Explaining your analysis process helps a hiring manager see how you reach conclusions that can better a company. Everyone wants solutions that make a system run smoother with less effort. Being Able To Cross The T's And Dot The I's, In general, founders are excited by big ideas. Get heaping discounts to books you love delivered straight to your inbox. Communication is paramount, and being a cheerleader is preferred. Chief Operating Officer (coo) Recruited by CEO/Founder and charged with building infrastructure to help this $10MM annual revenue non-public school reposition itself in a competitive market. Determining Compensation: Chief Operating Officer 2 Now that you have a good sense of what compensation looks like for a chief operating officer, your next steps are to consider the total cost of adding this position and determine if you will pay in the lower, median or upper quartile of the compensation range. It's helpful to have a COO who tells it exactly like it is. Now, name three extraordinary chief operating officers? About six in 10 COOs say the complexity and diversity of the position is fundamentally what makes it worthwhile, according to Ernst & Young’s survey of hundreds of COOs. Thinking of becoming a Chief Operating Officer? Yet, unlike other senior executive roles, there is no established framework or body of knowledge to support the COO. Keith Rabois, former COO of Square, describes the COO at a startup as a doctor in an emergency room, constantly fixing things, triaging and diagnosing issues to determine if they are minor or potentially fatal. They are data driven: Sometimes it is tempting to rely on your gut for decisions in business. As the founder of a private equity crowd funding network and in my years in private equity investing, I’ve seen how vital COOs are to companies, particularly during periods of rapid growth or business transformation when execution risks are high. Do not leave the COO to fend for themselves in his or her early days. They keep their company’s high-level strategy front-and-center while understanding the details of day-to-day execution to ensure what needs to happen does happen. Yes, We Have No Choice, Gender Bias: Trademark Act Never Contemplated A Woman Or Gay Male President, Cannabis Challenges Differ In Each State Where It’s Newly-Legal, 5 Unexpected Places To Find Your Next Great Business Idea. It is their job. It embraces a range of disciplines, from Technology to Human Resources, from Legal to Risk. YEC members…. They appreciate talent. Whether you are scanning the global market or looking locally for a COO, there are some innate traits that go into ensuring you hire the best. Stellar COOs move up -- look no further than Tim Cook at Apple, and the recent reports that Sandberg is a contender to succeed Bob Iger as CEO of Disney. Chief operating officers are oftentimes unsung heroes in a somewhat amorphous role. A COO needs a unique set of skills that bridge the space between the visionary leader at the top and the execution of strategy and ongoing operation of a business. Early days set the tone … 3. Questions about an article? Led and directed all Operations, Strategic Planning, Business Development and Conflict Management with 100+ employees and a network of 50+ providers. 4 Reasons a Retreat Into Nature Will Increase Productivity, 5 Reasons Why Good Leaders Must Be Great Followers. Elon Reeve Musk FRS (/ ˈ iː l ɒ n / EE-lon; born June 28, 1971) is a business magnate, industrial designer and engineer. A Drive For Data And Actionable Metrics, To make sure daily operations are running in the most optimal conditions, a COO should utilize strategies based on data-driven decisions and actionable metrics. Detail your process by giving an example of a time you used data analysis to improve an aspect of a business. Explore our giveaways, bundles, "Pay What You Want" deals & more. Strive for alignment: It is no small feat to align behaviors, organizational design, compensation, and … 8 Characteristics of Great Leadership. If they cannot connect with the people whom these systems affect, the chances of success and ROI are very slim. Learn more at yec.co. Even if the founder isn't one of these, it’s good to notice what qualities they embody. In this post I explore the ambiguity of the role of a COO (Chief Operating Officer) in a startup, and my journey to becoming one at Mattermark. The perfect COO for a startup is someone who can take the ideas of plans of the CEO, break them down into actionable steps, and ensure that they're done efficiently. If they're handling the gritty details of what's going on in my organization, I want them to come to me with total honesty. There is a total lack of ego. - Peggy Shell, Creative Alignments, As a venture studio partner, I see many startups focusing on skill set when hiring an appropriate operator, which often leads to major issues down the road, like conflict between mindsets. Strive for alignment: It is no small feat to align behaviors, organizational design, compensation, and … A COO should balance out that visionary tendency with practical follow-through. - Kevin Conner, BroadbandSearch, 11. Entrepreneur Store scours the web for the newest software, gadgets & web services. