Author and hopeful entrepreneur Jack Kaufman is graduating from high school later this month.

Guest post written by current high school senior and author Jack Kaufman

Since I was a sophomore in high school, I have been extremely interested in business and entrepreneurship. I am undoubtedly sure that I want to start a successful business and have dabbled with a few ideas and software projects in the past.

In December of 2012, I began contacting different technology entrepreneurs to pick their brains and understand how they started or run their companies. Between AP Physics and Calculus classes and community work, I spent my spare time cobbling together a book that featured their advice to budding company builders. The Found A Business Book was the result of my interviews with 16 entrepreneurs, among them Square and Twitter cofounder Jack Dorsey, GitHub CEO Tom Preston-Werner and DuckDuckGo founder Gabriel Weinberg. On Tuesday, I launched the second edition of my book, which now features a total of 33 discussions. Call it Entrepreneurship 101, my way of learning some of the basics on leadership and business long before I even step foot inside a college classroom. Below are five important business and management tips that I took in while talking to Dorsey, a revolutionary thinker who has created two billion-dollar companies before the age of 40.

1. Put Your Ideas On Paper

Having trouble starting your business? Dorsey advised that you put your thoughts on paper first. Square’s San Francisco lobby has some of its CEO's first drawings of the company's product framed on its wall for all to see. “I think the hardest thing to do is start," said Dorsey. "So if you can't get the idea out of your head, then show it to someone else, get feedback so that you know if it's good or not and then keep working at it,” said Jack.

Make a point to make a paper trail, whether that be doodles on the back of a notebook or a few lines of computer code. As Square's CEO pointed out, it's easier to share and build on ideas once they're laid out in front of you. And make sure you share. For any entrepreneur, any initial outside response from observers is key. It brings in other perspectives and can also lessen the fear and doubt that often comes with starting a new venture.

2. Build A Global Product And Let The Markets Conform

With Twitter maintaining more than 500 million accounts worldwide and Square in the process of expanding internationally, Dorsey has had plenty of experience taking his products to global audiences. The Square CEO noted that his success was not due to a focus on any specific market or locale. “I think it's always very challenging as you build a product in any market to assume that other markets just naturally see the same things as you do," he said.

Instead of making assumptions or thinking of exclusive groups of people, create an idea that has the potential to affect everyone. "[The key is] building base essential utilities that are really fundamental that speak to broader humanity," Dorsey added. If your product can meet that high standard, markets, whether they're in St. Louis or Cairo, will tailor the product to fit whatever they need.

3. The team can make (or break) a deal

Aside from founding two global companies, Dorsey is a well-known angel investor who has backed startups like Instagram and Foursquare. As a company-backer, he stated that the main trait he evaluates before deciding to write a check is a startup's team. Are they passionate about the product and do they have the right people to execute their vision, he often asks himself. For fledgling startups, the greatest value is not necessarily in their product, which may not even exist yet, but the talent that can help to build that business. While it seems like a no-brainer that any founder should surround themselves with the right people, Dorsey's advice carries all the more weight, especially if you're a four-person shop looking for its first couple thousands dollars in seed funding.

Ideas on paper: One of Jack Dorsey's early conceptual sketches for Square. (Photo courtesy of Square)

4. A leader has three responsibilities.

With CEO experience formerly at Twitter and now at Square, Dorsey said that good leadership boiled down to three traits. First and foremost, they are responsible for making sure management is working as efficiently as possible and toward the same vision. Speaking candidly, he explained: "The way I think about it is editing the team and making sure that the best folks are on the team and we're asking the ones that don't fit to leave and all parting ways.”

A CEO must also be responsible for managing and maintaining communication. Within the company, a leader must ensure that their team works together by communicating properly. At Square, Dorsey is known for sending company-wide emails after group meetings to ensure that everyone is aware of the same discourse. If a CEO can maintain a constant flow information to their employees, then they can help to ensure that a company is operating efficiently and with the same vision in mind.

Thirdly, a CEO must keep track of money in the bank, whether that's from profits or investment. Understanding your resources is crucial, as it can define your startup's upper limits and a management team's decision-making process. Should we hire more employees, or should we seek out more funding first? That's something that can be more easily answered if you're keeping a close eye on your company's balance sheet.

5. Schedule To Avoid Stress.

With two full-time jobs, Dorsey can be under a lot of pressure. The only way to handle it without getting crushed is by setting a rhythm for yourself, he explained. “I think generally stress comes from things that are unexpected," he said. "The more you can set a cadence around what you do and the more ritual and the more consistency you can build in your schedule, the less stress you're going to have."

During the week the Square chief likes to compartmentalize tasks for certain days of the week. Mondays are for management affairs and meetings. Tuesdays are for focusing on developing product. Wednesdays are for concentrating on marketing, Thursdays are for building external partnerships. Fridays are for building company culture. Sundays are for recruiting. Rest only comes on Saturday.

If you enjoyed Jack Dorsey's advice, more insight can be found from 32 other startup leaders and executives in The Found a Business Book.