Entrepreneurship Report: Ventures, Mindset, and SME Impact Analysis

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining entrepreneurship and exploring various types of entrepreneurial projects, including large corporations, small-scale corporations, social corporations, and scalable corporations. ...Read More

Entrepreneurship
and
Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Kinds of Entrepreneurial project and inter-relation with typology..................................1
M1: Entrepreneurships in the public and corporate sector.....................................................4
D1: Scope, growth and development of Enterprise................................................................4
P2. Differences and similarities between several entrepreneurial ventures...........................4
TASK 2............................................................................................................................................6
P3 Interpretation of the impact of small businesses over the whole economy.......................6
P4. Examining how the small businesses and new businesses were inevitable growth of the
social economy after “Brexit”................................................................................................9
M2: Analysis of the small and medium business economy.................................................10
D2: Implication of SMEs industries on various level of economy......................................10
TASK 3..........................................................................................................................................10
P5 Some features, traits as well as skills of successful entrepreneurs..................................10
P6 How Entrepreneurial personality reflects the Entrepreneurial mind-set and motivation12
M3: Characteristics of Entrepreneurs...................................................................................12
D3: Trait, skills and motivational drivers of successful entrepreneurs................................13
TASK 4..........................................................................................................................................13
P7. Examining how experience as well as background can effect in hindering or fostering of
entrepreneurs........................................................................................................................13
M4: Relation among the entrepreneurs and characteristics..................................................14
D4: Positive and negative experience that can impacts on entrepreneurs............................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is process of designing, implementing and continuously processing the
new business which is initially at small level. The people who create these businesses are
commonly known as the Entrepreneurs, or the process continuing by these entrepreneurs regards
with starting and running the business is known as Entrepreneurship. It is described as capacity
and willingness to develop, organise and manage a business venture together with risk bearing in
order to generate revenues or profit. High risks is involving in implementing and running the
new idea with. Moreover, the entrepreneur is an individual who has ability to find and act upon
opportunities to translate inventions or technology into new products (Burns, 2016)
This study is about the entrepreneurship and the main purpose of the study is to learn the
understanding of scope of entrepreneurship and also the enablers and barriers are associated with
the workings of entrepreneurship in small businesses. Overall the study is all about the
entrepreneurialism followed by the individuals.
TASK 1
P1. Kinds of Entrepreneurial project and inter-relation with typology
Entrepreneurship is now the inevitable part of business as it comprises with the
designing, implementing and continuous processing the new business which involves the high
risks, generally starts at small level of business in order to earn revenues and make Impressive
profits. The person who operates the business are known as the entrepreneurs. In present times
the entrepreneurship plays the integral role in context of small businesses as well as in large scale
businesses also. The entrepreneurs are the individual person who has the ability to take risk in
order to implement the idea by converting it into a business opportunity in order to make profits
from that. The entrepreneurial venture means the conversion of a business idea into a business
opportunity with the lower capital investment and with limited business operation, in order to
take the advantage of the business opportunity. Not only at small scale the entrepreneurial
business can be starts and operates at high level with the huge capital investment along with new
and innovative business ideas to create something big.
Typology:
Entrepreneurship in context of small business involves limited capital and limited
resources, hence in order to utilise the limited resources for generating the maximum inflows of
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profits an entrepreneur conducts a brief analysation of market aspects including the deep analysis
of various types of entrepreneurial ventures and after that select the most appropriate project and
its requirements that are mentioned below along with the several kinds of ventures (Schaper and
et. al., 2014).
Large Corporations: Large corporations have huge capitals for investments with huge
amount of resources for business operations also have several ideas for business opportunities, so
that is why operates at very large scale and have an indefinite life cycle. They ascertain growth
and sustainability by manufacturing new products and services as per customer’s preferences.
With the help of huge capital investment and unlimited resources of business operations these
corporations face heavy market competitions with the corporation operating at international
level. These corporations have great skilled members in their Research and Development
departments, with the help of R&D department these corporations are enable step to work in
dynamic business environment. For example, TESCO (U.K) operates at international level of
business and largest British multinational company deals with groceries and other general
merchandise.
