What makes a private company a winner?

The easiest way to look at this is by looking at what makes private companies fail. The two main reasons companies fail is because they run out of money or they are poorly managed. Mainly it comes down to being poorly managed. The owners or decision makers at the top of the company are either crooks, idiots, or both. If a company runs out of money it is because management was not looking forward enough and their burn rate was probably too high. This is why it is important to MEET with the management in person. Yes this means flying to where ever they are located for a face to face meeting where you can get a better judge for their character, because after all at the end of the day that is basically what you are investing in. Find out where the money is coming from... revenues. Find out where the money is going... expenses. Keep in mind that private companies are not obligated to disclose their financials and they rarely do, so you have to decide if you trust them or not which is why I stress meeting them in person. Also try and talk to their customers. Doesn't hurt to ask.