What is a Co-Owner & Director?

We know what you're thinking - as an owner, your only role is to hire people to run your company and then sit back and enjoy the view. Well, we're here to tell you that that's wishful thinking. While it'll probably pay off eventually, being an owner of a company is hard stuff.

Sure, you can still hire people to help carry out tasks, but you also need to be reviewing sales, coming up with marketing strategies, and even overseeing operations. The biggest role you have is finding new opportunities to grow or expand your business.

Many business owners who are just starting out typically work really long hours. It takes a lot of work to get an idea off the ground. In general, a 50-60-hour workweek isn't uncommon, especially in the beginning. Once the business takes off, then you can start to afford little luxuries, like working less hours.

Congrats! You opened your own business. Now what? Now, you get to sit back, relax and let everyone else do the hard work, right? Wrong. During the beginning stages of a new business it is so important that the boss is around for the day-to-day operations.

Typically, business owners put in well-above the regular 40-hour week. In fact, you might even have to put in 60 hours a week. At least until your business is extremely successful and can continue to survive without you around all the time. It's hard work as a business owner, but at least you get to be the boss.

Speaking of being the boss, don't forget to hire some people so you don't have to boss yourself around. Once your business starts to take off, you'll want to hire employees to help out. You'll find out quickly that you, indeed, cannot be everywhere all at once.

A managing partner is an active member of a business partnership. They are the ones who take care of day to day activities that make the business run without holdups so the rest of the partners can keep their eyes on the big picture, coming up with business goals and strategies.

Filling a similar role in a company as a CEO, a managing partner oversees daily operations and reports to a committee of partners, or a board of directors in a corporation. Managing partners operate in smaller businesses, though, that is why they have two roles at the same time as partner and general manager.

Salaries of managing partners depend on the shares they receive from the profit their company makes. On top of that, they usually also receive a guaranteed payment for their managerial services.