Mikula has been in the executive search business for 17 years and has clients in such areas as e-commerce, Internet infrastructure software and portal services, e-business and e-banking solutions, enterprise software, and communications/networking. She also works with international clients who are either establishing their initial executive management team in the States or transitioning their corporate headquarters to the US.

In her experience, candidates who have a strong track record in building businesses probably have skills that are transferable to the Internet space. Whether the company is a business-to-business e-commerce play or a media giant with an interactive division, solid business skills are always in demand.

Mikula will tell you it’s difficult to generalize about what makes a successful dotcom executive. That’s because each sector (infrastructure, software, B2B e-commerce, etc.) and each job function (VP marketing, CEO, CFO) have unique requirements and demands.

For example, in the marketing environment, many dotcoms are looking for someone who knows how to build brands. In addition, strategic partnerships can be critical to success, so prior experience managing and building them is essential. Other characteristics of a successful startup executive include optimism, resourcefulness, energy (for those 16 hour days), and a strategic and tactical outlook. "You must also have the ability to operate in Internet time," Mikula advises. "In these types of companies, you do not have the luxury of numerous studies and analysis, so you need to be able to make good judgements and act quickly on them."

Just as each job function and sector has its unique set of requirements, it also has varying salary and compensation ranges. Christian & Timbers surveyed a cross section of its clients and found that, at the CEO level, the average cash salary range is about $300-350K. But cash is just part of the package. Equity is also a significant factor in attracting top-tier talent. Owning seven to eight percent of the company is typical for CEOs.

"Our clients are looking to recruit someone who is proven in a certain area. They are interested in people who know what it takes to drive a Webcentric business." A CFO -- specifically someone who is being recruited to take the company public -- can expect cash compensation $200K-250K range, with up to two percent equity. A VP of Marketing can pull in $200K-250K with as much as two percent equity. But, once again, this has to be someone who has a demonstrated track record and quantifiable experience," she explains.

"There are many variables that impact the compensation package. You need to look at the market opportunity itself, what stage the dotcom is at, its track record, what type of funding it has, etc.," says Mikula. While she agrees that salary surveys and data give you a frame of reference about the market -- a benchmark of sorts -- it’s not always clear-cut. "At the end of the day, it’s about the candidate’s track record. Each situation is unique," she notes.

Another factor that can effect compensation is the type of funding a company is getting. You have to consider the source of funding, explains Mikula, whether it’s from an angel investor, VCs, or top-tier VC. "The hottest deals are those from top-tier VC firms such as Kleiner Perkins Caufield & Byers," says Mikula.

Then, there’s also the big O -- as in Opportunity. If a company or sector is perceived as having tremendous growth potential -- such as infrastructure and B2B e-commerce -- compensation levels tend to be higher. The same is true if the company is talking to highly regarded investment bankers or if an IPO is already being discussed.

And finally, it may come down to what happens once the executive is on board. One trend that Mikula has observed recently is compensation tied directly to performance. "Since this area of the market is changing so quickly and visibility is so high, I’m seeing clients who are offering options based on specific milestones or an ability to achieve specific goals."

In the end, how executives fair in the new economy comes down to the principles that have been driving business since the beginning: strong leadership, vision and the ability to drive revenue. If you have those, you have a future.