【正文】 enue churn understates the losses (as it blends upsells with absolute churn).　　第十二、現(xiàn)金消耗率（Burn Rate）　　現(xiàn)金是企業(yè)運轉(zhuǎn)、擴張的血液，進(jìn)攻、防守和抵御風(fēng)險的彈藥，因此，創(chuàng)業(yè)者、企業(yè)家對于公司的現(xiàn)金流和現(xiàn)金消耗情況必須非常關(guān)注。　　Burn rate俗稱燒錢率，代表了現(xiàn)金儲備的消耗速度。應(yīng)該如何理解它呢？　　單純的看現(xiàn)金消耗率，分為凈現(xiàn)金消耗率和毛現(xiàn)金消耗率：　　毛現(xiàn)金消耗的驅(qū)動因素就是公司在特定期間的現(xiàn)金流出總量；　　凈現(xiàn)金消耗是公司在特定期間內(nèi)收入的現(xiàn)金部分減去毛現(xiàn)金消耗的數(shù)字。它與期初現(xiàn)金余額的反映了在不進(jìn)行籌資活動的情況下公司未來現(xiàn)金可支撐的時間長度?！　⊥顿Y人需要知道創(chuàng)業(yè)團(tuán)隊的現(xiàn)金的支出計劃，創(chuàng)業(yè)者需要知道錢花到什么程度時應(yīng)該達(dá)到什么業(yè)務(wù)水平、什么時候需要進(jìn)行后續(xù)融資。通過對現(xiàn)金支出的預(yù)算，創(chuàng)業(yè)者可以更好的把握公司的成本結(jié)構(gòu)　　現(xiàn)金的消耗率（現(xiàn)金凈流出）受到三類活動的共同影響。這三類活動分別是經(jīng)營活動（生產(chǎn)及銷售商品，提供服務(wù)的活動）、投資活動（長期資產(chǎn)的構(gòu)建及處置）和融資活動（直接引起企業(yè)負(fù)債或所有者權(quán)益變動的活動）。區(qū)分這三類性質(zhì)不同的活動是為了在分析現(xiàn)金變動時明白影響因素的性質(zhì)及其來源?！　∮捎谌惢顒拥墓餐绊懀F(xiàn)金的消耗率在各個月份之間一定不是一成不變甚至?xí)休^高的波動?！　‖F(xiàn)金消耗率沒有好壞之分，必須結(jié)合行業(yè)背景、公司發(fā)展階段來具體分析現(xiàn)狀和未來?！　urn rate is the rate at which cash is decreasing. Especially in early stage startups, it’s important to know and monitor burn rate as panies fail when they are running out of cash and don’t have enough time left to raise funds or reduce expenses. As a reminder, here’s a simple calculation:　　Monthly cash burn = cash balance at the beginning of the year minus cash balance end of the year / 12　　It’s also important to measure net burn vs. gross burn:　　Net burn [revenues (including all ining cash you have a high probability of receiving) – gross burn] is the true measure of amount of cash your pany is burning every month.　　Gross burn on the other hand only looks at your monthly expenses + any other cash outlays.　　Investors tend to focus on net burn to understand how long the money you have left in the bank will last for you to run the pany. They will also take into account the rate at which your revenues and expenses grow as monthly burn may not be a constant number.　　　第十三、 下載數(shù)（Downloads）　　對于投資人而言，單純的下載數(shù)沒有太大意義，能夠顯示出用戶參與活躍度的數(shù)字才有評估價值?！　『蜕衔牡牧魇剩╟hurn）一樣，cohort analysis（斷代分析）也可以用于對用戶活躍度的分析?！　〗M內(nèi)縱向?qū)Ρ瓤梢钥闯鲇脩艋钴S度的變化趨勢；　　組間橫向?qū)Ρ瓤梢钥闯龊竺娴腸ohort是否較之前的cohort在用戶活躍度上有所提升?！　ownloads (or number of apps delivered by distribution deals) are really just a vanity metric.　　Investors want to see engagement, ideally expressed as cohort retention on metrics that matter for that business — for example, DAU (daily active users), MAU (monthly active users), photos shared, photos viewed, and so on.　　第三部分：指標(biāo)的展示形式（Presenting Metrics Generally）　　對指標(biāo)的展示往往涉及到圖表的使用，踏實的創(chuàng)業(yè)者會把真正要表現(xiàn)的信息用不會引起誤解的方式展示給投資人。實際上，明智的投資人不會被用了障眼法的圖表所欺騙。要知道，圖表的制作也是可以顯示出創(chuàng)業(yè)者的態(tài)度、動機和能力的。　　第十四、(vs. Growth Metrics)　　如果要看增長情況就需要對個月的數(shù)據(jù)進(jìn)行縱向?qū)Ρ?，通常，累計?shù)字畫出的圖表說明不了太多問題?！　umulative 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 upandtotheright even when a business is shrinking. Thus, the metric is not a useful indicator of a pany’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 laterstage businesses or businesses with a lot of monthtomonth volatility in metrics.　　第十五、圖表上的小花招（Chart Tricks）　　這更多的是對創(chuàng)業(yè)者在態(tài)度上的提醒，因為圖表上的小花招對于明智的投資人是無效的?！　”热绮粯?biāo)記Y軸刻度，只展示百分比增長而不展示絕對值等等都屬于此類小聰明?！　here a number of such tricks, but a few mon ones include not labeling the Yaxis。 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、指標(biāo)展示順序（Order of Operations）　　在和投資人初次交流時，符合邏輯的順序應(yīng)該依次是：業(yè)務(wù)規(guī)模指標(biāo)、業(yè)務(wù)增長指標(biāo)，然后才可能進(jìn)入更深層次的評估和交流?！　‰S著大家的互相了解，后續(xù)交流將會更加深入和有針對性?！　∵@有點像對象相親的過程，只不過投資人的邏輯不會因為交談順序的不同而被打亂而已。所以，這其實更像醫(yī)生診斷的過程?！　t’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 pany is performing. These basic metrics, if interesting, then pel 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 pare to previous estimates to make sure things look healthy before you go any deeper!　　總結(jié)部分　　指標(biāo)是鏡子，是反應(yīng)的真實情況的鏡像。