Small scale corporation: The small scale corporation operates at small level business
operations, with limited capital for investment and limited resources for the business operations.
United Kingdom treated as the best hub for the start-up of the small scale businesses. Small scale
business includes the Bars, Cafes, Consultancies, Grocery stores, clubs etc. as they are beneficial
business opportunities for the entrepreneurs wants to operates with limited capital and limited
resources, therefore it involves low risk rate in comparison of large corporations. For example,
oak cash (U.K) operates at small scale business and provides large varieties of goods in bulk for
retailers, offices, caters.
Social corporations: Social are those which operates may be at small, medium and large
scale for providing social services to general public. These corporations operate form of NGOs
(Non-governmental organisations) and are commonly treated as the Not for profit
organisations(NPO) these organisation works for providing the social welfare services to general
public throughout the whole region or country (If operates at large level). Moreover, these
corporations work for the betterment of the society and by provides them basic merchandises at
cheap prices. Services provided by them involves free medical facilities, services for PWD
people and provides the employment and shelter facilities to poor people. For example, Oxfam
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international is the group of twenty charitable institutions works with the main objective to
provide health care facilities to poor people and provides education as well as employment in
order to remove poverty (Bridge and O'Neill, 2012).
Scalable corporations: These corporations basically engage with quality and creativity
aspects of business venture mainly manufactures the products in bulk. These corporations are
quite focused and potentially works for the vision and business concept and they use ideas to
attract investors who shares same vision.
Kinds of Entrepreneurial typology
Serial Entrepreneur: These are the entrepreneur has the ability to face new challenges
and starts with the new and innovative business ideas and have the spirit to take huge risks, as
they convert inventive and innovative ideas in business opportunities as they are willing to give
something new and different to the world. After successful establishment of venture these
entrepreneur coordinate and delegate the roles and responsibilities of undertaking operations to
some efficient and able individuals according to their specialization of works. This all will help
in facing the heavy competition and getting better outcomes from operational activities (Burns
and Dewhurst, 2016)
Social Entrepreneur: Social entrepreneur are those individuals who works for the
betterment of the society. Their main motive is to serve social services to the society with their
full potential and introducing the positive changes in their lives. Not only this, the social
entrepreneur termed as the social worker as they work for social welfare with not for profit or
wealth maximisation motive. For example, the Create Foundation CIC (U.K) is a community
interest organisation that provided innovative employment and training opportunities and assist
homeless, marginalised and vulnerable people to rebuild their lives.
Female Entrepreneur: Female entrepreneur refers to individual woman or group of
individual women works as organising and commencing the business enterprise. A woman
entrepreneur is a confident and creative female, has the ability to achieve self - economic
independence may be as a single owner or in collaboration, provides employment as well as
business opportunities for others by starting and managing the entity along with managing the
family. Female entrepreneur manages personal as well as social life. For example, Emma Kane,
founder and formal CEO of Red Leaf communications that is an award winning London based
PR and investor relations entity (Mariota and Glackin, 2015).
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Male: These types of entrepreneurs is primarily targeted on the specific person those are
operating business in most of the countries. The decision making can be done as per the genders.
Female: In the current situation, it has been seen that female entrepreneurs are more talent
as compare to other. Hence, it has been seen that they need to create maximum eligibility to
regulate their business more effectively.
Managing growth: In this types of entrepreneurs, the entire authority is being control with
the help of male and females. Both can be worked together and analysed for the better future and
results during the period of time.
M1: Entrepreneurships in the public and corporate sector
It has been seen that entreneurships is valuable part for operating a new business in the
market. Research has been seen that most public entrepreneurs can fail because of improper
planning. It would get success in a very short period of time because of effective collection of
data. Some of the corporate entrepreneurs tend to make comparison with the public individual
that work with the motive of earning maximum profit during the period of time.
