Businesses are an important establishment in our economy. Business provides opportunity for possible employment; they provide goods and services to the community. Business has been an out blast nowadays, because it is believed that you can actually make easy and a lot of money if you will enter to the world of business. Business owners must be an expert in the field of management, problem solving and analysis. If you think you are interested of becoming one that is an asset to economy then may be business is one fit job for you.
What is a Business Owner?
A business owner is a person, a family, a corporate, a firm, stock holders that owns an establishment. They are the ones who provide goods and services and employment. There are four types of ownership.
1. Sole Proprietorship. A sole proprietorship business is owned by one person only. He or she operates his or her own business. All the earning is for him or her only.
2. Partnership. From the word itself partner, partnership ownership kind of business is a shared business. It can be owned by two or more person. Advantage for this is that task is divided accordingly.
3. Corporation. A corporation kind of business can be privately owned or government owned.
4. Cooperation. For this kind of business, there are members who share equal amount of decision, benefits, and shares.
Duties of a Business owner
A business owner has to perform various roles in order for the business to function at its best. Some of the duties and responsibilities of a business owner are as follows:
- A business is never called a business if it does not have any staff. As a business owner, it is your responsibility to hire and employ staff for your business. For a start, you can have a secretary to answer phone calls, do the paper works and data gathering, they can also do the billing and etc. your goal is to lessen your work load and delegate it to someone capable of doing those task for you.
- Since your goal is to expand your business it is important that you will develop strategic plans.
- Marketing is also an important role of a business owner. It is important that the owner will have a hand-on to his or her business. In a way the owner can monitor the needs of his or her customers and staffs.
- With regards to tax issues, it is important that you know the tax regulation in your territory. For this, a good and intelligent business accountant is a big help for you.
- Getting a company attorney is also essential. This is because you need to be aware of some legal issues that your business might be facing in the future. It is better to be prepared than to be stagnant.
Educational Requirement of a Business owner
In order to be an effective and efficient business owner you must be equipped with knowledge with regards to management, marketing, business administration and industry. A formal training also is a plus for a business owner. Though there are various degree programs available for possible business owners basic or general business courses can help.
Working Condition of a Business owner
Business owners’ working condition or working hours vary. For small business, it may run 40 hours a week. Some depend for overtime to finish some important tasks. Some businesses do not operate during weekends, other businesses operate during weekends. Other business owners set their own working hours.
Salary of a Business owner
The salary of a business owner depends on the progress of the business. Some part of the money will be divided by the owner, tax and staff. A business can actually show at lest 5 years to show its profit. In a year a business can make 6 million or less.