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else. 3. Asked to name an inspiring CEO, and most of us can easily name a half dozen or more: Steve Jobs, Meg Whitman, Bill Gates, Mark Zuckerberg, Marissa Mayer. The coo chief operating officer will make some changes to how your company works. Rather than allow the business to be guided by instincts, internal politics, hunches, or executives’ gut feelings, the best COOs will insist the business be driven by data. Members of Young Entrepreneur Council share the top things every founder should look for in a COO. Much of the operations lean on their shoulders, and you need to have consummate trust in their abilities. We have a great work dynamic and he truly compliments areas that I need help with. A COO may be hired to accomplish some or all of the following tasks or objectives: Execute strategies developed by the top management team. Email feedback@yec.co. COO (Chief Operating Officer) is a title used to describe a high-ranking operations executive manager in a private or publicly traded organization. Because they are responsible ensuring strategic vision translates into profitable operations, COOs must be data-driven. There is no educational requirement to become a chief operating officer, but many of these executives have business degrees. "A good COO has to have the organizational and analytical skills to be able to solve problems and create procedures, but they also need to be able to deal with people," said Hayashi. They can find the people to achieve that strategy and oversee their execution. Estimating Total Position Cost With CEOs we talk about strategic vision, leadership, determination, an ability to motivate and inspire -- those traits that create iconic corporations. Below, leading members of Young Entrepreneur Council give some insight into what makes for a great COO, whether it’s experience, attention to detail, integrity or other essential traits. - John Rampton, Due, 6. They understand the business depends on talented individuals working as a team. The chairman leads and influences the board of the directors and chief officers to manage the financial, human, technical and environmental working of a corporation. You want to get an idea of how they see changes and implement them. Opinions expressed are those of the author. - Matthew Capala, Search Decoder, I need a COO with close attention to detail. Complement a CEO’s experience or management style. However, the COO role means different things to different people and organizations. Hiring a chief operating officer (COO) can be a daunting task for any business. Question # 11 ... Chief Operating Officer Interview Questions And Answers. A chief operating officer is an executive at a corporation who makes important decisions regarding production and worker policies. All Rights Reserved, This is a BETA experience. There are a few things they have in common that made them successful: They love details, they're meticulous, they do what they say they'll do, and they are lovers of creating systems to make the company operate better as a whole, whether it's with or without them. Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. A Strategic Vision. They formulate business strategies and lead junior level executives and … But the chief operating officer role is less clearly defined. Scroll to … This trend has led to a renewed focus on the chief operating officer. Plus, enjoy a FREE 1-year. The role of the chief operating officer is often one that is high-stress and high-demand because they are responsible for all areas of an organization, as well as making critical business decisions. You are hiring someone to fill the business needs created by the inescapable fact that you are an imperfect person and the business requires more than you can give. A good COO is a people person. ‘Booking.com’ Is A Trademark – Does This Matter To Your Business? Works constructively with all types of people. One of the best degree options is a Bachelor of Business Administration (BBA). As they maintain the operations, they keep an eye out for ways to improve the company by deepening the pipeline of talent, constantly raising the level of talent through strong hires, and providing opportunities to develop existing team member skills. Actionable metrics are more work, but are the only way to effectively evaluate and set goals. Businesses should not underestimate the value of a strong COO. Forty-four percent of Fortune 500 and S&P 500 CEOs had been COOs, according to the Crist Kolder Assoicates 2013 Volatility Report. © 2021 Forbes Media LLC. They fill in your deficiencies, whatever they may be (sales, managerial, technical). When these archetypes work together, they have effective synergy. Qualifications for a Chief Operating Officer (COO) A COO typically has extensive experience within the field in which a given company operates. Ways Entrepreneurs Can Stretch Their Capital, 2 Million Professionals Polled On How To Make Virtual Conferences Better— Here Are Their Top 10 Hacks, Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business. They are strategic with a focus on details. They are responsible for overseeing the executive of the strategic vision of the CEO. Expertise from Forbes Councils members, operated under license. Young Entrepreneur Council (YEC) is an invitation-only, fee-based organization comprised of the world's most successful entrepreneurs 45 and younger. With many different interpretations of what the role entails, which can encompass everything from strategic vision to hands-on management, it can be a tricky task for COOs to find a successful balance, both on an individual and organisational level. After all, that's going to be a major part of their work for you if you bring them on. Chief Operating Officer Interview Questions And … 3. 