CEOs are responsible for the overall operation of a business, and are usually elected by shareholders and the board of directors.In smaller companies, the CEO is frequently involved in the day-to-day operations of the business. In larger, publicly traded companies, the CEO position is more of a leadership, policy, and motivational role, and CEOs are not often involved in day-to-day operations. Instead, the CEO governs company standards and overall growth plans, while acting as a leader for various managers and department heads who then carry out those plans. Let’s compare a company's corporate structure to a football team. A football team usually has owners, which could be thought of as the board of directors and shareholders. They are the ones who appoint the CEO, set expectations for the company and decide whether the CEO stays or goes based on performance. The CEO could be thought of as the coach, since the CEO is the one who decides how to organize the company and places key directors and executives in the areas that will best help the company achieve its goals. The players could be thought of as the company's employees, who deal with the day-to-day operation of the firm and drive the company based on the specific strategies decided by the CEO. While CEOs come in all shapes and sizes, with varying backgrounds and education, studies have shown that there are a few common traits that make a CEO successful. Most successful CEOs are capable of extraordinary vision for the company’s future. CEOs must also be able to select managers who will be effective in executing company plans, and they must be able to communicate and delegate to those managers in the most efficient and effective ways.