Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall
Chapter# 2Prepared by: Muhmmad usman ikram roll # 94 waqas majeed roll# 95 shoaib ramzan roll # 104          Copyright ...
CHAPTER   2Inside the Entrepreneurial Mind: Inside the Entrepreneurial Mind:      From Ideas to Reality      From Ideas to...
Chapter 2Inside the Entrepreneurial Mind   From Ideas to RealityThe best way to have a good idea is to have lots of ideas....
   Creativity – the ability    to develop new ideas    and to discover new    ways of looking at    problems and    oppor...
 Innovation – the ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives...
Entrepreneurship     Entrepreneurship – the result of a      disciplined, systematic process of      applying creativity ...
Failure: Part of the                                   Creative Process!             For every 3,000 new product ideas:  ...
Can We Learn to Be Creative?                  Yes! By overcoming paradigms and by suspending     conventional thinking lon...
What is paradigm?             Paradigm is preconceived idea of what              the world is, what it should be like, an...
How the human brain works?             There is two types of              hemispheres of brain              that tends to...
Left brain thinking vertically. It              handles our language, logic and              symbols;              Right b...
Left-Brained or                                         Right-Brained?        Entrepreneurship requires both left-and     ...
Barrier of creativity1) Searching for one right answer:         The first mental lock of creativity is that    we are look...
Barrier of creativity        3) Blindly following the rules:               Another mental lock is that we follow          ...
4) constantly                                        being practical:               imaging impractical answer to “what   ...
Barrier of creativity   5) viewing play as frivolous:          A playful attitude is the fundamental    to creative think...
Barrier of creativity             6) Becoming overly specialized:                    creative thinker tends to be        ...
Barrier of creativity             7) Avoiding ambiguity:                    Ambiguity can be powerful creative           ...
Barrier of creativity             8) Fearing looking foolish :              The fool’s is to whack at habits and         ...
   9) Fearing mistakes and failure:  Creative people realize that trying something new   often leads to failure. A famous...
Barrier of creativity    10) Believing that “I am not creative”:          Some people limit themselves because they    be...
Tips for Enhancing    Organizational CreativityEnhancing organizational creativity:1) Embracing diversity:       One of th...
Tips for Enhancing    Organizational Creativity3) Expecting and tolerating failure:  Creative ideas will produce failures ...
Tips for Enhancing                     Organizational Creativity        5) Viewing problems as challenges:           Every...
6) providing creativity training :              Almost everyone has the capacity          to be creative, but developing t...
Tips for Enhancing    Organizational Creativity7) Providing support:   Entrepreneurs must give   employees the tools and t...
Tips for Enhancing  Organizational Creativity9) Rewarding creativity : Entrepreneur can encourage creativity by rewarding ...
Tips for Enhancing                     Individual CreativityCh. 2: Inside the Entrepreneurial Mind   Copyright © 2011 Pear...
Tips for EnhancingIndividual Creativity   Allow yourself to be creative   Give your mind fresh input every day   Recogn...
Tips for Enhancing                                Individual Creativity                 Talk to a child                 ...
The Creative Process     Preparation                                  Investigation                                       ...
The Creative Process     Preparation                                  Investigation                                       ...
Preparation   Preparation:     This step involves getting the mind ready for    creative thinking. Preparation might incl...
Preparation Clip articles of interest to you and create  a file for them Take time to discuss your ideas with  other peo...
The Creative Process     Preparation                                  Investigation                                       ...
Investigation             This step requires developing               a solid understanding of the               problem,...
The Creative Process     Preparation                                  Investigation                                       ...
Transformation Involves viewing both  the similarities and the  differences among the   information collected. Two types...
Transformation   How can you transform information    into purposeful ideas?     Grasp the “big picture” by looking for ...
The Creative Process     Preparation                                  Investigation                                       ...
Incubation           Allow your subconscious           to reflect on the information            collected.               ...
The Creative Process     Preparation                                  Investigation                                       ...
Illumination             This phase of the creative process              occurs at same point during the              inc...
The Creative ProcessPreparation            Investigation                                         Transformation Incubation...
Verification   Validate the idea as accurate     and useful.       Is it really a better solution?       Will it work? ...
The Creative ProcessPreparation            Investigation                                         Transformation Incubation...
Implementation             The focus of this step is to transform              the idea into reality. Plenty of people   ...
Techniques for Improving   the Creative ProcessBrainstorming: The goal is to create a large quantity of novel and imaginat...
Brainstorming Guidelines   For a brainstorming session to be    successful, entrepreneurs should follow    these guidelin...
