One Path To Success is to Continually Search and Hire People Better than Yourself!! — Law #20
A good manager must be secure enough to do this. A real plus is that better people will push the hiring manager to do better.
It is unlikely that a president schooled in one management discipline, say engineering, can effectively teach all staff disciplines – such as sales, finance, and manufacturing.
Having excellent people working for you is a great way to force yourself to do more and to do it better.
Everyone needs a mentor, and this is a way to provide one for both yourself and your present staff.
Avoid hiring people to solve short-term needs.
Be careful of hiring out of work personnel. Shoot for the person who made the cut and did not get laid off.