Another valuable post by Fred Wilson:

The first stage of a startup, what I call the Building Product stage is management light. The team should be small. We have portfolio companies like del.icio.us and duck duck go where the Building Product stage was accomplished by one person, the founder of course. That is not typical.

http://www.huffingtonpost.com/fred-wilson/the-management-team-product_b_1181029.html