Small business owners oversee the operations of small businesses and are integral to their success or failure. They must be proficient in all aspects of business management, including policymaking, budgeting, hiring, supervising, customer service and marketing.
Small business owners may operate businesses in the public or private sector and should be adept at handling high-pressure situations and taking risks.
Because owning a business can be risky, individuals who choose this career path should have a thorough and extensive business plan, including financing, advertising and marketing goals. Small business owners should also be proficient at problem-solving, analyzing data, motivating employees and making sound business decisions.
Small business owners should comfortably perform the following tasks:
Despite some long hours, including nights and weekends, small business owners can set their own schedule and have flexibility to take time off as their work allows.
According to the Bureau of Labor Statistics, employment for small business owners is expected to remain the same through the year 2018. However, employment statistics that are industry-specific are more accurate. For instance, small businesses in the health services industry are expected to experience rapid growth, while those in the manufacturing industry will most likely experience a decline.
According to a May 2008 government report, the average salary for a top business executive was $158,500. However, this figure can vary significantly according to the size and location of the business. In addition to an annual salary, many business owners have other impressive benefits, such as company cars, expense accounts, and other club memberships.