(1) Build the team right, at whatever costs. It is an investment, that takes you a long way!
(2) Dont take the advice from team members lightly, they are the future leaders, who might see something special.
(3) Communication is the basic stuff anyone looks for. Either with team or client, be clear. Dont hide anything.
(4) Take ownership. Dont have anyone do it for you, as you are supposed to be in control. Rain or Shine.
(5) Good team that performs, are built over a long term. Dont expect success in short term. Make them perform at least one year to get the best results.
(6) Family members of the team are crucial. Dont make the team overwork. Give them work life balance. Dont make them work your fancied work times.
(7) Look at the overall business scenario, over the last year - quarter on quarter basis - to make informed investments. Decisions should not be based on knee jerk reactions.