business. A company domain, when inputted into a search engine, navigation bar, or web browser, will direct you to a company's website.
Company domains are strings of text linked with numerical IP addresses. Ideally, a company domain is short and easy to remember. IP addresses involve numbers and can be long and hard to remember; that's why a company domain name is used.
It gives people a simple string of text that can be plugged into a web browser instead of using the long and more complicated IP address.
An example of a company domain is USPS.COM. This company domain is made up of two levels; in this example, the second-level domain is (USPS), and the top-level domain is (.COM).
What Is A Domestic Limited Liability Company?
A domestic limited liability company is a limited liability company or LLC that is created under the laws that govern a certain state in the US where the company operates.
A domestic limited liability company is a combination business entity that takes the advantageous parts of other business types, mainly partnerships and corporations. There are many benefits to starting an LLC as a business owner.
As the name refers to, limited liability companies limit the financial liability of the owner or owners of a business to the amount of money they have invested into the company; however, there are a few exceptions.
What this primarily means is that judgment holders and debtors can not go directly after the owner of an LLC for money that the LLC owes. For instance, if an LLC files for Chapter 11 Bankruptcy, the owner or owners of the LLC are not responsible for paying the LLC's debts with their own personal money.
However, if an owner of an LLC personally guarantees a loan is taken or another financial obligation for the LLC, they may lose their limited liability protection for that specific debt or the financial obligation.
Many business owners start domestic LLCs because there is flexibility in their tax status. You can often choose a tax status that works best for your specific LLC. There are a few different tax options in this area.
Pass-through single taxation is one, or electing to be taxed at the LLC and individual level, similar to a corporation. LLCs also have a lot of flexibility concerning ownership, shares of assets and liabilities, and overall management of the LLC.
LLCs can typically have different kinds of owners. One option is to have managing-members owners who also supervise the LLC's day-to-day operations, separate owners, and separate managers, or some combination of the two.
In many states, owners who do not manage the LLC can be called "limited members" of their LLC; this means that they are more akin to outside investors whose only risk is losing their investment in the LLC.
Because of their immense flexibility, LLCs are very popular and a great option for businesses of all sizes, from businesses with one owner to businesses with 100 owners or even more.
When juxtaposed to corporations, LLCs are very simple to create, manage, develop, change and operate. There are fewer requirements and formalities than those associated with a corporation.
Corporations often require board meetings and lots of documents to take almost any kind of business-related action. They also usually require more extensive record-keeping than LLCs do. Many corporations have to enlist the help and professional advice of lawyers, sometimes many, to accomplish business matters, while this is not as frequent with LLCs.
Domestic limited liability companies are great choices for business owners of all types and make running their business simpler in terms of taxes and operations.
What Is A Professional Llc?
A professional LLC is a limited liability company (LLC) that is developed for licensed professionals. A professional LLC is distinctly different from a normal LLC in that it is composed of professionals in a specific field.
What Is A Sister Company?
A sister company is an organization with close ties to another company, but operates under a different name, and has a different group of employees associated with it.
A company and its fellow sister companies are owned by a parent company. A parent company is an organization that owns other companies, or subsidiaries, but often operates under its unique name.
What Is An Employee-owned Company?
An employee-owned company is a company with an arrangement in which the employees own shares in the company or have the right to the value of shares in the company.
Employee ownership is a broad concept that can take many forms, ranging from simple grants of shares to highly structured plans. The most common form of employee ownership in the U.S. is the employee stock ownership plan, a highly tax-advantaged plan in which employees own shares through a trust funded by the company.
Have more questions? See all answers to common executive management questions.