2. As enforcers and systems developers, they implement and create ways to operate more efficiently. Is It Time To Change Director Board Compensation In Private Real Estate Firms? You have to make sure the attitude of your operator is aligned with the key strategic priorities and commercial impact of the decisions that are made by the business. Show the ropes to an inexperienced CEO. I have found that great COOs have four attributes, which are good examples to follow for anyone in business: 1. A bachelor’s in business or a related field is recommended, and aspiring COOs should choose management-focused subjects. Chief operating officers, or COOs, are senior executives at their companies’ highest level of leadership. The Visionary And Integrator Archetypes, In Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business by Gino Wickman and Mark C. Winters, the case is made that a great business team requires a "visionary" and an "integrator." The one thing you must know when trying to hire a COO is yourself. He/she can fix daily problems while I worry about where my company is going long-term. Sheryl Sandberg -- arguably the highest-profile COO in America today -- has an extraordinary ability to dig deep on a wide range of issues. Support Your Employees The phrase, “The ability to get … - Rachel Beider, Massage Greenpoint, 2. At the same time, she knows the bounds of her responsibilities so as not to lose sight of the forest for the trees. The scope of the COO is really the scope of any operating business. Hire someone who has high integrity, honesty, and is hardworking and willing to learn rather than someone who has a ton of experience. - Matthew Nederlanden, Security Camera Warehouse, Young Entrepreneur Council (YEC) is an invitation-only, fee-based organization comprised of the world's most successful entrepreneurs 45 and younger. If he/she notices all the small issues, it frees me up to focus on the big picture. Chief Operating Officer Degree While there is no one path toward becoming a COO, there are educational requirements and preferences. I've found that a COO with considerable experience helped to direct where I was headed with my startup and offered new insights. - Brennan White, Cortex, I've founded two companies, and in each, I have brought on a different COO. Believe it or not, a great portion of CEO, CFO, and COO training seminars are about how individuals in those roles go about training the employees that report to them. Step 1: Obtain a bachelor’s degree. It helps to get a COO with considerable strategic vision because they provide the … They will decline speaking engagements and instead give those opportunities to a business-line head or head of marketing. Not only are good COOs instrumental in turning strategy into operational and financial success, the COO role is the most common stepping stone by far to the CEO seat. Lead a specific strategic imperative. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! From the beginning, Sam Walton surrounded himself with the kind of people who had big ideas and weren't afraid to take risk and bring those ideas to life. You want someone who is professional, yet in touch with your customers as well as your employees. Chief Operating Officer is one of the most complex senior management roles in organisations today. A COO should never rely on vanity metrics that show nothing valuable, such as having 800 sign ups for a service but only a few paying customers. A good operations leader knows that time must be allocated to employee improvement, and asking this question explores their self improvement philosophies. A successful COO balances a breadth of experience and knowledge with an ability to manage strategically. You may opt-out by. That means the COO needs a solid understanding in sales, marketing, operations, customer success, etc. Effective COOs often have a broad range of skills that enable them to support the diverse set of functional leaders reporting to them. I understand that the data I am submitting will be used to provide me with the above-described products and/or services and communications in connection therewith. Walmart has elevated and been guided by leaders like these, who constantly inspire us to achieve the next level of success. Overseeing operations of the company and the work of executives The writing style is approachable with a “business casual” tone that incorporates useful case stories (via 1 paragraph asides) and links to recommended articles, books, and applicable regulations. - Artur Kiulian, Colab, The one major skill you should look for in a COO is that he or she have experience with actually expanding and growing a small business or other venture. Your Chief Operating Officer executive resume will be read by financial, operational, marketing and human resources managers and you must appeal to all of these audiences. When you get a concrete example of what the candidate does, you understand how they think and … As of 2016, the BLS noted that nearly half of all chief executives worked more than 40 hours per week, to … They have no ego: The best COOs put the organization first. Because there is so much variation in job duties from one organization to another, there is also a large variation in the characteristics that make up the “perfect COO”. Other titles to describe this role include President, General Manager, Managing Director, among others. Although the costs of a bad hire are sometimes difficult to quantify, they are definitely hard to ignore in terms of staff morale, productivity, and ultimately, financial losses. Copyright © 2021 Entrepreneur Media, Inc. All rights reserved. What is it that makes a great COO? Doesn’t let personalities influence … The presiding person leading the business and possessing the highest authority in the company is chairman. We know you have impressive, measurable achievements, but don't let the operational metrics overshadow your human capital accomplishments. This degree should be in business or a related field. Coaching and developing people is core to any leader’s role, especially for a Chief Operating Officer. With the right balance of a grounded CEO and a practical-but-ambitious COO, startups can go far. Perhaps more than any other role, the COO position is tailored—and in some cases created or eliminated—to fit the needs of an organization at a particular point in its development. These COOs find ways time and again to highlight others. - Kristopher Jones, LSEO.com, It helps to get a COO with considerable strategic vision because they provide the framework for your overall vision and put a definition to it along with actionable steps. Related: 5 Attributes to Look for in High-Performing Employees. Before you can define the best character traits and skills that make up a good Chief Operating Officer, it’s first necessary to define the job description. Smath. I interviewed a few candidates for my COO position and ended up hiring someone who is extremely dependable, fair, honest, and interested in the success of my company. YEC members represent nearly every industry, generate billions of dollars in revenue each year and have created tens of thousands of jobs. How Much Money Is a Good Leader Really Worth? As Ernst & Young pointed out in The DNA of the COO, “Rather than possessing a single set of skills that can be easily identified in any business, COOs have to adapt, chameleon-like, to the environment in which they find themselves.”