First let's look at timing in the company. You never want to be in a start-up company.
When over 90% of new companies fail in a year, it is best to wait and see how it plays out. If it's a good deal now, it will be even better in two years after it has stood the test of time.
On the same token, you may not want to get involved with a really old company that has flat lined and is experiencing very little growth. It is really hard to build in some of these.
Timing in the industry is important too. For example, let's look at technology:
Most tech stuff that costs money today will be free in less than two years. How will you be able to compete if others are offering the same service for free?
Telephone service is another good example:
After long distance was deregulated in the 80's, companies sprang up overnight to take advantage of that. The selling was easy because people could save a lot of money.
Today, with most people having unlimted long distance for a flat rate, such a business would be hard to build.
Be sure the timing is right.
Tomorrow we will discuss Pillar #3: Products.