A managed server will come equipped with all the features of a dedicated server, plus instead of leaving most of the administrative tasks to the customer, a managed provider will typically handle that as well.
Many companies will often assign you a dedicated service representative who will cater only to you and a handful of other accounts.
The support also comes in the form of proprietary control panel technology that enables the inexperienced administrator to easily set up and maintain sites on a server.
Hosting companies offer a supplementary suite of features and services that related to managed hosting, including application and database management, high-availability services and load balancing.
Own hosting service
Before you start make sure this is something that you have the knowledge to do and not just from reading books, but where you have worked on them. Running servers may sound easy, but it's far from easy, in fact, even people experienced with servers will have trouble with them from time to time. You will have to deal with security threats, downtime and fixing program errors.
Starting your own hosting services is going to be challenging and frustrating. One option to think about is reseller hosting plans. There are several good web hosting companies out there that offer reseller hosting, but at the same time allowing you to get paid, but without you having to spend your time maintaining servers.
You can rent, lease or buy your servers, If you decide to buy the servers, get them custom made to your exact needs, if you have the money, if you can't try to get a server that best fits into your plans.