Ifyour business is going to succeed, you have to hire people youtrust, delegate everything that isn't an essential part of yourrole as the CEO, and stay focused on growing yourbusiness.

What do most first-time entrepreneurs think is the key tosuccess? A good idea.

In my opinion, less than 10 percent of a business's ultimatesuccess comes from the idea—it's merely the starting point of thewhole venture. The vast majority of success, the other 90 percentcomes from great execution and usually a little luck too. Greatexecution certainly starts with the founder's hard work, but toreally succeed a business requires a team of great people and a culture to supportand retain them.

Hiring the right people is one of the hardest but most importantparts of starting a business. When I first started out I realized Ididn't know anything about hiring and managing people. I quicklyfound myself responsible for management, HR, sales, strategy, andcustomer service—all things that I hadn't thought much about whendeciding to pursue my idea. It can be overwhelming to try to do itall, and it's also an unsustainable way to run a growing company.If your business is going to succeed, you have to hire people youtrust, delegate everything that isn't an essential part of yourrole as the CEO, and stay focused on growing your business andleading the company.

Related: Why great company cultures rely on making greathires

There have been a million books written on how to make the besthires, but for a startup, the best advice I can give is to findpeople who have a strong work ethic and who are more interested inlearning and contributing than they are in compensation andbenefits. Employees who have that mindset are going to constantlystrive to do better and to grow the company. And when you findpeople like that, your job is to do everything you can to rewardthem for that dedication.

It's not just about finding and hiring the right people; youhave to keep them interested. When you're starting a company, oftenyou only have five or six people, so why would you worry aboutculture? But, as your company grows, six can quickly become 60, andyou find yourself running a real company with a culture that justhappened organically. The best way to avoid that is investing incompany culture from the outset, and I'm not the only one whothinks that.

Recently, a friend of mine attended a conference of CEOs. Whenasked what their biggest regret was for their company, three out ofevery four said it was their failure to invest more time andresources into their culture in the early days. That investmentpays off in practical ways that go far beyond morale. mycompany, culture is one of the defining reasons for our success.When I survey current employees, they overwhelmingly say that ourculture is their reason for staying. My employees are incrediblytalented and could find higher paying jobs if they shopped around,but they aren't looking to leave. I've even had three employeescome back to me after leaving for other companies. Why? They missedour company culture.

Many companies, especially in the tech space, throw free meals,sky-high salaries, and beautiful expansive campuses at theiremployees in an effort to keep them around, but loyalty can't bebought with perks. Thoughtful and conscious investments into theways employees interact and the way workloads, stress, and requestsare handled matter more than most entrepreneurs give credit,especially when they are starting out.

Some of this advice may seem like common sense, but first-timeentrepreneurs frequently undervalue the importance of hiring andkeeping the right personnel when they are starting theirbusinesses. Our employees are the single largest determining factorof our success. Invest in them and your workplace early, and youwill see those returns down the line.

Brett Derricott is CEO of Built forTeams, whichprovides HR solutions for small- tomid-sized businesses.

Read more: 

• Job seekers want to know about company culturebefore they apply
• How important are a company's mission and values?[infographic]
• Is your company culture undermining employeeproductivity