Firing people is one of the hardest parts of running a company, and first-time founders often wait too long to make these decisions. You need to fire employees quickly when they're not working out, as it's better for both the company and the employee, despite the pain it causes.

Hiring the right people is crucial; you should either hire extremely well or fire quickly to maintain team effectiveness.

The CEO must have the authority to fire underperforming co-founders, ensuring accountability and effective leadership within the team.

It's crucial to be willing to fire underperforming team members quickly, as holding onto them too long can hinder the team's overall performance.

Board members should listen more than they talk; many have been in charge for a while and may not understand the unique challenges of your company.

Investors are like employees you can't fire, so it's vital to choose those who care about your vision and will support you through challenges.

When interviewing potential board members, focus on understanding how your problems are different rather than being impressed by their past.

The toughest part of my job is firing a manager, as it feels personal and painful, especially when they are friends.

Having a personal board of directors is misguided; instead, focus on building genuine relationships that are mutually beneficial.