Entrepreneur Corner: Seeking questions and why #1 isn’t always best

Here’s the latest from VentureBeat’s Entrepreneur Corner:

Legal danger zone: ‘Friending’ your boss – or your employee – In start-ups, employers and employees often have a friendship beyond the workplace, but that doesn’t mean it’s a smart idea to add each other to your social network. Attorney Curtis Smolar runs down the advantages and disadvantages – and details what sort of posts can get you fired.

Book excerpt: “I.D.E.A. To Exit: An Entrepreneurial Journey” – Ethics generally aren’t one of the things you focus on when planning your startup, but author Jeffrey Weber argues the need to determine from the beginning just where your company’s lines are, so you’re better prepared when the inevitable morality crisis hits.

Your unhealthy fixation on being #1 – and why it’s pointless – There’s something in the entrepreneurial DNA that drives start-up owners to lead their field. Ambition is fine, but Jason Cohen, an angel investor and the founder of Smart Bear Software, says a fixation on emulating and topping leaders in your field can actually work against you.

Invest in IT now to avoid growing pains later – While most startups don’t have an IT department, that doesn’t mean they won’t need one later – nor will they not have the need for technical help at some point. Jonathan McCormick, COO of Intermedia, offers some advice on areas where it’s smart to invest now – and how to do so on a budget.

Answers are easy. Finding problems are hard. – While figuring out a problem to solve might sound easy, Instagram co-founder Kevin Systrom says it’s actually a hard thing to do. The good news, though, is that once you’ve identified the real problem, it’s often easy to come up with a solution.