Ideally, you want to pay people just enough they don’t stress about cash flow. Equity is harder, but a good rule for the first 20 hires seems to be about double what your investors suggest.

View candidate sourcing as a long-term investment—you may spend time now with someone that you don’t even talk to about a job for a year or more.

At Stripe, I believe they call this the Sunday test—would you be likely to come into the office on a Sunday because you want to hang out with this person?

Treat your values as articles of faith. Screen candidates for these values and be willing to let an otherwise good candidate go if he is not a cultural fit.

Speaking of spending time, you should spend the time to learn a role before you hire for it. If you don’t understand it, it’s very hard to get the right person.

You need a mission in order to hire well. In addition to wanting to work with a great team, candidates need to believe in your mission—i.e., why is this job more important than any of the others they could take? Having a mission that gets people excited is probably the best thing you can do to get a great team on board before you have runaway... See more

Don’t hire for the sake of hiring. Hire because there is no other way to do what you want to do.

Whenever possible (and it’s almost always possible), have someone do a day or two of work with you before you hire her; you can do this at night or on the weekends.

After you figure out your vision and get product-market fit, you should probably be spending between a third and a half of your time hiring.