입력:23/04/22수정:24/01/17
기업의 생명주기
![23238e51-bbb2-4adb-83e3-72341179979e.jpg](https://media.harrymikoshi.com/images/23238e51-bbb2-4adb-83e3-72341179979e.jpg)
![6794606e-08b4-4020-b5b0-5a301c8ea030.jpg](https://media.harrymikoshi.com/images/6794606e-08b4-4020-b5b0-5a301c8ea030.jpg)
기업도 인간과 마찬가지로 생명주기를 갖는다
사람이 나이들기를 싫어하듯이 기업도 나이를 들어가는걸 싫어하지만 이건 필연적이다
나이에 맞게 행동하지 않는 기업의 가치는 훼손된다
젊은 기업이 늙은 기업 처럼 행세하기도 혹은 늙은 기업이 젊은 기업처럼 행세하기도한다
![08a96e23-7b59-49d1-9b2a-42af310d4615.jpg](https://media.harrymikoshi.com/images/08a96e23-7b59-49d1-9b2a-42af310d4615.jpg)
![dc1139c1-1825-4df7-89b6-a6a23a5734c1.jpg](https://media.harrymikoshi.com/images/dc1139c1-1825-4df7-89b6-a6a23a5734c1.jpg)
![fc01089e-08f0-4f00-8f53-8f19b41ed6f5.jpg](https://media.harrymikoshi.com/images/fc01089e-08f0-4f00-8f53-8f19b41ed6f5.jpg)
밸류에이션은 숫자 놀음이 아니다
![99e6da64-856c-4be3-9210-baa9000daeac.jpg](https://media.harrymikoshi.com/images/99e6da64-856c-4be3-9210-baa9000daeac.jpg)
![737b0e5d-5fca-432c-b1e9-4e51c2b87a32.jpg](https://media.harrymikoshi.com/images/737b0e5d-5fca-432c-b1e9-4e51c2b87a32.jpg)
![4d12b0b8-da7e-4592-bef9-55f16d011814.jpg](https://media.harrymikoshi.com/images/4d12b0b8-da7e-4592-bef9-55f16d011814.jpg)
![24aa947e-62f8-4c5d-aa68-8194a9601bd8.jpg](https://media.harrymikoshi.com/images/24aa947e-62f8-4c5d-aa68-8194a9601bd8.jpg)
![6a141004-1bb0-4c55-b541-0a4f1501b112.jpg](https://media.harrymikoshi.com/images/6a141004-1bb0-4c55-b541-0a4f1501b112.jpg)
![0e77507a-42cd-4090-ad2f-49b07dfefbd9.jpg](https://media.harrymikoshi.com/images/0e77507a-42cd-4090-ad2f-49b07dfefbd9.jpg)
![d268cda0-5deb-47dd-bc06-2bcccd684537.jpg](https://media.harrymikoshi.com/images/d268cda0-5deb-47dd-bc06-2bcccd684537.jpg)
![0b633a8f-ad1c-45da-b09c-29288cd8bd0f.jpg](https://media.harrymikoshi.com/images/0b633a8f-ad1c-45da-b09c-29288cd8bd0f.jpg)
![ec6ffadd-e721-4fea-8d1c-cd1d563c1629.jpg](https://media.harrymikoshi.com/images/ec6ffadd-e721-4fea-8d1c-cd1d563c1629.jpg)
![63791130-0e8f-458d-b283-384bf9eac2b3.jpg](https://media.harrymikoshi.com/images/63791130-0e8f-458d-b283-384bf9eac2b3.jpg)
![d5cd75a2-ba0e-4841-a09b-d24d58068b18.jpg](https://media.harrymikoshi.com/images/d5cd75a2-ba0e-4841-a09b-d24d58068b18.jpg)
![e7c0e72a-3b9d-4171-90fb-1a90b31a1653.jpg](https://media.harrymikoshi.com/images/e7c0e72a-3b9d-4171-90fb-1a90b31a1653.jpg)
![0b8fe25f-9d6c-4d09-a2cd-07cb4db32b27.jpg](https://media.harrymikoshi.com/images/0b8fe25f-9d6c-4d09-a2cd-07cb4db32b27.jpg)
![a9c0ac7d-d5dd-4863-acf4-664fe478e0d6.jpg](https://media.harrymikoshi.com/images/a9c0ac7d-d5dd-4863-acf4-664fe478e0d6.jpg)
![67f0750d-7099-4352-b488-a4ee824914c3.jpg](https://media.harrymikoshi.com/images/67f0750d-7099-4352-b488-a4ee824914c3.jpg)
![6369b45f-d256-43a1-b423-a71b723f4958.jpg](https://media.harrymikoshi.com/images/6369b45f-d256-43a1-b423-a71b723f4958.jpg)
