It often happens that a good decision will be overridden just because the decision was proposed by someone who owned say 30% of the stake, and the one who owned 60% got his way. This can and should be avoided at any cost, as then you simply dilute the essence of the company, and it becomes more of a personal ego war in one sense.

I think the points you have made are extremely valid and crucial. Most start ups in India are very heavily biased towards one side (either tech side or biz dev side or purchase side). There are very few companies that actually start out with a team that knows how to handle all facets of the company. The ones usually ignored or left out are:
a) HR – there usually are very few policies drafted (most often start up founders don’t even know what all this entails!)
b) Accounts – this is ignored until the company starts generating revenues (so if a company is a product company, in the period of product development and testing, the accounting goes for a toss.) Subsequently also, accounting for any funds raised is also not done that well.
c) Finances – Goes hand in hand with Accounts but startups (esp tech. have little idea about financing a company) and to lay out the financial plan for further rounds of funding
d) Decision making (i.e. management) – Often times as you said very well – owners identify the company with themselves. They automatically confer themselves with the rights to completely manage the company on their own (despite bringing more able people on board like a CEO).