Purpose – The purpose of this thesis is to review and critique the methods used in academic literature to codify whether an entrepreneurial firm is successful. As a result, future research can be undertaken to identify the critical success factors for firms. In particular this thesis examines the rationale for categorizing companies by stakeholder in order to establish what success means versus performance. Design/methodology/approach – This thesis used a literature review to establish the current state of academic literature on the subject of success and performance in entrepreneurial ventures. It tested a number of performance metrics used to codify success as they apply to venture capital backed software companies in the US. Findings – It was found that venture capitalists codify a firm as successful when they receive five times their investment back in an exit. It was determined that four particular performance events including, firm survival, raising a round of venture capital, exiting through a merger or acquisition or exiting through an initial public offering do not necessarily meet the 5 times threshold for codification of a firm as successful. It was further determined that employee growth, profitability, and employee productivity are not effective performance metrics when codifying a firm as successful but that revenue growth (at levels in excess of those typically used), can be an effective codifier of success. This thesis establishes financial velocity as a measure of performance but not success where there is neither valuation nor financial data for a firm. It examines capital efficiency as a potential success metric and introduces growth efficiency as a particularly effective codifier of success where valuation of a firm is not known. Research limitations/implications – While establishing new directions for future research, this thesis only examined venture capital backed software companies in the US. Further research into different types of stakeholders in different industries in different countries will be needed to fully develop a stakeholder perspective in success literature. Practical implications – The findings establish clear guidelines for firms to follow in determining growth objectives. Originality/value – This thesis introduces a new method of classification of entrepreneurial ventures using stakeholder theory. It further examines different perspectives of success and establishes that stakeholder context matters in the definition of success. The thesis reconciles these different perspectives or contexts and determines that stakeholders should be the ones whose perspective should govern the codification of success. The thesis clearly separates performance from success, exhibits how performance does not necessarily equate to success and establishes three new metrics to be used to evaluate success and performance.