Don't be afraid to hire a person above your skillset.
“If each of us hires people who are smaller than we are, we shall become a company of dwarfs. But if each of us hires people who are bigger than we are, we shall become a company of giants.” - David Ogilvy
As a young developer, I am blessed to be in the position I am. It's not everyday you meet a 23 year old Lead Developer.
With age comes experience. For that reason, I haven't had as much as some of the people I interview.
One of the biggest mistakes a manager can make when recruiting new staff is being too cautious and careful in their approach. They fear taking on a new person who could ultimately pose a threat or a challenge.
Often feeling they have got themselves in a position of authority which they need to defend. Any decision that is made by a manager should always be taken for the good of the organisation as a whole, rather than what best suits individuals. Wanting to be the smartest, most experienced person in the company is a big mistake.
Everybody has their strengths and weaknesses, even those at the very top of the organisation. Lose your ego and understand that, as a manager you need to build the strongest possible team. Look for people that bring complementary skillsets to the business and know more than you in particular areas.
I think it's important to involve my team in the recuritment process. Following my own advice above means I have a talented diverse team of developers, all giving opinions with the best interest of the team in mind.