You think you have this great idea that everyone's going to come join, but that's not how it works.

In addition to relentlessly resourceful, you want a tough and a calm cofounder.

You really want to know your cofounders for a while, ideally years.

AirBnB spent 5 months interviewing their first employee, before they hired someone and in their first year, they only hired 2 people.

Cofounder relationships are among the most important in the entire company.

I believe in fighting with investors to reduce the amount of equity they get and then being as generous as you possibly can with employees.

For most of the early hires you make in a startup, experience doesn't matter very much, and you should go for aptitude.

You have to let your team get all the credit for all the good stuff that happens, and you take responsibility for the bad stuff.

You also want to fire people who a) create office politics, and b) who are persistently negative.