D1: Scope, growth and development of Enterprise
In accordance with the new enterprises the market need to be full of latest opportunities
those are required attain with the motive of earning maximum growth and sustainability during
the period of time. During the period of time, government regulations are required to be followed
effectively so that individuals can get motivated towards their own work. The small business
enterprises used to provide proper employment opportunity to various unemployed and assist
them to attain a better standard of living in the near future time.
P2. Differences and similarities between several entrepreneurial ventures
Differentiation between Male and Female businesses:
Female Entrepreneur Business Male Entrepreneur Business
 In female owned entities the
controlling and managing or all
operational activities are lies in hand of
single female entrepreneur solely.
 Women entrepreneur along with profit
 In context of enterprise owned by male
the activities and functioning of whole
business are operated or managed by
male entrepreneur.
 Men entrepreneurs on other hand
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motive also works in providing some
welfare contribution to society, for the
betterment of the society (Henrekson
and Sanandaji, 2014).
 They are more chances of hazards and
loss in business ownership, in context
of female ownership business.
focuses on economy and costs, rarely
they focus on the sustainability of
society.
 Men entrepreneurs are more able to
take risks in businesses and adapts or
follow the philosophy of “no risks then
no gain”.
Similarities between Female and male businesses:
Female Entrepreneur Business Male Entrepreneur Business
 The main motive of women
entrepreneurs is to manage the business
and family perfectly and maximise
outcomes from business.
 The process of achieving success
growth and sustainability, it is essential
to apply new inventive and innovative
ideas in new business opportunities for
cop-up with changing needs and desires
of consumers.
 The maximisation of profits and
attaining business growth are the only
two the only objectives of male
entrepreneur business.
 Another purpose of male entrepreneur
is to innovate the existing products and
create inventions with the help of
research and development department.
Difference between Lifestyle ventures and Serial entrepreneurs:
Lifestyle businesses Serial entrepreneurs business
 These ventures prefer quality of passion
before maximisation of profits and for
this motive they opt for business model
that consists of securing personal
interests, knowledge, expertise with
ability to maximise the profit
(Blackburn, Hart and Wainwright,
 These entrepreneurs regularly engage
new and innovative ideas, convert them
in new business opportunities and to
generate great outcomes.
 Serial entrepreneur engages in making
something unique and different that
attracts the customer. For that they
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2013).
 A lifestyle entrepreneur basically
consolidate some interest or passion
with their profession and do not
diversify their business stream so that is
why helpful in remaining the control
over the enterprise but not coordination
in workings.
delegates activities to proficient
individuals according to their speciality
in different jobs it ensures controlling as
well as coordination in workings.
Similarities between Lifestyle ventures and Serial entrepreneurs:
Lifestyle ventures Serial entrepreneurs
 These are those individual that used to
create a business with the aim of
altering their individual lifestyle and
cannot have the motive of earn sole
profit.
 As these types of entrepreneurs aimed
more on their life rewards which would
provide people that can enjoy and have
a passion for they are doing business.
 These are those people that can
establish an enterprise with the motive
of solving social issues or effective
changes in effective manner.
 Also like lifestyle entrepreneur they
have high propensity for innovation,
creativity and change.
TASK 2
P3 Interpretation of the impact of small businesses over the whole economy.
It has been observed that in recent past years the private organisations performing the
integral part in judicious condition of a country (UK). The three types of businesses are currently
operating in UK namely, Small, medium and substantial. these businesses reflect the great
impact on economy of UK. Their operations contribute dominant efforts to society by providing
the great employment opportunities (Gordon, Hamilton and Jack, 2012). Not only this, UK
government promotes these small firms by several ways like diminishing duties, rebate in taxes
etc. they contribute in development of economy of UK at the time of withdrawal, these can be
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termed as autonomous ventures, as these influences the economy in insistently or conflictingly
manner. This seems to be more crucial that most of the business through low capital, lack of
support and improper ideas can sometime affect their ability of work effectively in coming
period of time.
