ABSTRACT
Annually, the Fortune 500 list of America's largest publicly traded companies is published to great fanfare in the corporate world, and for many this list symbolizes the very heart and soul of American capitalism. For both entrepreneurial companies and firms with ownership entirely controlled by a single person, boards are far less common than in either more mature small/private companies or those with some level of minority ownership. Private and public companies share many of the same attributes, but they live in two very different worlds with regard to capital access, investor relations, and disclosure of information. Leader development, a key organizational attribute, is also typically missing as the foundation for scaling the company up to meet growth needs. In the small/private firm perhaps only cash flow trumps ownership transition as the highest priority to ensure the continuation and bright future of the company. All small/private companies face leadership challenges; start-up or entrepreneurial companies are indeed a special case.
