The Collaborative International Dictionary of English v.0.48:

Businessman \Busi"ness*man`\ (b[i^]z"n[e^]s*m[a^]n`), a.
   a person employed in a business at a managerial level,
   especially an executive or proprietor.

   Note: This term is seldom applied to technical specialists,
         unless they are part of upper management.
         [PJC]

WordNet (r) 3.0 (2006):

businessman
    n 1: a person engaged in commercial or industrial business
         (especially an owner or executive) [syn: businessman,
         man of affairs]