What are the necessary qualities for a startup?

Hi folks,

I have decided to write a post with the above question in mind because of my personal experience. Recently, I worked for a startup in a certain country which went bankrupt & was soon taken over by another company which is doing a great job till date. I can't help but notice a few flaws that led to it's demise which I have jotted down below,

• There was a notable absence in communication down the chain of command even though a management structure was present (i.e.) constant interference of management people into technical projects. 
• Too many management meetings stuffed upon project supervising engineers which made their guidance absent during crucial product completion scenarios.
• There was no proper assignment of projects between engineers (i.e.) some engineers handled two projects at a time, some more than two & some engineers had to figure out which project they belonged to.
• Proper guidelines & procedures for design of certain products was absent.
• Improper inventory & resource management.
• There was more emphasis on documentation rather than near perfect design & development of  the product.
• Some of the above situations caused defects in certain products which meant they had to be returned by the consumer/customer for servicing. Servicing a defaulted product meant engineers didn't have enough time or management didn't have enough manpower for completing new projects. This led to delayed delivery of finished product to certain customers.
• The delayed delivery of finished products led to the organisation not receiving payments on time which in turn led the organisation to dig deep into it's reserve to pay it's employees.
•  The management was looking into rapidly expanding it's organization portfolio rather than stabilizing their current cash crunch.

When I was thinking as to what led to the bankruptcy of the company, I made a note of the above points. I may or may not be correct about all of them but I am sure that some of them were crucial to the company's survival. My constant thinking about the company's/startup's downfall raised another question, which was, What were the necessary qualities for a startup to survive? in this vast jungle of brand competitiveness. Since I am owning a blog, I thought this topic might be an interesting one to include as discussing about it will help a lot of  upcoming as well as established entrepreneurs who wish to convert their startups into a well established brand in our society.

With all said and done, I loved working in that company because the team of engineers with whom I worked/interacted with were some of the best, brightest & highly talented people I have met till date.

Let the discussion begin & I wish all the startups good luck in their quests!!

-Thejas