上市？你准备好了吗？

    3. 弱点评估。最好的公司不存在某个单一的致命弱点。你是否有一两个非常大的客户？你是否少了某个供应商或经销商就不行？你是否有一个很大的竞争对手？你是否依赖于某个单一的平台、单一技术或某一个监管机构？上市之前，这些问题都不是什么大问题，但一旦公司上市，这些因素都会被人们仔细考量。公共投资者们不喜欢这种风险，因为他们之前已经受过很多次伤了。这些不应该成为意想不到的问题——如果另一家公司意识到你依赖这些因素，他们通常会从中榨出很多价值（比如Facebook和社交游戏公司Zynga）。考虑进行IPO之前，应该消除所有单一的致命弱点，哪怕它意味着IPO时间的推迟。最终的结果会证明，这一切都是值得的。

    因此，如果你满足了这三点，那么即使没达到1亿美元的营收门槛，也可进行IPO。但如果没有实现这三点，最好不要立即上市。以后你依然有机会成为上市公司，实现长远发展。（财富中文网）

    本文作者格林•所罗门是纪源资本的合伙人。他近期的投资包括Pandora、Successfactors、silon、Square、Zendesk,、Quinstreet、Nimble Storage等公司。作者为希望做大的成长期企业家撰写了系列博客，本文是其中摘选。阅读该系列文章，可访问：www.goinglongblog.com。

    译者：朴成奎

    3. Vulnerability Assessment. The best companies have no single points of failure. Do you have a very large customer or two? A dominant supplier or distributor? A huge competitor? Or, are you beholden to a single platform, technology or regulatory regime? Any of these concentrations may be fine as you're building up your business privately, but once you're public, expect these facts to be scrutinized. Public investors hate this type of risk. They've been burned many times before. This shouldn't be unexpected – when another company realizes you rely upon them, they'll often extract a lot of value (e.g., Facebook (FB) and Zynga (ZNGA). Before considering an IPO, remove single points of failure. Even if this means growing more slowly for periods of time, the tradeoff will be worth it.

    So there you have it, the "Big Three," an alternative set of requirements to the $100 million revenue milestones. If you nail these three, you won't just get to an IPO, you'll have a chance to go long as a public company.

    Glenn Solomon is a Partner with GGV Capital. Some of his recent investments include Pandora, Successfactors, Isilon, Square, Zendesk, Quinstreet and Nimble Storage. This post is part of a series for growth stage entrepreneurs who are thinking big; the full series can be found at www.goinglongblog.com.