My own experience with this as a bootstrapper has been:

in the beginning, code up the product, even if it's not the best, get something that works.

once the product is in a usable state enough to gain revenue, use the cash to get more engineering manpower.

now that there are a few folks, code in tandem with engineers while managing team, tapering down coding as team grows.

now my day to day is probably 20% coding, 60% product/project management + QA, 20% recruiting/hiring