![010545be-0787-4fb6-b1ee-dea57285634e.jpg](https://media.harrymikoshi.com/images/010545be-0787-4fb6-b1ee-dea57285634e.jpg)
![e6c37bab-f9c9-4b28-b667-89b871bc01b7.jpg](https://media.harrymikoshi.com/images/e6c37bab-f9c9-4b28-b667-89b871bc01b7.jpg)
![c054ebc8-ba62-4a0b-a22b-a6dcf64870b2.jpg](https://media.harrymikoshi.com/images/c054ebc8-ba62-4a0b-a22b-a6dcf64870b2.jpg)
![68d59fd0-196a-4464-84d9-5db7ced05def.jpg](https://media.harrymikoshi.com/images/68d59fd0-196a-4464-84d9-5db7ced05def.jpg)
![97f4835d-f2b5-4ddf-a90b-089a30f5d98c.jpg](https://media.harrymikoshi.com/images/97f4835d-f2b5-4ddf-a90b-089a30f5d98c.jpg)
![bc209b43-0f83-4340-a901-c1616bc4b02c.jpg](https://media.harrymikoshi.com/images/bc209b43-0f83-4340-a901-c1616bc4b02c.jpg)
![22b02376-0b7e-4513-8dd7-8a807f16aba8.jpg](https://media.harrymikoshi.com/images/22b02376-0b7e-4513-8dd7-8a807f16aba8.jpg)
페북과 구글이 대표적
놀라운 이익과 현금흐름이 극대화 됨
중년단계
![82ed85d3-37cc-4024-ba63-817e776710f1.jpg](https://media.harrymikoshi.com/images/82ed85d3-37cc-4024-ba63-817e776710f1.jpg)
![2afc52c8-1e85-4415-ab98-b35a54e0cca6.jpg](https://media.harrymikoshi.com/images/2afc52c8-1e85-4415-ab98-b35a54e0cca6.jpg)
어떤 기업들은 시장진입과 스케일링이 쉽고 엄청난 인프라가 필요하지 않음
![f72811b8-9bdc-4a78-8310-a94090a7add0.jpg](https://media.harrymikoshi.com/images/f72811b8-9bdc-4a78-8310-a94090a7add0.jpg)
![dbde2dab-be73-4064-a095-193edcca9fd2.jpg](https://media.harrymikoshi.com/images/dbde2dab-be73-4064-a095-193edcca9fd2.jpg)
![a3f687fa-71b6-41d1-b651-9b37c805e1c3.jpg](https://media.harrymikoshi.com/images/a3f687fa-71b6-41d1-b651-9b37c805e1c3.jpg)
![86218dda-f006-4837-b785-47399c52a35d.jpg](https://media.harrymikoshi.com/images/86218dda-f006-4837-b785-47399c52a35d.jpg)
![b92ff9f5-cc6c-48a0-b7a1-9bb69435deac.jpg](https://media.harrymikoshi.com/images/b92ff9f5-cc6c-48a0-b7a1-9bb69435deac.jpg)
![32c0b360-0543-4c00-8c20-c52ca8ef0f37.jpg](https://media.harrymikoshi.com/images/32c0b360-0543-4c00-8c20-c52ca8ef0f37.jpg)
![bb9b3232-fb5a-47d3-8c23-b6e2f5544848.jpg](https://media.harrymikoshi.com/images/bb9b3232-fb5a-47d3-8c23-b6e2f5544848.jpg)
![607f5333-c2f6-40ba-a0da-76d8cf79a158.jpg](https://media.harrymikoshi.com/images/607f5333-c2f6-40ba-a0da-76d8cf79a158.jpg)
![1bff9f5a-7089-4e47-81dc-20b523a3cba4.jpg](https://media.harrymikoshi.com/images/1bff9f5a-7089-4e47-81dc-20b523a3cba4.jpg)
![cf3fc95a-1a32-490f-b76c-f0cc5e9da719.jpg](https://media.harrymikoshi.com/images/cf3fc95a-1a32-490f-b76c-f0cc5e9da719.jpg)
![7cb90a41-2e01-462e-b591-04dbb6003e79.jpg](https://media.harrymikoshi.com/images/7cb90a41-2e01-462e-b591-04dbb6003e79.jpg)
![ebfdc8b6-4f39-4c45-a7e8-c7a392dcff1e.jpg](https://media.harrymikoshi.com/images/ebfdc8b6-4f39-4c45-a7e8-c7a392dcff1e.jpg)
![951f55a3-e44b-421f-a8d9-d72f292e6fe7.jpg](https://media.harrymikoshi.com/images/951f55a3-e44b-421f-a8d9-d72f292e6fe7.jpg)
GE는 125년동안 존속했다 19세기 말에 설립되었고 20세기 엄청나게 성장했으며 미국인들에게 가전 사용의 표준이 되었다.
