Who is a business owner?
Certain people feel the need to create something, share their ideas, and build it into a business. We will discuss Business Owner Job Description here. They are usually known as business owners or entrepreneurs. Well, this might remind us about great personalities such as Mark Zuckerberg, Bill Gates, and Steve Jobs. We all know them by their business, and they are classified as business owners. So if we type out the definition of a business owner, the first result that will appear on Google is that it is an individual who owns and operates a business, small or large, with profit-making. Another interesting definition of a business owner is someone who owns a business to meet public needs and profit-making. After reading the two definitions, one can apply them to Mark Zuckerberg, Bill Gates, and Steve Jobs. They are business owners who have indeed serve the public needs and have acquired colossal profit. Obviously, they all began their business journey small, and with time, their business has become successful. However, what really interests us here is the job title, business owner. What it actually means? What are the duties and responsibilities of a business owner?
Business Owner Job Description
To become a business owner might be easy, and to be known as owning a business might be something huge. Nevertheless, what is more, important is actually to be able to manage and build the business. The six main duties and responsibilities are as follows:
- Staff and Management
- Budget
- Planning and Strategy
- Day to day operations
- Sales and Marketing
- Customer service
- Staff and Managemen: At first, as a startup, one might perhaps be the only one managing and doing all the jobs. With time as the business grows, it becomes important for the entrepreneur to hire employees to have a better management system. For example, let’s say that there is a fast-food business. In the beginning, the business owner cooked, taking orders, and managing everything. But then, as the demand for his/her fast food increase, it becomes essential for a business owner to hire staff and delegate his tasks. So, in a way, the entrepreneur needs to train his/her team. Moreover, now that there is staff, there are more responsibilities like review the performance of his/her employee and rewarding them with pay benefits. Besides, with time, entrepreneurs would need to hire managers for each department to have better control. Thus, staff and management become an essential responsibility for business owners to undertake.
- Budget: Money, what comes in and what comes out in a business, is essential to keep track of. It is the responsibility of the owner to have a budget and sales forecasts. Besides, the entrepreneur might have to invoice clients, collect the overdue account, update the accounting system regularly and reconcile bank statements. Overall, maintaining all expenses and keeping track of the cash flow is vital.
- Planning and Strategy: Claiming to be a business owner without having a business plan and strategy is a big mess! To have planning mean that there is a goal that the entrepreneur wants to achieve, a vision for the business future. Now to reach that goal, it is important to have a good strategy. Furthermore, having a business plan required communicating it to its employee. Since they are working as a team, they need to know how to attain the business goal. With planning and strategy, the entrepreneur must be updated about the current market trend as it keeps changing over time. Thus, we will need to adapt accordingly where there will be a time where there will be the need to modify the product or services produced by the company.
- Day-to-day Operations: To conduct a daily operation is a must to know if everything is going well. Besides, there is waste in any company, and the role of an entrepreneur is to find out a solution if ever waste inefficiencies occur; this applies to any issue that might erupt.
- Sales and Marketing: For the business owner, it is essential to make sure that his/her business is communicating their products or services to their target clients. One needs them to sell the goods and services to run the business and gain profit. It is essential to have a smart marketing strategy to helps the business stand from the crowds. Some way to market the business is an advertising campaign, social media campaign, and creating events. These are the method to inform the target customers about the products or services. It is only after this process that one is likely to get sales.
- Customer service: Once the customer steps in, he/she is the king or queen! Business owners need to make sure that they give their clients the best experience and satisfy their requirements. One should not forget that the business is nothing without customers. To satisfy the clients, the business owner must create a positive atmosphere among his/her staff so that they share this positive vibe with clients. Now there are situations where clients might not be satisfied or have pledge a complaint. The business owner will need to manage this situation so that his/her reputation is not tarnished by making his/her maximum in mending the problem.
All of these 6 duties and responsibilities from the above educate us that to inherit the title business owner comes with lot of hard work and the main skills require are:
- Leadership skills
- Communication skills
- Managing skills
- Strategic planning skills
- Team-building skills
- Financial skills
- Problem-Solving skills
Another additional skill that has become a must right now due to the pandemic is virtual working skills.
Education to become a business owner?
Reflecting on the education needed to become a business owner, one might not consider it as necessary. As since business making has always been present for a long time before school creation. Nevertheless, it does not mean that one should not be educated on it. As nowadays with technology advancement it has become easy for someone to learn something. Also, compared to the fact that they did not have these facilities, they did not go to business school. But now, since we have schools or universities that provide courses on entrepreneurship, it would help future business owners understand the business ethic. Besides, along with advancing technology, the market change over time. By acquiring knowledge, it would help them adapt to new situations.
So now that you know about business owner jobs description, are you ready to start your business?
