As you eliminate waste in a lean startup, you can repeat the loop at a higher tempo than the competition; serve customers more effectively; and incidentally sow panic, paralysis, and surrender in the competition.
Picking a co-founder is your most important decision. It’s more important than your product, market, and investors. The ideal founding team is two individuals, with a history of working together, of similar age and financial standing, with mutual respect. One is good at building products and the other is good at selling them.
Negotiate some acceleration if you sell the company ahead of schedule — you don't want to stay at the acquirer for an unreasonable period of time. Also negotiate 100% acceleration if the acquirer terminates you and deprives you of the ability to vest your stock.