1990년대 초에 설립됬고 7~8년만에 1천억 달러 기업이 되었으며 GE가 50년 걸린 일을 야후는 7년만에 이루어냈다 하지만 성숙하는데까지도 7년이 채 걸리지 않았다
![d2625f7a-f463-4959-a28a-f97abc9f1c34.jpg](https://media.harrymikoshi.com/images/d2625f7a-f463-4959-a28a-f97abc9f1c34.jpg)
![85c8e985-a5d2-40e0-83a8-797ea0cabb43.jpg](https://media.harrymikoshi.com/images/85c8e985-a5d2-40e0-83a8-797ea0cabb43.jpg)
야후는 그 이후 알리바바 지분과 야후 재팬 지분만을 가지고 아무도 사용하지 않는 이메일과 검색엔진을 가진 서비스 사업을 하는 회사만 남게된다 노키아와 블랙베리도 마찬가지
![86825e93-34d4-488c-b196-674dc1740c90.jpg](https://media.harrymikoshi.com/images/86825e93-34d4-488c-b196-674dc1740c90.jpg)
![a45bf39d-9204-4137-8e13-75c72abc7542.jpg](https://media.harrymikoshi.com/images/a45bf39d-9204-4137-8e13-75c72abc7542.jpg)
![52bb36cf-78d0-418a-8fe4-221d98e18237.jpg](https://media.harrymikoshi.com/images/52bb36cf-78d0-418a-8fe4-221d98e18237.jpg)
![dacf5baf-7b62-4e81-90d8-e17b48f13048.jpg](https://media.harrymikoshi.com/images/dacf5baf-7b62-4e81-90d8-e17b48f13048.jpg)
![0b52e4dc-d487-4168-9095-af3f764a198a.jpg](https://media.harrymikoshi.com/images/0b52e4dc-d487-4168-9095-af3f764a198a.jpg)
![7c329e9c-67fc-42a2-8078-7b5d067c10c7.jpg](https://media.harrymikoshi.com/images/7c329e9c-67fc-42a2-8078-7b5d067c10c7.jpg)
![7937a48c-b043-4a88-ad33-5c617d8e2be5.jpg](https://media.harrymikoshi.com/images/7937a48c-b043-4a88-ad33-5c617d8e2be5.jpg)
![e7f85f2a-ec27-4655-aa7a-33fd29991e95.jpg](https://media.harrymikoshi.com/images/e7f85f2a-ec27-4655-aa7a-33fd29991e95.jpg)
![ed07496b-55cd-4886-bc23-12a0b29feb49.jpg](https://media.harrymikoshi.com/images/ed07496b-55cd-4886-bc23-12a0b29feb49.jpg)
![2e279645-a5b1-4b31-8350-ee49b1a42577.jpg](https://media.harrymikoshi.com/images/2e279645-a5b1-4b31-8350-ee49b1a42577.jpg)
회사가 커가는 과정에서 마이너스 현금흐름을 필연적이고 이 과정에서 현금소진(캐시버닝)이 나온다
![d9480ac7-dd2f-45b4-9021-3a7d0bf24ee7.jpg](https://media.harrymikoshi.com/images/d9480ac7-dd2f-45b4-9021-3a7d0bf24ee7.jpg)
![48ad4bd7-0753-47de-8c6c-5fcb04d595bc.jpg](https://media.harrymikoshi.com/images/48ad4bd7-0753-47de-8c6c-5fcb04d595bc.jpg)
![82fb0eb9-12ae-49cb-a2f7-d804bf148ab6.jpg](https://media.harrymikoshi.com/images/82fb0eb9-12ae-49cb-a2f7-d804bf148ab6.jpg)
![2d8a3be7-d04a-43d3-ad68-1b70faf9544a.jpg](https://media.harrymikoshi.com/images/2d8a3be7-d04a-43d3-ad68-1b70faf9544a.jpg)
이에 반하는 기업으로 아마존이 있다.
![86afce91-2cd7-43d7-ad71-55c483bd9e56.jpg](https://media.harrymikoshi.com/images/86afce91-2cd7-43d7-ad71-55c483bd9e56.jpg)
![8da3ca01-1276-4b13-b128-3a74787b866f.jpg](https://media.harrymikoshi.com/images/8da3ca01-1276-4b13-b128-3a74787b866f.jpg)
![9e29dcff-7c87-4a48-a034-e091f3fa166e.jpg](https://media.harrymikoshi.com/images/9e29dcff-7c87-4a48-a034-e091f3fa166e.jpg)
![a240d184-4194-4b77-b55e-5b386239cc9f.jpg](https://media.harrymikoshi.com/images/a240d184-4194-4b77-b55e-5b386239cc9f.jpg)
![e126d38c-7ce3-48a9-a829-4741736ff547.jpg](https://media.harrymikoshi.com/images/e126d38c-7ce3-48a9-a829-4741736ff547.jpg)
토픽: 투자,야후
카테고리: 스크랩/비디오
소스: https://youtu.be/IOxgSwNfGUI
저자: 다모다란