As time passes, the owner will move on to her next favorite and you will become the worst employee she's ever had.
Here is a typical scenario:
1. She will call you or come talk with you, all excited about a new idea / new client / new product / etc. She will go on and on about how this is the thing that will boost the company into the stratosphere. No one else understands this, just her, and now, you. YOU are going to play an integral role in growing the company! YOU are here with your great expertise to make it all great! She will end by asking you to research something / create something / put a report together. PLEASE have it to her quickly! Maybe even today!
2. So, you go back and jettison everything else you were working on, for this new project. You do everything she asked, and email it to her / leave it on her desk / present it in a meeting (she's big on presentations -- do this & she'll love you a little bit longer).
3. You will hear nothing more about the whole thing for 3 months to a year. You have now forgotten all about it.
4. One day she will call you: "Why didn't you ever do this???? I asked for this and you really dropped the ball! This is so important for the company -- What am I paying you for?!?!" You are caught off guard, half listening to this verbal attack from out of the blue while your mind scrambles. "I did do it. Didn't I?? I'm pretty sure I did. Boy, I could have sworn I sent that over to you. I'm so sorry, maybe it didn't get sent. Wow, I'll dive into it right away and find out what happened." All the while she will continue swearing up & down about how you never did it, what a disappointment you are. This is where your heart rate starts going through the roof.
5. You now scramble to do back through your emails, finding the documents, checking your messages. And of course, there it is, sent to her right when she asked for it.
6. You forward the original message, adding a note, 'here it is, maybe it got lost in the ether the first time" (it didn't).
7. You will never get an acknowledgement of that 2nd note, and the project will never be brought up again.
8. This pattern continues until you have developed a habit of screaming yourself hoarse on the drive home.
This could be a good SHORT TERM place for someone while you continue to look for something else. They offer no benefits and never give raises. And as the previous story illustrates, the owner is unpredictable and will turn on you for no reason. She tries to pit employees against each other & will trash everyone to you -- while of course trashing you to everyone else.