I do all the work myself (programming, web site design, database management, domain maintenance, etc) but I have on occasion outsourced work to other people when I was too busy (or too lazy) to complete the job myself. If you don't have the ability or the time to do the work yourself, it is definitely best to hire someone but do your homework on them! Get references, see their portfolio and ask as many questions as you can so you can feel comfortable with the person/firm you are hiring. Just like you would do your homework when hiring a contractor for your home, do the same here as well. There are a lot of great programmers and designers out there that you can build a long lasting and prosperous business relationship with but there are also a lot of scam artists out there too.
I do everything myself, except code from my PSD to HTML simply as I am too lazy / am quite crap at making valid HTML and CSS that functions properly. I create my PSD's, get the HTML I have bought and design the database and do the PHP
I manage all the technical stuff myself, although im not a desinger, the CMS technology has been a hugh help and should be a must for any up and coming web developer
I do all work myself, if you are looking to hire someone to make a site for you, then you can use freelancing sties to hire freelancers or you can also find people in this forum who will do this work for you
Becouse I'm self a coder, I do all the business mys3lf. I'm not such a perfect designer, but I don't have high requirement at design for my websites.
Learning wordpress would be time well spent. (its not that hard) That and getting a good hosting account would be essential.
It's no fun if you make someone else do it. If you're that keen on losing out on the fun, try the design section in services
Generally, I will learn to do it myself - get some ebooks or read up on some sites- there are plenty. If you enjoy learning these stuff - you may enjoy the learning - I know I did.