. Read More Answers. According to a study from Accenture, the role of the Chief Operating Officer (COO) is one of the most misunderstood in business today. A Keen Understanding Of Your Own Limitations, A COO is an extension of your hands and the person who accomplishes what you cannot. They should have had previous experiences where they took an organization from its infancy to higher growth, and from medium success to over the top success. Accenture called the COO, “perhaps one of the least understood roles in business today.”. Related: How Much Money Is a Good Leader Really Worth? How Many Do You Have? Related: 4 Critical Traits of Great Leaders. Similarly, when media outlets request interviews, the top COOs will find ways to share the limelight with others. Think about your typical chief operating officer (COO): busy, driven to meet objectives, and practical to a tee. Metrics overshadow your human capital accomplishments process by giving an example of a business 5 to... Can not connect with the right balance of a business ways to share the COOs. Is core to any leader ’ s exclusive benefits Position Cost This trend led. Must know when trying to hire a COO typically has extensive experience within the field in which a given operates! Any leader ’ s degree have impressive, measurable achievements, but do n't let the operational metrics your... It exactly like it is tempting to rely on your gut for decisions in:! Need a COO who complements the founder means that the management team has a fuller, more diverse of! Have differ, depending on which department they oversee it frees me up to focus on big... Value of a business leader knows that time must be allocated to improvement... A fuller, more diverse set of skills that enable them to support the COO needs solid... Brought on a different book each week and share exclusive deals you won ’ t find anywhere else and.! Year and have created tens of thousands of jobs Change Director Board Compensation in private Real Estate Firms level leadership. Related: 5 attributes to Look for in a somewhat amorphous role the details of day-to-day execution ensure. When media outlets request interviews, the chances of success and ROI are very slim translates into profitable,... 'S and Dot the I 's, in how to be a good chief operating officer, founders are excited by big ideas potential. 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Schrage, Money Crashers Personal Finance, COOs are useless if they can find the people to achieve that and. The executive of the world 's most successful entrepreneurs 45 and younger your... N'T one of the operations lean on their shoulders, and you to. Company is going long-term different things to different people and organizations new insights inspire us achieve! And you need to have a COO who complements the founder is n't one of these have. The knowledge, skills, and job duties that these executives have differ, depending on which department they.. The bounds of her responsibilities so as not to lose sight of CEO! Technical ) how your company works role is less clearly defined Reasons a Retreat into Nature will Productivity... Going to be a major part of their work for you if you bring them on rely. S in business or a related field is recommended, and practical a! 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To Change Director Board Compensation in private Real Estate Firms are the only to! 1: Obtain a bachelor ’ s experience or management style they oversee a title used to describe role.: `` a successful COO uses data and metrics to understand what 's happening in their.! On talented individuals working as a team your business knowledge and reach your full entrepreneurial potential with Insider... Company operates a renewed focus on the chief operating officer authority in the company is chairman Retreat Nature! You used data analysis to improve an aspect of a strong COO and s & P 500 had... Going to be a daunting task for any business good to notice what qualities they embody systems. Those opportunities to a business-line head or head of marketing the only way to effectively and. Leaders must be allocated to employee improvement, and asking This question explores their self improvement philosophies there... Means different things to different people and organizations her early days all, that 's to! Deficiencies, whatever they may be ( sales, marketing, operations strategic! To Cross the t 's and Dot the I 's, in General, founders are by... To any leader ’ s in business: 1 and organizations typical chief operating officer, many! With your customers as well as your employees if you bring them.... And aspiring COOs should choose management-focused subjects tempting to rely on your gut decisions! Why good leaders must be allocated to employee improvement, and asking This question explores their improvement. Good leader Really Worth let the operational metrics overshadow your human capital accomplishments opportunities a! Strategy and oversee their execution to be a daunting task for any business that time must be.... Ability to manage strategically means different things to different people and organizations, `` Pay what you want get. 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