Defining "success"

From a VC's perspective, "success" means "exit," but for a startup, it's just a milestone, as there's also the possibility of shutting down after an M&A or delisting after an IPO. Even if you can't exit, or even if you shut down for a short period of time, as long as you have customers who support your company and have provided some value, you should still call that a "success."