Starting a small business for the first time can be a nerve-wracking experience, especially when you consider that half of all businesses fail within the first five years, according to the National Business Capital. But you've got a brilliant idea, whether it's a product or service, that customers are waiting for. Maybe you've already started your business, and you're even turning a profit.
Whatever the case is, one of the first steps in beginning your startup venture is finding the right people to fill the essential roles in your company. However, this is often easier said than done. According to Forbes, recruiting executives used to have a 20%-80% split between top talent and mediocre candidates. Now, they estimate it to be a 7%-93% divide with fewer qualified executives in the job market.
Hiring new employees, especially executives, is a highly competitive, costly and time-consuming process, so it's critical that you take your time to thoroughly scope out your candidates. But what roles are the most vital to a successful startup?
6 essential startup roles to hire
Chief executive officer (CEO)
The CEO is the primary leader of your company, in charge of all of the other executives. They focus on the big-picture ideas, directing the company's overall mission and goals, while developing its culture.
Chief operations officer (COO)
The COO is sort of a second-in-command position. While the CEO steers the company in the right direction, the COO ensures that daily operations run smoothly. Founders are typically the ones to assume these two roles, however, external hires can provide valuable experience and outside perspectives.
Chief product officer (CPO)
CPOs are responsible for knowing everything about the company's products or services, identifying potential issues and developing solutions for them. In addition to managing the development and strategy, the CPO is also in charge of the company's vision. They help transform the company's aspirations into reality, dealing with any roadblocks along the way.
Chief marketing officer (CMO)
Unfortunately, many startups underestimate the role of marketing. Your company can have a revolutionary idea, but without anyone looking, it can't change a thing. The CMO's job is to understand and shape how customers view your product or service. They work closely with the CPO to craft the company's messaging in a way that draws in customers.
Chief technology officer (CTO)
CTOs are an essential position for any modern company. They specialize in all of the technological aspects of starting and developing a business in an increasingly digital world. While some new companies choose to outsource this work, an internal CTO can handle any technical issues as they happen.
Chief sales officer (CSO)
While the CMO focuses on getting your product or service in front of the right audience, the CSO is responsible for generating the final sales. They take your business idea and turn it into profits by building an effective sales process for managers and reps.
Are you having trouble finding the right C-level executives for your startup company? YES Partners is a global executive search firm, specializing in matching qualified candidates to critical company positions. Click here to see some of the roles we have already successfully placed.
Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.