This depends on your business, of course, but typically you will want to show that you are running as a viable business on the operations side (that you have clear processes and team members have defined roles and responsibilities). You will want to have established your market (i.e. have some customers) and demonstrate an ability to both retain and attract new customers (i.e. grow). If you do not yet have a product that is launched or ready to launch, you should probably show that you are working on an iteration or maybe even a pivot, if you're really not getting anywhere. How a startup deals with failure in the first year often says more than how it deals with success.