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初創(chuàng)企業(yè)盈利掛帥對(duì)不對(duì)
作者:
Mark Suster
時(shí)間:
2012年01月11日
來(lái)源: 財(cái)富中文網(wǎng)
位置：
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初創(chuàng)企業(yè)必須在盈利和成長(zhǎng)之間作出取舍。如果不把今天的盈利投資到明天的成長(zhǎng)上，當(dāng)然可以推高利潤(rùn),。同理,，如果要維持高速的發(fā)展，必然需要把今天的一部分利潤(rùn)投資到擴(kuò)大再生產(chǎn),，謀求明天的發(fā)展壯大,。
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??? 下面我們?cè)賮?lái)看看這兩家公司成立3-5年后的表現(xiàn).
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??? Let's look at years 3-5 of the two companies.
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????雖然頭幾年公司B的業(yè)績(jī)看來(lái)更穩(wěn)健，但最終是公司A的人員投資令其獲得更高的年增長(zhǎng)率,。到了第五年年底,，公司A累積盈利1,400萬(wàn)美元（收益減去各年投資），而公司B累積盈利卻只有500萬(wàn)美元,。
????如今公司A的年?duì)I業(yè)收入為4,700萬(wàn)美元,，公司B僅為1,200萬(wàn)美元，因此6-10年的前景對(duì)于公司A而言也更光明,。
????現(xiàn)在,，我知道我當(dāng)初該投資哪家公司了。成長(zhǎng)才是關(guān)鍵,。
????但不妨設(shè)想一個(gè)更極端的情形,，我們姑且稱之為“超高成長(zhǎng)”互聯(lián)網(wǎng)公司。你知道此類公司由于沒(méi)有實(shí)現(xiàn)盈利,，往往立刻會(huì)遭到無(wú)知評(píng)論者的抨擊,，指責(zé)其浪費(fèi)揮霍。 |
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????Even though Company B initially looked prudent, it turns out that the investment that Company A made in people led to a higher annual growth rate. At the end of year 5 Company A has earned $14 million in cumulative profits (gains – investment years) while Company B has made $5 million.
????Company A is now doing $47 million in annual revenue which Company B is doing $12 so years 6-10 appear rosier for Company A as well.
????I know which company I'd rather have invested in. Growth matters.
????But let's consider an even more aggressive scenario. Let's call it the "super high growth" Internet company. You know, the kind that unknowing commentators would be quick to lambast as being wasteful because it's not profitable. |
????上圖這家公司將必須籌集至少3,500萬(wàn)美元的風(fēng)險(xiǎn)資本來(lái)支撐這樣的運(yùn)營(yíng),。更有可能的情況是它籌集了5,000萬(wàn)美元或更多,。請(qǐng)注意，這可能要通過(guò)2-3輪融資,，并非所有資金都能預(yù)先到位或者一次性到位,。
????瘋狂？愚蠢,？難道它不應(yīng)當(dāng)放緩運(yùn)營(yíng)支出,、“實(shí)現(xiàn)盈利”嗎？
????還是得看情況,。如果公司成長(zhǎng)速度像圖表中反映的一樣驚人,，如果它們能夠獲得廉價(jià)的資本，那么它們不進(jìn)行風(fēng)險(xiǎn)融資,，只是一味要盈利,，那才是瘋了。
????這就是盈利與成長(zhǎng)之間的取舍,。如果不把今天的盈利投資到明天的成長(zhǎng)上,，當(dāng)然可以推高利潤(rùn)。
????下一次如果還有記者想抨擊亞馬遜（Amazon）沒(méi)有實(shí)現(xiàn)更高的盈利時(shí),，我希望他們能夠理解這一點(diǎn),。亞馬遜保持著這么高速的成長(zhǎng)，當(dāng)然需要將當(dāng)前的部分利潤(rùn)投資于公司成長(zhǎng),。
????如果一家公司不能實(shí)現(xiàn)足夠快的成長(zhǎng),，那么它應(yīng)當(dāng)把公司的利潤(rùn)用來(lái)做些其他事情,，比方說(shuō)回饋股東。
????馬克?薩斯特2007年加盟GRP Partners,，擔(dān)任一般合伙人,，此前他將自己的公司售予了企業(yè)云計(jì)算公司Salesforce.com。他專注于早期科技公司,。他的博客地址Bothsidesofthetable.com,。 |
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????The company would have had to raise at least $35 million in venture capital to have funded operations like this. More likely it raised $50 million or more. Note that it likely raised this in 2-3 tranches, not all up front or all at once.
????Crazy? Stupid? Should it have slowed down operating costs in order to "make a profit."
????Again, it depends. If the growth is as spectacular as it is here and IF they have access to cheap capital then they'd be crazy not to have raised the VC and instead stayed unprofitable.
????This is the trade-off between profits & growth. You can drive profits up by not investing today's dollars in tomorrow's growth.
????The next time a journalist wants to slam Amazon (AMZN) for not being more profitable I wish they'd understand this. Amazon is continuing to grow at such a rapid pace that of course it should take some of today's profits and reinvest them in growth.
????If there is a company that can't grow fast enough then they should do other things with their profits, like return it to shareholders.
????Mark Suster joined GRP Partners in 2007 as a general partner after selling his company to Salesforce.com. He focuses on early-stage technology companies. He blogs at Bothsidesofthetable.com. |
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