Encourage the following virtues too: humility, communication, empowerment, generosity, focus, fiscal responsibility, innovation, and patience. Remember: hiring grade A people creates grade A teams. Fill the top slots of the org chart with grade A people, then let these execs flesh out their teams. Communicate cross-company weekly - people like to know what is going on. And finally, help every team member envision their next promotion or two. I once had a startup where I told the senior execs that I expected them to start their own companies in a few years (that was their "next promotion"). I told them to learn all they could, then when the time came I'd help finance their new ventures. Talk about building loyalty!

Tip #3: Choose Wisely
Now that we know who we need and the environment to hire them into, let's look at the attributes to seek out.

1. Smarts. Hire the smartest people you can find. They'll find their way out of the majority of messes they'll get into. This takes guts, but entrepreneurs have them!
2. Pedigree. An MBA doesn't impress me. A GSD does. GSD = Gets Stuff Done. Someone who has results, results, results all over their past has a pedigree every bit as powerful as an Ivy league degree.
3. Commitment. I don't mean the fluffy stuff. We're talking the heavy, deep, man/woman on a mission stuff. When the grenades are flying the committed person doesn't go AWOL. There is nothing more powerful than emotional equity. No amount of stock options even come close.
4. Plays well with others. I became an entrepreneur because I didn't play well with others, and thus was not employable. But I learned. And it's been one of the greatest lessons I've ever embraced.

The best way to find your team is by schmoozing. Go to every industry event you can and tell everyone about your great company and who you are looking to hire. Then interview wisely. Check out John Kador's The Manager's Book of Questions. It's a terrific interviewing tool. Also use your extended team (see below) to check out your potential hires. Give each candidate two offers: one with a fair salary and fair amount of stock, and the other with a lower salary and a higher amount of stock. If you have equity to spare, there's no sense in burning all your cash on salaries.

Tip #4: Build An Extended Team
Your extended team will be made up of your investors, board members, and advisors. Regarding investors, pick 'em well by creating and executing a capital acquisition strategy (more on this in a future column). The board and advisors you'll have more control over. You'll most likely have a board of 5-7 people. I prefer seven, with two seats going to investors, and two to the CEO and one other exec. The remaining seats should be given to people you trust and who will help you. For advisors, create a board of about ten people, max. The profile for both directors and advisors is an industry heavyweight, model customer, credibility booster, as well as savvy business person with great connections. Make sure that each advisory board member plays a specific role, such as helps with strategic alliances, or works with the sales, marketing, or technical teams. This keeps them focused. Keep your extended team committed and passionate with monthly email updates. Needless to say, everyone should get stock options (with the exception of the investors). The amount will range from .25% - 3%, based on the stage of the company. You'll lure killer board members and advisors by having a killer business. But remember that filling in a board will take time. Most startups don't fill all board seats within the first year of operations. Be picky!

So build yourself a great team and get cracking on a great product. Then if it turns out only good, you'll still be way ahead of the pack!

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