Do you truly understand the company's unit economics? In what increments does growth occur, and what can the company do to influence that?
Does the company understand its unit economics? How confident are they, and how correctly so, in their understanding of which parts of the business have operating leverage?
What are the most important complements to what the company sells? Are they getting more or less abundant?
What are some of the feedback loops in the business and in its ecosystem? Are these moving in the right direction, and what accelerates or perturbs them? (Note that feedback loops often take the form of: when the company sells more of its product, it creates more demand for Complement X, which in turn creates more demand for the product.)
Are there other companies that are in a structurally better position to pay more for whatever the company's most important input is?
On what axes do customers evaluate this company's products compared to others? If there's meaningful differentiation, is there at least some set of customers for whom the company is the best option?
How are the economics of substitute goods changing?
What external shocks is this company unavoidably tied to?