Ultimately, the owner must build a positive company reputation as reflected in renewal rates, repeat purchases, net promoter scores, and online reviews and testimonials.
Duties and Responsibilities of a Small Business Owner Summary
|Key Areas of Responsibility||Brief Description|
|1. Staffing and Management||Business owners recruit, hire, and train staff, focusing on team development, and often evolve roles to delegate as the business grows.|
|2. Financial||Owners ensure the company's fiscal health, from establishing a viable business model to managing expenses and handling financial challenges.|
|3. Planning and Strategy||Owners set the business direction, keeping abreast of market trends and adapting strategies and offerings to meet evolving market needs.|
|4. Daily Operations||Owners are involved in daily tasks and operational efficiencies, often leveraging technology and outsourcing to optimize the business process.|
|5. Sales and Marketing||Business owners drive sales revenue and are integral in the early stages of sales and marketing, evolving strategies to meet market demands.|
|6. Customer Service||Owners ensure top-notch customer experiences, initially handling inquiries directly, and later integrating tech solutions to enhance customer service as the business grows.|
What Does An Entrepreneur Do? Some Examples
Let’s look at a day in the life of three different entrepreneurs, to see how their roles are similar, yet vary.
The Owner of a Restaurant
A restaurant owner may go to the market to purchase the food needed for dishes. He or she may do some of the food prep — because sometimes the owner is also the head chef. The owner may greet customers at the door and seat them.
He or she may interview candidates for open positions, or write up job postings. The owner may train staff or ring up customers at the cash register.
Later in the day, the owner may be talking with someone from a sign company about a new building sign, or a landscaping service about planting flowers in front. And the owner keeps the accounting records and reconciles the bank account.
The Owner of a Web Publishing Business
Someone who owns a Web publishing business (such as an ad-supported site), may write articles or otherwise create content for the site. He or she stays up on trends by visiting other sites and social media, to see what’s popular and what other publishers are doing.
The owner may post on social media accounts. He or she manages any ad networks or ad sources, to make sure everything is working properly, troubleshoot issues and try new things to improve. The owner interacts with writers and other staff, providing feedback on content topics or input on new site features or improvements.
A Web publishing entrepreneur also analyzes pages for traffic referrals and for ideas to optimize the site. Along the way, he or she handles the finances and makes sure everyone gets paid.
The Owner of a Plumbing Business
A plumber with his or her own business may go on plumbing calls to customers’ homes or businesses. At a customer’s site, the plumber may take a photo of a broken part needing replaced and send it to an employee back at the office to look it up and order it.
The plumber may have to drive to the parts supplier to pick up a part if it is needed immediately. And he or she stops for gas and for a quick sandwich for lunch.
When a job is done, the plumber writes it up on an invoice, either a paper form or an electronic version on his or her phone or tablet. Then proceeds to call his next stop to tell them “I’m on my way” and looks up directions to get there.
A plumbing entrepreneur with plans to grow bigger may hire other plumbers to work in the business. Some amount of time may be spent training them or communicating with them. The plumber may also communicate throughout the day with someon3e back in the office who manages online reviews, does marketing, schedules service calls, or handles other back office functions.
Working on the Business As Well As In It
As you can see, what a small business owner does each day entails working on the business, as well as in the business.
One last piece of advice comes from Anita our CEO, “All entrepreneurs have the power to pick and choose what they want to do each day, whether they realize it or not. If you hate paperwork but love visiting customers, there’s no reason you can’t arrange your business to give you maximum face time with customers while someone else handles the back office. It may take some planning and a bit of time to arrange your business that way. Just keep on working toward your vision of the ideal workday for you. Life is too short to do anything except what you love.”
All answers to reader questions come from the Small Business Trends Editorial Board, with more than 50 years of combined business experience. If you would like to submit a question, please submit it here.