This post presents detailed information on the job description of a business owner, including the key duties, tasks, and responsibilities that they commonly perform.
What Does a Business Owner Do?
A business owner is someone who owns a business either of product or service with the aim of meeting a need in the public, and in so doing makes profit.
The business owner job description entails providing solution to business challenges, and contributing positively to the economy of the country by providing private sector employment opportunities.
He/she provides entrepreneurial skills with which he/she finds solution to a lingering business challenge, or improves on an already discovered solution to the challenge. Simply put, business owners are innovators.
A business owner works with a group of people he/she employs to carry out the purpose of the business.
He/she is expected to have a good knowledge of the business he/she is venturing into, and must also understand the relationship between the business and the need of the society, as well as the targeted clients or customers.
In order to succeed in his/her role as the leader of the business, the owner must have a good business plan and feasibility study for the business to work with.
Business owners understand the importance of business goals structured in a good business plan.
The business plan defines the product or service; the nature of the business; how it will be financed; investment and loans; time constraint on the achievement of each goal; the market structure; the public; the marketing strategy; and pattern of promotion and advertisement.
A business owner should also be concerned with customer/client satisfaction and feedback from the members of the public; their views on the product consumption or service offered.
Another aspect of the responsibilities of business owners is that they understand the importance of the team they will be working with and as such will conduct business interviews and job recruitment thoroughly so as to ensure that only qualified individuals are hired.
They need to hire the best candidates so that they can have the right team that can achieve the set goals for the business, and as the leader, it is the duty of the owner to ensure cordial relationship between members of the team for it to work effectively.
Also, the progress, strength, aim, and the day to day running of the business is part of the duty of the business owner.
The job description of a business owner largely depends on the type of business he/she runs. A business owner should have a good knowledge of the business he is managing. This will enable him/her to fill the vacuum or compliment a section of the team in the situation where occupants are absent or inactive.
Business owners are also expected to align the activities of their business in accordance with its goals. Business survival depends largely on the plan and goals set for it and how they are pursued.
Business Owner Job Description Example/Sample/Template
Business owners perform various duties, tasks, and responsibilities geared towards making a success of their businesses, the following job description example shows the major ones:
- Make the business plan and the budget
- Conduct recruitment and make financial arrangement
- Review the report of production in relationship with sales
- Compare sales with intended goals on short and long term basis
- Make trips to make the purchase of important inventory
- Business owners involved in the business of product make available medium through which the product can be displayed
- Portray products and services to the right audience through the creation of advertising campaigns
- Take advantage of the social media, live advertising events, and other publicity media to promote products or services
- Make a viable feasibility assessment of the business to check its chances of success
- Offer importance lectures and presentations to clients concerning company products
Business Owner Job Description for Resume
To prepare a resume for the role of business owner, you will need to complete the various sections of the resume with the right information to make them compelling to employers.
Therefore, the job description sample presented above provides appropriate information about the activities of a business owner, which can be used in creating the work experience part of the resume.
Business Owner Requirements: Knowledge, Skills, and Abilities for Career Success– for Job
Individuals aspiring to work as business owners should develop or acquire the following skills, knowledge, and abilities, which help in improving job efficiency:
- Although business ownership can be done without formal education or training, the acquisition of a degree will equip the business owner for success, and prepares him/her for survival in a competitive market environment
- Knowledge of business principles, including management, marketing, business plan research, and business ethics, increase the chances of survival of a business
- Ability to pinpoint problems, take initiative, and make meaning out of the results based on calculated methods
- Ability to make provision for a good organizational structure through coordinated planning
- Ability to develop discipline of management through planning, decorated scheme, and discipline in staff recruitment
- Ability to make improvement in productivity and quality by supervising the process
- Discipline in time management and human relation
- Operational prowess in marketing and bookkeeping
- Good work ethics
- Good communication; written and oral skill
- Good understanding of modern information and communication technology