Key Success Factors of a Studio

I've always been more interested in building the sort of team and studio that can be successful on a consistent basis. I am not talking about creating a studio whose products will be runaway successes every time. The ultimate success of a game depends on so many things outside of your control, it would be foolish of me to claim such things. I am merely  talking about making great games on consistent basis. That's step #1 to continued success as a studio. With great games, you at least have a chance to strive for successful products.

So how does one go about building such a mythical creature? It won't be easy, but if we were looking for something easy, we wouldn't be making games in the first place, now would we?  I believe the 'secret' lies in getting 5 key success factors in order:

Studio

The basic foundation for everything is a well-functioning studio. Any group of people is like a living organism. Without someone or something guiding its growth, it will become a grotesque mutated monstrosity. Key here is to have a good, strong culture and appropriately setup organization that fits that culture.

Team

Probably the single most important part is the team. You need good talent and you need to take good care of them. But a group of superstars does not a team make. You need to grow that talent into a team.

Processes

Your team will need to adopt some ways of working together. There is not a single best way to make games, but there certainly is plenty of bad ways that can cripple you.

Project Management

Whenever there's a project someone is going to be managing it. As humans, we need deadlines to get things done. Companies need visibility and understanding how long projects last, how much they will cost and what resources we'll need to get it done.

Product Vision

All the other factors are there to ensure we can execute on the product vision. That vision can come from anyone or anywhere; inside or outside the studio, from a creative director or from the whole team. Just blindly iterating on something will not end in success. 

Conclusion

How well are these factors addressed in your studio? Do you strongly disagree with me or perhaps I overlooked another key factor? I look forward to your comments and feedback!