A small business is a business which has a small scope and range. Small businesses include retail stores, real estate companies, advertising agencies, manufacturing companies, fast food centres etc. A small business owner is an individual who owns any kind of a small business company such as the ones mentioned above.
There are several duties and responsibilities that a small business owner has to fulfil because unlike large businesses, owner of small businesses cannot and do not delegate work to other people due to lack of capital, scope of business etc. Given below is a well detailed description of a small business owner:
Small Business Owner Duties and Responsibilities:
A small business owner has to fulfil the following given duties and responsibilities while managing the business:
- The duties and responsibilities of small business owners vary greatly from one kind of a business to another but the main duties include planning, management of resources, buying of the raw materials and other materials, handling employees, distributing wages etc.
- A small business owner is responsible for market study and analysis and accordingly handles the purchasing, setting of prices etc.
- The main responsibility of a small business owner may include hiring of employees, setting their wages, delegating responsibilities.
- Small business owners are responsible for handling finances, accounts and taxes.
- Marketing and sales is another responsibility of a small business owner.
- Handling inventory, training of new employees etc are other responsibilities.
Small business owner skills and qualifications:
The following are a few of the skills and qualifications which a small business owner must possess
- Possessing Knowledge of the market trends is a skill which can greatly help a small business owner.
- Good written and oral communication skills and managerial abilities are the qualifications which a small business owner must possess.
- Awareness about the customer’s choices or preferences.
- Ability to handle clients by holding meetings and discussing products.
- Ability to handle the finances and knowledge of banking systems, taxes etc.
Small business owner educational requirements:
The educational requirements of a small business owner may be different for different businesses. But the following are a general few:
- A person with a bachelor’s degree in any field preferably accounts, finance or business administration might be able to handle the responsibilities of a small business better but this is not a compulsory requirement.
- Diploma course in marketing, sales, accountancy, finance etc may be of help.
Small business owner salary:
The earnings of a small business owner have no particular limit or figure. But the average median salary of a small business owner is $6 million per year.