Hey Raghu,
I think there are so many different aspects that come together when thinking about building an awesome team, in the end however it comes down to a couple of principles (at least for me):
#1 Hire awesome people. As simple as that. The awesomeness of your team is most likely an average of the awesomeness of the people you hire. Further, I think the character of people is especially at an early stage more important than hard skills.
#2 Create a shared mission. It's super crucial to align everyone on your team. This will allow you to move quickly. For this, however, you shouldn't just slap the mission into the face of your team, it's rather an exercise you will need to go through together over time. This will result in buy-in from your team.
#3 Give your people freedom. Although it's super hard to not micromanage and watch over most actions your people take, it is what is required to build an awesome team. Usually, if you give great people the freedom to evolve, they will be more engaged and do better work.
I have many more principles to share with you in case you're interested. Just shoot me a message on twitter @louismorgner.
Best,
Louis
Jamie