They would have innovative skills and knowledge that would assist the manager to
execute their operational activities more effectively in coming period of time. The business is
operating through the use of limited resources but their profitability is comparatively maximum
that can assist the economy to grow their business more vastly and attaining maximum earning
during the period of time. Large business organisation is having strong implication on the overall
economic development because of which they can contribute in the overall attainment of nation
income for the company. Most of the business used to follow certain government policies that
can affect the taxation of micro enterprises as these are changes constantly.
Micro as well as Small businesses and their Contribution within the growth of UK
Particular Number of
Employees
Assets Total Annual Sales
Micro-Enterprises <10 ≤ £2 m ≤ £2 m
Small Enterprises <50 ≤ £10 m ≤ £10 m
Medium sized
Enterprises.
<250 ≤ £50 m ≤ £43 m
Employment Creation – In UK, over half of the population is working in private
organisations; more than 30% individuals are engaging in private venture associations which are
small. Every one of these exercises helps with promoting expectation for everyday comforts of
individuals in regard of rising level of income which additionally create money related skills and
ability of individuals.
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(Source: Local impact, 2016)
Interpretation: According to the above chart, it can be determining that small firms canreduces
unemployment rates of UK. From 2009 to 2015, there is increase in jobs from 30 lacs to 60 lac
because of SMEs growth.
Infrastructural Development – In recent past years, independent ventures contributed in
creating better economy framework of the country in context of immature or underdeveloped
regions. In order to satisfy corporate social obligations, these organisations have tendency to
ensure foundation of a specified zone; they provide fundamental facilities to individuals, such as
– correspondence facilities, transportation etc.
Decrease in Unemployment – After the event of Brexit, UK economy had to face the
ordeal of joblessness, the few limited time exercises are presented by government regrading
prevention of unemployment and Poverty out of the economy. Government Supports make an
individual more confident as well as autonomous. It creates standards of local society as well as
local networks.
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Illustration 1: Local impact

(Source: Impact of SME's on economy of UK, 2017)
Analysis: On the basis of above graphs, it is observed and analysed that all small firms
contributes to employment rate by 48% which is more than a medium rate of 12% and large by
40%. moreover, turnover of small is 37% and medium is 15% which is lower than large that is
49%.
P4. Examining how the small businesses and new businesses were inevitable growth of the social
economy after “Brexit”
“Brexit” refers to impending withdrawal of Britain (U.K) from the European union. On
the event occurred on 23 June 2016, the 52 % people of Britain wants the Britain free from the
grip of European union. They voted referendum in support of Britain's withdrawal. This event
leaves great impact on the UK economy, as UK's economy declines by 2.4% in 2017. not only
this the European Union imposed the penalty in form of withdrawal fees on UK of 3 million
pounds over two years.
Impacts: It mainly affects the import and export prices of goods and removes the tariff
free trade in UK. Approximately about 150 imports and some exports increases the prices of
British goods in comparison of EU nation's export. During that era the small or micron
businesses and their start-ups assisted the UK's economy. Here start-ups refer to the temporary
businesses or ventures that are formed to carry bout the scalable and repeatable businesses.
Although the small or micro businesses refers to the self-owned business operates at small scale
with limited capital investment and resources. That time both of these kinds of businesses plays
an integral part in growth of UK's economy as they are major sources of employment
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Illustration 2: Impact of SME's on UK's
economy

opportunities and helpful in reducing the unemployment rate of nation. There are some
impotencies of these small-sized businesses and start-ups in growth of UK's economy.
 Small scale and start-ups creates the great employment opportunities in UK economy,
after the “Brexit” there was the increment of 41% employment opportunities created by
these both kinds of businesses.
 “Brexit leads to abolishment of industrial sector, it leads to creation of policies related to
exports and imports from UK and it increases the imports from the developing economies
like India, Africa and Middle east.
M2: Analysis of the small and medium business economy
SMEs are one of the primary concern for the nation, it will tend to determine their existence
in the market. This will also help in organising resource that can satisfy the requirement up to an
extent. They used to provide employment to those that are unemployed or those that cannot have
the ability to perform their role within an organisation. Whereas, large business organisation is
development of the economy of the nation through creating large amount of earning for the
nation with the help of their available skills and knowledge that are carried with them.
