You should be giving out a lot of equity to your employees.
In the early stage of a startup, hiring senior people is usually a mistake. You just want people that get stuff done.
You have to find a small market in which you can get a monopoly and then quickly expand.
One of the pieces of advice that we give at YC is: try to work together on a project rather than just doing an interview.
No matter what you choose, build stuff and be around smart people.
Before product/market fit, your only job that matters is to build a great product.