Want a guess at the success of an entrepreneurial venture? One key area is the quality of the people running the show. If the venture can't pass this test, it probably isn't going to be very successful. (High growth and profitability, longevity, etc. Doesn't mean it can't be a nice family business.)
1. Would you work for the entrepreneur? Is her enthusiasm infectious? Do you get the idea? Can they communicate it to you? Do they care about you and your desire to be a real part of the enterprise?
2. Where are the founders from? What is the overall caliber of this group of people?
3. What is their reputation in the business community? Who do I know that knows her/them?
4. How committed are they to this venture? Do they have skin in the game? Are they motivated? How?
5. Do they know where they will need to strengthen the team as it grows, or do they have fear of losing control? Are they capable of recruiting high caliber people, and will those same high caliber people want to work for them?
Then you'll have a pretty good idea.