The words "chief executive" generally conjure up an image of a suave, pinstriped alpha male who thinks lunch is for wimps and who only needs four hours' sleep. In that context, loneliness doesn't come to mind as a singular challenge. However, more than 70 per cent of Irish company heads surveyed in a recent study described their role as lonely.

If you delve a little deeper past the Gordon Gekko image, it's not really that surprising.

At every other level in an organisation, employees can bounce ideas off their peers or turn to their superior if they run into problems. Those who make it to the top of the corporate ladder, though, who are ultimately accountable for the success or failure of the company, often find that theirs is the most isolated position in the organisation.

In response to a survey carried out by executive coaching firm Praesta Ireland, Irish chief executives said finding ways to alleviate the loneliness of their role - for example by confiding in their partner and their management team - was crucial. Surrounding themselves with a top-calibre team that can provide them with the necessary support is also considered vitally important.

Of 74 chief executives surveyed by Praesta across the private, semi-State and non-profit sectors, two-thirds said they had taken swift action following their appointment to remove underperforming senior executives, while 75 per cent had introduced new members to the team from outside the organisation.

"Building a strong and talented top team with a solid working relationship at board level, particularly with the chairman, is . . . essential in order to be effective in the role," says Caitríona Murphy, partner at Praesta Ireland.

Interestingly, and perhaps worryingly for shareholders, the research also found that a third of chief executives felt unprepared for the challenges of their role when they took up their position. With the benefit of hindsight, what would they do differently if they could start over?

Almost 40 per cent said they would have placed more emphasis on articulating and communicating their vision. Most felt that their personal vision for the organisation was the most important factor in terms of developing the business and its culture.

The survey also revealed that excellent communication and people-management skills, such as being approachable and available to staff, are considered vital.

"The CEO has to manage a number of key relationships, for example with the chairman, the board, with management, with customers, with shareholders; all of these test the ability to manage people and to communicate well with them," Murphy says.

"Being able to lead the organisation is also seen as critical - having the title is not enough. A good CEO must be able to motivate people and understand their goals and how these can be aligned with the aims of the business. They must constantly maintain a balance between being firm and decisive, while also being able to listen to conflicting views and people's needs."

Liam O'Mahony, chief executive of building materials giant CRH, says: "It is obvious from the [ Praesta] report that, in addition to having a clear strategic focus, CEOs must be effective communicators and people managers. This tallies with my own experience that a strong team of energetic, bright, motivated and empowered people is fundamental to success."

Chief executives also identified several major challenges that they must overcome in order to operate successfully. These range from delivering on shareholder expectation and handling "people issues" such as underperformance and resistance to change, to finding and retaining new talent and dealing with regulatory issues.

A third of respondents admitted they struggled to keep strategic focus when under pressure. However, despite the challenges and pressures of life as a corporate leader, some 61 per cent of respondents said they managed to maintain a good or excellent work-life balance.

If you have decided that the life of a corporate high-flier is for you and you are determined to make it all the way to the top some day, just remember that, although the exalted position of chief executive brings money, status and power, it can be a little lonely at the top.