Brainstorming Guidelines   Take a field trip.   Appoint a recorder.   Use a seating pattern   Throw logic out the wind...
Techniques for Improving the     Creative Process Mind-mapping    A graphical technique that encourages     thinking on ...
Techniques for Improving the              Creative Process             Force Field Analysis                 A useful tec...
Techniques for Improving the              Creative Process                 Rapid                  Prototyping            ...
Protecting Your Ideas   Patent – a grant from the Patent and    Trademark Office to the inventor of    product, giving th...
The Six Steps to a Patent          6. File the patent application        5. Complete the patent application      4. Study ...
Protecting Your Ideas   Trademark – any distinctive word,    symbol, design, name, logo, slogan, or    trade dress a comp...
Protecting Your Ideas   Copyright – an exclusive right that    protects the creators of original works    of authorship s...
Conclusion   The creative process is a tenant of the    entrepreneurial experience.   Success, and even survival itself,...
Questions   ?            2 - 60
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  • chapter # 2 entrepreneureship

    1. 1. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall
    2. 2. Chapter# 2Prepared by: Muhmmad usman ikram roll # 94 waqas majeed roll# 95 shoaib ramzan roll # 104 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2-2
    3. 3. CHAPTER 2Inside the Entrepreneurial Mind: Inside the Entrepreneurial Mind: From Ideas to Reality From Ideas to Reality
    4. 4. Chapter 2Inside the Entrepreneurial Mind From Ideas to RealityThe best way to have a good idea is to have lots of ideas. Linus Pauling
    5. 5.  Creativity – the ability to develop new ideas and to discover new ways of looking at problems and opportunities; thinking new things Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2-5
    6. 6.  Innovation – the ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives; doing new things. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2-6
    7. 7. Entrepreneurship Entrepreneurship – the result of a disciplined, systematic process of applying creativity and innovation to the needs and opportunities in the marketplace. Entrepreneurs connect their creative ideas with the purposeful action and structure of a business.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2-7
    8. 8. Failure: Part of the Creative Process!  For every 3,000 new product ideas:  Four make it to the development stage.  Two are actually launched.  One becomes a success in the market.  On average, new products account for 40% of companies’ sales!!  Creativity is an important source of building a competitive advantage.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2-8
    9. 9. Can We Learn to Be Creative? Yes! By overcoming paradigms and by suspending conventional thinking long enough to consider new and different alternatives! Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2-9
    10. 10. What is paradigm?  Paradigm is preconceived idea of what the world is, what it should be like, and how it should operate.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 10
    11. 11. How the human brain works?  There is two types of hemispheres of brain that tends to specialize in certain functions.  Left brain  Right brain .Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 11
    12. 12. Left brain thinking vertically. It handles our language, logic and symbols; Right brain takes care of our body’s emotional,intutive, and spatial functions.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 12
    13. 13. Left-Brained or Right-Brained? Entrepreneurship requires both left-and right-brained thinking.  Right-brained thinking draws on divergent reasoning, the ability to create a multitude of original, diverse ideas.  Left-brained thinking counts on convergent reasoning, the ability to evaluate multiple ideas and to choose the best solution to a problem.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 13
    14. 14. Barrier of creativity1) Searching for one right answer: The first mental lock of creativity is that we are looking for the one right. In fact each question has more than one right answer. But we do not look for other answer and did not search for other answer.2) Focusing on ” being logical” : Logic is the valuable part of creativity process, especially when evaluating ideas and implementing them. However, in early imagination phases of the process, logical thinking can restrict creativity. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 14
    15. 15. Barrier of creativity 3) Blindly following the rules: Another mental lock is that we follow the rules blindly and are not thinking new things. Sometimes creativity depends on our ability to break the existing rules so that we can see new ways of doing things.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 15
    16. 16. 4) constantly being practical: imaging impractical answer to “what if” question can be powerful way to creative ideas. Suspending practicality for while frees the mind to consider creative solutions that otherwise might never arise.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 16
    17. 17. Barrier of creativity 5) viewing play as frivolous: A playful attitude is the fundamental to creative thinking. Play gives us the opportunities to reinvent reality and to reformulate established ways of doing things. Creativity results when entrepreneurs take what they learned at play, evaluate it, confirm it with other knowledge, and put it into practice. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 17
    18. 18. Barrier of creativity  6) Becoming overly specialized: creative thinker tends to be “explorer” , searching for ideas outside their areas of specialty. Defining a problem as one of “marketing” or production”, or some other area of specialty limits the ability to see how it might be relate to other issues.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 18
