Small businesses and big corporations have one thing in common: the person at the top is ultimately responsible for the success or failure of the organization. For larger businesses, particularly publicly traded companies, the chief executive officer, or CEO, is the highest-level person, while small businesses are typically started and run by their owners.
When it comes to a comparison of CEO vs. owner, there are many similarities and key differences between the two roles. For example, CEOs and owners often need similar traits to succeed, such as critical thinking abilities and interpersonal communication skills. Their positions share certain crucial responsibilities, such as hiring people for the high-level roles within their businesses.
However, there is a big difference between the ways they each handle responsibilities. For example, owners often delegate financial management to others, though sometimes they maintain at least part of this responsibility themselves. This is not possible for corporate CEOs, whose focus is on market opportunities, competitors, and partnerships. So instead, they delegate tactical responsibilities to others in their organizations.
Both CEOs and owners can benefit from a Master of Business Administration (MBA) degree, which can prepare them with critical theoretical business and management knowledge to further themselves professionally. Check out this article to learn more.
