They know there's lots of venture capital around. The really thoughtful entrepreneurs talk to other entrepreneurs before starting the process. I've never met a successful entrepreneur who wouldn't take time out of his or her day to help an aspiring entrepreneur think about a new business. So if you're serious about the venture, invite a successful entrepreneur you admire to lunch. Most successful startups have a leader from whom everyone else takes their cues.
Great leaders are great communicators.
They're ruthlessly, absolutely intellectually honest. We're always looking for great leaders. But no, we don't need to recruit one before we'll work with a team. Just as important as the leader is the technical genius. At the heart of every great technology company is a technical genius.