A company needs 2 things to become a success:
Scale and governance
Governance you can get by putting skilled non-execs on your Board and by putting in proper reporting processes. Financial governance should be straightforward in an early stage business - there will probably be insufficient transactions to make an audit complex...but there still maybe skeletons to pull out !
Scale is hard to assess and harder to improve. The ability to scale is determined by a number of factors:
Size of the market opportunity
Quality of the management team
Clear and well defined (make that well understood as well!) strategy
Shared vision
Sales pipeline
Product quality
Customer satisfaction (happy reference customers - ideally flagships)
IP
Innovation
Culture
Competitive advantage
Funding (and quality of funding)
Some of these things are easy to change, some are hard to change and some are impossible to change...
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