????當(dāng)一家由風(fēng)投注資的科技公司成功上市之后，它的日子會(huì)變得難過得多。即便是馬林軟件（Marin Software）這樣表現(xiàn)搶眼的公司，也必須要成功地管理好股東群由風(fēng)投公司向公共資金的轉(zhuǎn)變。如果在這個(gè)過程中出了岔子，公司必將付出重大代價(jià)。

????如果你是一個(gè)成長期公司的企業(yè)家，而且準(zhǔn)備長期發(fā)展，那么在上市的過程中，你也會(huì)遇到類似的挑戰(zhàn)。首先，會(huì)有很多分析師和基金經(jīng)理想和你談話。這些人提出的問題和風(fēng)投公司提出的問題是很不一樣的——他們會(huì)非常詳細(xì)地詢問關(guān)于競爭對(duì)手、客戶和供應(yīng)商的情況，同時(shí)也會(huì)問一些開放性的、寬泛的問題。你可能弄不清楚他們真正想知道的是什么。你也不會(huì)經(jīng)常知道誰在買賣、持有和做空你的股票。同時(shí)，你的股價(jià)可能會(huì)因?yàn)橐恍┛此撇幌嚓P(guān)和不重要的新聞而上下波動(dòng)。

????如果你是一家新上市公司的管理者，下面的建議也許能幫你應(yīng)對(duì)前方道路上的各種困難。

正確行為

????關(guān)注基本面；不要忘了歸根結(jié)底是什么讓你上市的。如果你的公司已經(jīng)上市了，說明你已經(jīng)做了很多正確的事。作為一家上市公司，你的基本戰(zhàn)略不應(yīng)該改變。如果你的企業(yè)文化是以客戶為導(dǎo)向的，那么即便你上市了，這一點(diǎn)也應(yīng)該堅(jiān)持下去。如果你為公司制定了非常大膽的目標(biāo)，也不要害怕讓公共投資人知道（但要做好準(zhǔn)備，隨著時(shí)間的推移，他們會(huì)督促你實(shí)現(xiàn)這個(gè)目標(biāo)）。首次公開募股和越來越多的媒體關(guān)注可能會(huì)讓你的員工分心，甚至可能給公司的業(yè)績拖后腿。因此，必須讓團(tuán)隊(duì)像往常一樣繼續(xù)把注意力放在業(yè)務(wù)上，以便繼續(xù)保持成功。

????長期貪婪，短期謹(jǐn)慎。天馬行空地展望未來可能很過癮，然而如果沉迷于不切實(shí)際的幻想，將來可能會(huì)讓你頭痛不已。因此，要切實(shí)制定對(duì)未來的預(yù)期。這和典型的私人公司的行為恰恰是背道而馳的。對(duì)于私人公司來說，你的風(fēng)投可能會(huì)逼著你制訂龐大的計(jì)劃和大膽的預(yù)期，然后實(shí)現(xiàn)計(jì)劃的80%到90%就可以了。當(dāng)你一旦上市了，如果你的業(yè)績與當(dāng)初的預(yù)期相差了10%，則可能會(huì)導(dǎo)致災(zāi)難性的后果。保持較低的預(yù)期可能會(huì)壓低你的股價(jià)，但是如果你連續(xù)達(dá)到、甚至超過了預(yù)期，那么你就為機(jī)構(gòu)投資人賺了錢，同時(shí)建立起了信譽(yù)，有望得到機(jī)構(gòu)投資人的支持。

????尊重投資界。一旦你的公司上市了，不可避免地會(huì)有許多新的事務(wù)占用你的時(shí)間。你一方面要花時(shí)間應(yīng)付這些事，一方面還不能把重點(diǎn)從業(yè)務(wù)上轉(zhuǎn)移開來。因此，你必須在兩者之間取得平衡。要持之以恒，如果你在運(yùn)營上遇到了困難，不要沉默以對(duì)，也不要因?yàn)橛行┩顿Y者或分析師對(duì)你的股票持負(fù)面態(tài)度就拒人千里。要知道賣方分析師是一個(gè)支點(diǎn)，他們可以幫你不把你的壞消息傳到投資者耳朵里。

????When a venture-backed tech company goes public, their life becomes much tougher. Even for strong companies like Marin Software (MRIN), the key is successfully managing the shift of their shareholder base from VCs to public funds. Failure to do so can be punishing.

????If you're a growth-stage entrepreneur looking to go long, you'll have a similar challenge when you go public. New analysts and fund managers will want your time. The types of questions you'll field from these folks will be very different than those from your VCs -- they'll get very specific about competitors, customers and suppliers -- and also ask open-ended, big-picture questions. It can be unclear what they're getting at. Knowledge of who is buying, selling, holding and/or shorting can be sporadic. Meanwhile, your stock price can vacillate up and down on unrelated and seemingly unimportant news.

????The suggestions below aim to help you navigate the bumpy terrain you'll confront as a newly-public company:

DOs

????Focus on fundamentals; don't forget what got you public in the first place. If you've gotten public, you're doing a lot right. Your recipe for success as a public company shouldn't change. If you've built your culture to focus on the customer, this should remain consistent even after you're public. Similarly, if you've rallied your company around an audacious goal, don't be afraid to share it with public investors (but expect them to hold you to this goal over time). IPOs and increased media attention can be very distracting to your employees and a drag on performance. It's critical that you keep your team focused on business as usual to maintain success.

????Be long term greedy, not short term greedy. It can feel euphoric to let future expectations run wild, but it can cause big headaches down the road when you're held to these lofty projections. Instead, keep expectations tamped down wherever possible. This runs counter to typical private company behavior, where VCs push you to think big, make bold projections and reward the achievement of 80-90% of your plan. When you're public, missing numbers by 10% can have disastrous effects. Keeping expectations low may depress your stock price, but if you make money for institutional investors and establish credibility with them by achieving or beating numbers consistently, you'll earn their support.

????Be respectful of the investment community. Once you've gone public, you'll inevitably have many new demands on your time. You need to balance being available with the risk of losing focus on your business. Be consistent -- don't go silent if you're in the midst of a rough patch in your operations and don't turn off to investors or analysts who are negative on your stock. Recognize that sell-side analysts are a point of leverage -- they help you keep your story out in front of investors.