    19. 19. Barrier of creativity  7) Avoiding ambiguity: Ambiguity can be powerful creative stimulus; it encourages us to “think something different’. Ambiguity, however, requires us to consider at least two different, often logical relation feelings at same time, which is a direct channel to creativity. Ambiguous situation force us to stretch our mind beyond their normal boundaries and to consider creative options we might otherwise ignore. Entrepreneur often find business opportunities by creating ambiguous situation.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 19
    20. 20. Barrier of creativity  8) Fearing looking foolish : The fool’s is to whack at habits and rules that keep us thinking in the same old ways. Entrepreneurs are the top- notch “fools”. They are constantly questioning and challenging accepted ways of doing things and assumptions that go with them.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 20
    21. 21.  9) Fearing mistakes and failure: Creative people realize that trying something new often leads to failure. A famous inventor Charles F.Kettering, explains, “You failBecause your ideas aren’t right,but you should learn to failintelligently. When you fail, find out why failed and eachtime it will bring you nearer to goal. Entrepreneurs equate failure with innovationrather than defeat. © Copyright 2 - 21 2011 Pearson Education, Inc. Publishing as Prentice Hall
    22. 22. Barrier of creativity 10) Believing that “I am not creative”: Some people limit themselves because they believe that they are not creative. But a successful entrepreneur recognize that thinking” I’m not creative” is merely an excuse for inaction. Everyone has within him or her potential to be creative; not every one tap that potential, however successful entrepreneurs find a way to unleash their creative powers on problems and opportunities. Conclusion: By avoiding these 10 barriers, entrepreneurs can unleash their own creativity and the creativity of those around them as well. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 22
    23. 23. Tips for Enhancing Organizational CreativityEnhancing organizational creativity:1) Embracing diversity: One of the best ways tocultivate a culture of creativityis to hire a diverse workforce.2) Expecting creativity: Employees tend to rise-or fall- to the level of expectations entrepreneurs have of them. One of the best ways to communicate the expectation of creativity is to give employees permission to be creative. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 23
    24. 24. Tips for Enhancing Organizational Creativity3) Expecting and tolerating failure: Creative ideas will produce failures as well as successes. People who never fail are not being creative. Creativity requires taking chances, and managers must remove employees’ fear of failure.4) Encouraging curiosity: Entrepreneurs and their employees constantly should ask: what if” questions and take a “maybe we could…” attitude. Doing so allows them to break out of assumptions that limit creativity. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 24
    25. 25. Tips for Enhancing Organizational Creativity 5) Viewing problems as challenges: Every problem offers the opportunity for innovation. Entrepreneurs who allow employees to dump all their problems on their desks to be “fixed” do nothing to develop creativity within those employees.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 25
    26. 26. 6) providing creativity training : Almost everyone has the capacity to be creative, but developing that capacity requires training. Training accomplished through books, seminars, workshops, professional meetings can help everyone learn to tap their creative capacity.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 26
    27. 27. Tips for Enhancing Organizational Creativity7) Providing support: Entrepreneurs must give employees the tools and the resources they need to be creative. One of the most valuable resources is time.8) Developing a procedure for capturing ideas: Workers in every organization come up with creative ideas; however, not every organization is prepared to capture those ideas. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 27
    28. 28. Tips for Enhancing Organizational Creativity9) Rewarding creativity : Entrepreneur can encourage creativity by rewarding it when it occurs. Financial rewards can be effective motivators of creative behavior, and as well as nonmonetary rewards.10) Modeling creative behavior: Creativity is “caught” as much as it “taught”. Companies that excel at innovation find that passion for creativity starts at top. © Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 28
    29. 29. Tips for Enhancing Individual CreativityCh. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 29
    30. 30. Tips for EnhancingIndividual Creativity Allow yourself to be creative Give your mind fresh input every day Recognize the creative power of mistakes Keep a journal to record your thoughts and ideas Listen to other people Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 30
    31. 31. Tips for Enhancing Individual Creativity  Talk to a child  Keep a toy box in your office  Read books on stimulating creativity or take a class on creativity  Take some time offCh. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 31
    32. 32. The Creative Process Preparation Investigation Transformation Incubation Illumination Verification ImplementationCh. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 32
    33. 33. The Creative Process Preparation Investigation Transformation Incubation Illumination Verification ImplementationCh. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 33
    34. 34. Preparation Preparation: This step involves getting the mind ready for creative thinking. Preparation might include a formal education, on-the-job training, work experience, and taking advantage of other learning opportunities. How can you prepare your mind for creative thinking? Adopt the attitude of a lifelong student Read…a lot…and not just in your field of expertise Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 34
    35. 35. Preparation Clip articles of interest to you and create a file for them Take time to discuss your ideas with other people Join professional or trade associations and attend the meetings Invest time in studying other. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 35
    36. 36. The Creative Process Preparation Investigation Transformation Incubation Illumination Verification ImplementationCh. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 36
