WSJ writer Elizabeth Garone has a nice little article called You’re the New Boss, Now What?. While it is targeted to those who are managing at established firms, much of the advice applies to founders of new firms and will be useful for campus entrepreneurs, many of whom are the ‘boss’ for the first time. From the article:
Find a happy medium. Do what you can to avoid the two most common extremes. Newbie pitfalls range from bossing too much — using too much force and micromanaging underlings — to bossing too little — trying to be everyone’s friend, even to people who need firmer limits — according to Mr. Nemko, author of “Cool Careers for Dummies.” Figure out what your management style is and guide it to fall somewhere in between.
Hire the best. If you hire the right people, the business can almost run itself most of the time, and you can sit back and observe. “When in doubt, avoid making rules. Hire the best people and let them do their thing unless there’s a problem,” says Mr. Nemko. “But let it be known that you’re there if there is a problem.”