D2: Implication of SMEs industries on various level of economy
The small scale enterprises consist of hand made and other handicraft items that can draw
the attention of people towards them. These types of sectors cannot generate specific amount of
profits but totally impacts the growth as well as economic condition of that particular nation.
This will attract number of shareholder and investors while making overall investments in their
business operations. An effective training is being provided to the artisans in increasing the
capability and skills of employees those are working with the motive of earning profitability of
the company.
TASK 3
P5 Some features, traits as well as skills of successful entrepreneurs
An entrepreneur is working for Nom Foods whose organiser is Steph Croft- Simon. She
has established in 2015 which is concerned with the peoples working for special units. This
arrangement is made in order to create sorting of items. In UK it was the first popcorn. In this,
she said about the product that, it was an abundant scope which is accessing in market
counterfeit with its artificial flavours. The idea made on natural and organic popcorns is draws
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for wide number of peoples. In this, individuals are getting attracted towards it. From this, they
are being conscious in concern with that. Steph has its own characteristics with having capacity
to take risk, working enthusiastically, diligent employee, versatility and adaptive by nature. By
having critical thinking of attitude can encourage many of the women in business venture. She
has adopted many of the principles in order to work with great organizer and instructive
foundation. The nature by which she is dealing with have a successful life. Steph has
manufacturing power in leading with positive market of her organisation Nom Foods( Berglund,
Johannisson and Schwartz, 2012).
Hard-working and dedication: Steph is dealing with unique characteristics and traits
that makes an essential attribute which assists its work in conducting with individual activities.
She is working in full dedication towards its successful work process. Steph and Joe both are
hard working as well as successful entrepreneurs. They are making timely attainment of its goals
and objectives. She has skilled aid in making activities its business more successful and making
focus on achieving customers focus on product.
Flexible: It is an another trait and characteristics which an entrepreneur makes their
image in achieving position in market place. Essentially they have its own achieving quality and
characteristics with support by accepting situations for occurring acceptance in finding out. Due
to having dynamic environment Steph faces successfully nerve support in certain situations. The
task and problem faced by Steph has trait characteristics and create changes by out looking or
making commitment. This personality is facing multiple of concepts and leading by switching
thinking and attention of tasks.
The above comparison of Steph can be done from the manager he was the individual
which have started IT business with the motive to grow and led at global level successfully over
specific period of time. He completed his graduation from local UK University and develop an
interesting personality as per a manager has not. He was considering to be one of the most skilled
full person of University because of his entrepreneurial skills. With the increasing demand of
skilled entrepreneur Joe wood was able to bring up his family and raised the standard of living.
He was the on to led the manager world by running such a successful business in such a few year
and set an example for rest of the start-up's entrepreneur.
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P6 How Entrepreneurial personality reflects the Entrepreneurial mind-set and motivation
It is essential for an organisation to use latest skills that are lead to future growth and ideal
entrepreneurs that consists of innovative, risk taking ability and other feature that can make them
different from one another. It has been found that there is direct connection among the two
famous entrepreneurs such as Mark Zuckerbury and Steve jobs. Both of them is having
innovative ability to transform new thinks in the market that can changes complete scenario of
the present world. There are five qualities of character which would be analysed by the help of
through Big Five Framework:
 Openness to experience: This seems to be effective feature such as imagination as well
as people insight. People would have a high under this trait that would also having a wide
range of interests. They are more curious regarding the nature and other people enjoy
their new experiences. In this case, people are more adventurous and creative.
 Conscientiousness: There are certain features which is related with specific dimension
having high levels of thoughtfulness, good impulse control and positive directed
behaviours. These types of people tend to organise their work more in details. They used
to spend their crucial activities in more fast and quick manner (Storey, 2016).
 Extraversion: These are characterized by certain excitability, sociability, assertiveness
and high level of emotional expressiveness. Most of the people those are extraversion are
outgoing and tend to gain specific energy in social situation. It is all around other people
that can assist them to feel energetic and excited.
