Owning a business might sound all savvy and cool, but it involves huge risk, responsibility and efforts, all geared to generate profit from an entrepreneurial venture. Based on the kind of involvement or stakes held in a business, ownership can be of sole proprietorship, partnership, corporate or cooperative.
While sole proprietorship involves solo ownership of an individual; partnership involves joint ownership of two or more person. Corporative ownership again involves limited liability possessing a separate legal identity from its members. Cooperative ownership revolves more around the ideology of economic democracy.
Based on the responsibilities and kind of ownership involved in a business, business owner job titles can be grouped under several categories:
Small Business Owner Job Titles:
A small business is mostly privately owned, involving lower stakes, lesser number of employees and low sales volume. The ownership, no doubt private, may involve sole proprietorship, partnership or even corporative. The responsibility of a small business owner is to look after the operations of the business and organize business activity in order to serve the business needs of the company.
However, despite the low stakes and low risk factor, the small business sector places immense responsibility on the shoulders of its owners whose job is to extract performance from his employees so as to make the business flourish. The small-scale nature of these businesses also means lesser hierarchies or lesser rungs in the ladder, thereby increasing the responsibilities and tasks of the owner in the bargain. The job titles of small business owners are:
- Chief Operating Officer
- President, Operations
- Business Manager
Large Business Owner Job Titles:
In case of larger businesses, with the scope and scale increasing, the stakes get higher thereby demanding a host of management positions to support the owner in the management of the functioning of the company. The responsibility of the owner, thus, though higher, gets shared by a support group who helps the owner in his tasks by acting as a mediator between him and his employees. The ownership of large businesses is also mostly found to be corporative, cooperative or partnership based.
These businesses generally have a set of hierarchical job titles that act as a chain system linking the operational head with the labourers. The task of the operational head or owner is therefore more in the lines of a visionary thinker wherein, he is expected to envision the future of his business and lead it to the zenith of success. The most prevalent job profiles under this category are:
- Chief Executive Officer
- Chief Executive Philosopher
- Operational Head
- Managing Director
- Executive and Production Manager
- Managing Partner
- Business Owner
The owners of such businesses are usually accompanied by a group of support staff to help them operate the company. However, an owner may choose to fill in all or any of those roles himself, if he chooses to. The major job titles of the executive support group are:
- Business Administrator
- Financial Manager
- Marketing Manager
- Sales Manager
- Operational Manager