Many entrepreneurs hold off on hiring experienced managers, but there is a point at which your growing business will need the extra help, writes Dino Signore, manager of entrepreneurial education at the Edward Lowe Foundation. If you've reached that point, it's critical to consider your business' needs when deciding whom to hire. "If you're in a highly competitive industry and need to squeeze costs and increase efficiency, a COO may be your first executive hire," Signore writes. "On the flip side, if you're a product differentiator, then a director of marketing or R&D will probably be more important."

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