第三部分:指标的展示形式(Presenting Metrics Generally) 对指标的展示往往涉及到图表的使用,踏实的创业者会把真正要表现的信息用不会引起误解的方式展示给投资人。实际上,明智的投资人不会被用了障眼法的图表所欺骗。要知道,图表的制作也是可以显示出创业者的态度、动机和能力的。
第十四、累计数据图表vs.增长率图表/Cumulative Charts (vs. Growth Metrics)
如果要看增长情况就需要对个月的数据进行纵向对比,通常,累计数字画出的图表说明不了太多问题。
Cumulative charts by definition always go up and to the right for any business that is showing any kind of activity. But they are not a valid measure of growth — they can go up-and-to-the-right even when a business is shrinking. Thus, the metric is not a useful indicator of a company’s health. Investors like to look at monthly GMV, monthly revenue, or new users/customers per month to assess the growth in early stage businesses. Quarterly charts can be used for later-stage businesses or businesses with a lot of month-to-month volatility in metrics.
第十五、图表上的小花招(Chart Tricks)
这更多的是对创业者在态度上的提醒,因为图表上的小花招对于明智的投资人是无效的。
比如不标记Y轴刻度,只展示百分比增长而不展示绝对值等等都属于此类小聪明。
There a number of such tricks, but a few common ones include not labeling the Y-axis; shrinking scale to exaggerate growth; and only presenting percentage gains without presenting the absolute numbers. (This last one is misleading since percentages can sound impressive off a small base, but are not an indicator of the future trajectory.)
第十六、指标展示顺序(Order of Operations)
在和投资人初次交流时,符合逻辑的顺序应该依次是:业务规模指标、业务增长指标,然后才可能进入更深层次的评估和交流。 随着大家的互相了解,后续交流将会更加深入和有针对性。 这有点像对象相亲的过程,只不过投资人的逻辑不会因为交谈顺序的不同而被打乱而已。所以,这其实更像医生诊断的过程。 It’s fine to present metrics in any order as you tell your story. When initially evaluating businesses, investors often look at GMV, revenue, and bookings first because they’re an indicator of the size of the business. Once investors have a sense of the the size of the business, they’ll want to understand growth to see how well the company is performing. These basic metrics, if interesting, then compel us to look even further.
As one of our partners who recently had a baby observes here: It’s almost like doing a health check for your baby at the pediatrician’s office. Check weight and height, and then compare to previous estimates to make sure things look healthy before you go any deeper! 总结部分
指标是镜子,是反应的真实情况的镜像。
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