 Agreeableness: This Ideal quality in personality trait makes an entrepreneur to be
trustable and honourable in nature. It is an important trait for people that is having high
in agreeableness that tends to be more cooperative during those low in this traits which
would tends to be more competitive and sometimes even more manipulative.
 Emotional stability: It is basically related with that particular characteristic those are
associated with sadness, moodiness and emotional instability. These are lower which
tend to be more stable and emotionally tough (Ramadani, 2013).
M3: Characteristics of Entrepreneurs
A well capable individual is having various feature that can make different from the normal
person. The employees of an organisation would also affect the overall growth of an organisation
because of skills and quality that are carried by the person while working within an organisation.
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If an organisation has plenty of skilled and capable task forces than it can attain maximum,
chances of success in coming period of time. It can be understanding through an enterprise that
wants to attain growth with the proper utilisation of resources.
D3: Trait, skills and motivational drivers of successful entrepreneurs
There are various effective skills those are required to be carried by the successful
entrepreneurs in their daily business operations. Some of them are mentioned below:
Vision: It has been found that each individual entrepreneur is having specific vision for
which an organisation has been built.
Flexibility: There is one of the most effective ability that can make entrepreneurs more
successful in the coming period of time. The organisation can do specific changes in any point of
time in which it feels crucial as per the demand of the situation.
Traits of entrepreneurs:
 Strategy: The primary planning that is adopted by the entrepreneur can proof a valuable
trait for an organisation.
 Communication: It is valuable for an organisation to develop a well organise
communication system that can assist better understanding among one another.
TASK 4
P7. Examining how experience as well as background can effect in hindering or fostering of
entrepreneurs
There are various vital factors can affect individual control and abilities of an individual
entrepreneur:
Family Background: Steve Jobs is said to be most successful person in their respective
field and was the founder of Apple corporation (USA). There is great support from the family
care plays dominant role for an individual to form an entrepreneur, it would help an individual to
examine and contribute all efforts whatever they want without any stress that give favourable or
good outcomes. As in other case, of the founder of Facebook the Marks Zuckerberg when he was
in his struggle time and facing several ordeals or associated with the social media among the
community with this family that can indicate them to great care that make him able to deal with
ordeals bravely and remove all negative claims (Burrows, 2015.).
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Nationality: It significantly impacts entrepreneurial inspiration and its thinking ability. It
is on the areas that comes from same nationality, it turns out to be simple for business person to
examine and assess culture of that particular country in efficient and effective way. Likewise,
being from same nationality encourages persons to select gains and trust of its clients. If there
should arise an incident of Bill Gates and Mark Zuckerberg one of the real purpose for their
success and popularity is been having a place with same starting point in where they initiated
their business.
M4: Relation among the entrepreneurs and characteristics
There are various specific characteristics as well as background which is possess by the
entrepreneurs. It can assist them in performing their role in more effective manner. In case the
enterprises are having a skilful taskforce the chances of growth and sustainability in the market
can be more. The employees of an organisation and it background of employees can also
contribute in the success of the firms. The manpower is one of the strength of the company. The
basic characteristics of employee’s contribution is to attain success for the company by proper
utilisation of resources.
D4: Positive and negative experience that can impacts on entrepreneurs
It has been seen that most of the business entrepreneurs is having both negative as well as
positive implication in their everyday business operations. It has been clear that positive impacts
can motive the people to perform their role in effective and efficient manner. Whereas negative
impacts can lead to create lot of mistake, bias and other weakness among the employees. The
overall performances can also be get affect because of these implications.
CONCLUSION
From the above report it has been determined that the entrepreneurship is the essential
thing for the creation of the inventions and innovations with the existing products and this is the
important thing for the improving the living standard of the society by creation of the inventions.
Also it is essential for the growth of the businesses throughout the economy which is crucial for
growth. Not only this entrepreneurship results creation of new employment opportunities and
reduction of unemployment rate from the economy.
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REFERENCES
Books and Journals:
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