1. Cash comp + Stock comp + Applause = Total Comp. We all have a finite amount of money, stock, and applause we can spread out on our team. And applause is just as, if not more, important as cash and stock comp. Applause for everyone and you have applause inflation. It means nothing. Too little applause and the scarcity makes it matter more. Applause, for most, has the same impact as cash and stock: It creates jealousy, toxicity, and envy. People will quit if they believe they haven't gotten enough applause (usually in comparison to others). As silly as it sounds - create an applause budget. You're going to need it.

2. The line between genius and insanity is paper thin. So is the line between what people see as a wild success and a charlatan. We've already shared in a past three things that good crooks are likeable. They're also very smart and they blur the line between legal/illegal and moral/immoral. What do Phil Knight, Jerry Buss, Steve Jobs and Sam Bankman Fried have in common? Complete and total lies to their early investors/partners. Knight lied repeatedly about the size and scope of his business to his Japanese manufacturers (then was offended when they lied to him. Hypocritical). Jerry Buss didn't have the assets to buy the Lakers, and he knew it. Which didn't stop him from stretching out to close date with Jack Kent Cook to break the news he was $3m short. Steve Jobs business, Next, couldn't do most of what he claimed when Apple came calling. And SBF? We're about to learn he's the worst of them all but that didn't stop fools and their money chasing a "Sure" (read: " Easy") thing. I had the opportunity to ride in my good friends jet the other day. His most common advice to those around him on finance - "there are no shortcuts."

3. Life happens. Once your team reaches 20 people, there will be someone going through something personally at all times. As you grow, that number grows with you. These things don't get left at home, and we don't want them to- that's unhealthy for everyone. If you start a business, best to plan ahead for the peaks and troughs we all have- your team included. And know you and your team will always have someone to cover for as they go through life's seasons. Give them space and time off and you'll build a trust you'll need later. You don't need 10 hires to do the job of 10. You need 12.