There have been many articles written about hiring people who are smarter than you.
And by the way, I subscribe to that theory.
So why would you not want to turn your employees loose?
Yes, it's important to set some ground rules, give them a framework from which to work from and turn them loose!
You'll be fascinated by what your employees can do.
I do have one rule -- no surprises, please!
While I don't need to know the details of every aspect of their progress, give me periodic updates so when my manager asks "do you know what John and Mary are doing?" you can respond absolutely and I support it 100%.
In addition, celebrate your team’s victories and learn from any failures and move on. I love this quote by Henry Ford:
"One who fears limits his activities. Failure is only the opportunity to more intelligently begin again."
Don't limit your staff. Celebrate and acknowledge their successful work. Give them the credit and watch their backs.