Growth Trends for Related Jobs
Business owners are entrepreneurs who start a business as a sole proprietor, with a partner or as a corporation. The business owner's job description will vary greatly depending on the type of business structure and the industry in which he is involved. Still, the typical business owner's job description is usually quite extensive.
The job description of a business owner often entails acquiring financing or investing for the business to commence her venture. Additional investments may be required at times to acquire large equipment or to expand the operations of her business. Sole business owners or partners are fully responsible for any debt or losses that a business incurs.
The job description of a business owner also includes hiring qualified employees and getting employees properly training, according to the article "‘Business Owner’ is a Title, Not a Job Description." Initial training may include an orientation to introduce new employees to existing partners or employees. Business owners must also process tax information and I-9 forms on employees. Sometimes, a business owner's job description may involve writing a company manual on various policies, health benefits and the corporate culture of the organization.
A business owner of a small business may be involved in keeping the books, recording revenue from any sales and keeping track of all expenses and profits. The job description of a business owner will usually involve coordinating payments of sales taxes as well as federal and state income taxes on a quarterly or semiannual basis. Other functions can include developing business plans, writing brochures and direct mail packages, or coordinating various advertising like radio, television or magazine ads.
Early on, much of the success of a business is contingent upon the business owner's ability to sell or acquire clients or customers. Thus, selling is often a vital part of the business owner's job description. Business owners need to fully understand their industry, the key competitors, all products and the changing demands of the consumer or business customer.
The job description of a business owner also requires making sure the business operates within the parameters of the law. Business owners often hire lawyers or legal advisers who ensure the legality of all operations or company acquisitions.
Salary and Job Outlook
The salary of a business owner can vary greatly, depending on the number of years he has been in business. Some business owners pay themselves less so they can invest more in their business. Others make six-figure incomes. The job outlook for business owners is favorable, provided the individual or partners have enough capital or can get financing for the business.