    37. 37. Investigation  This step requires developing a solid understanding of the problem, situation, or decision at hand. To create new ideas and concepts in a particular field, an individual first must study the problem and understand its basic components. Creative thinking comes about when people make careful observations of the world around them and then investigate the way things work.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 37
    38. 38. The Creative Process Preparation Investigation Transformation Incubation Illumination Verification ImplementationCh. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 38
    39. 39. Transformation Involves viewing both the similarities and the differences among the information collected. Two types of thinking are required:  Convergent – the ability to see the similarities and the connections among various and often diverse data and events.  Divergent – the ability to see the differences among various data and events. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 39
    40. 40. Transformation How can you transform information into purposeful ideas?  Grasp the “big picture” by looking for patterns that emerge.  Rearrange the elements of the situation.  Use synaptic, taking two seeming nonsensical ideas and combining them.  Remember that several approaches can be successful. If one fails, jump to another. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 40
    41. 41. The Creative Process Preparation Investigation Transformation Incubation Illumination Verification ImplementationCh. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 41
    42. 42. Incubation  Allow your subconscious to reflect on the information collected.  Walk away from the situation.  Take the time to daydream.  Relax – and play – regularly.  Dream about the problem or opportunity.  Work on the problem in a different environment.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 42
    43. 43. The Creative Process Preparation Investigation Transformation Incubation Illumination Verification ImplementationCh. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 43
    44. 44. Illumination  This phase of the creative process occurs at same point during the incubation stage when a spontaneous breakthrough causes “the light bulb to go on". It may take place after five minutes __ or five years.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 44
    45. 45. The Creative ProcessPreparation Investigation Transformation Incubation Illumination Verification Implementation Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 45
    46. 46. Verification Validate the idea as accurate and useful.  Is it really a better solution?  Will it work?  Is there a need for it?  If so, what is the best application of this idea in the marketplace?  Does this product or service fit into our core competencies?  How much will it cost to produce or to provide?  Can we sell it at a reasonable price that will produce a profit? Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 46
    47. 47. The Creative ProcessPreparation Investigation Transformation Incubation Illumination Verification Implementation Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 47
    48. 48. Implementation  The focus of this step is to transform the idea into reality. Plenty of people come up with creative ideas for promising new products or services, but most never take them beyond the ideas stage.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 48
    49. 49. Techniques for Improving the Creative ProcessBrainstorming: The goal is to create a large quantity of novel and imaginative ideas. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 49
    50. 50. Brainstorming Guidelines For a brainstorming session to be successful, entrepreneurs should follow these guidelines: Keep the group small – “five to eight members” Make the group as diverse as possible Emphasize that company rank is irrelevant. Have a well-defined problem, but don’t reveal it ahead of time. Limit the session to 40 to 60 minutes. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 50
    51. 51. Brainstorming Guidelines Take a field trip. Appoint a recorder. Use a seating pattern Throw logic out the window Encourage all ideas from team Establish a goal of quantity of ideas over quality of ideas Forbid evaluation or criticism of any idea Encourages participants to use “idea hitch- hiking’, Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 51
    52. 52. Techniques for Improving the Creative Process Mind-mapping  A graphical technique that encourages thinking on both sides of the brain, visually displays relationships among ideas, and improves the ability to see a problem from many sides.The mind mapping process works this way: Start by writing down or sketching a picture Write down every idea that comes into your mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 52
    53. 53. Techniques for Improving the Creative Process  Force Field Analysis  A useful technique for evaluating the forces that support and oppose a proposed change.  Three columns:  Center: Problem to be addressed  Left: Driving forces  Right: Restraining forces  Score each force (-1 to +4) and add them.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 53
    54. 54. Techniques for Improving the Creative Process  Rapid Prototyping  Transforming an idea into an actual model that will point out flaws and lead to design improvements.Ch. 2: Inside the Entrepreneurial Mind Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 54
    55. 55. Protecting Your Ideas Patent – a grant from the Patent and Trademark Office to the inventor of product, giving the exclusive right to make, use, or sell the invention for 20 years from the date of filing the patent application. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 55
    56. 56. The Six Steps to a Patent 6. File the patent application 5. Complete the patent application 4. Study search results 3. Search existing patents 2. Document the device1. Establish the invention’s novelty Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 56
    57. 57. Protecting Your Ideas Trademark – any distinctive word, symbol, design, name, logo, slogan, or trade dress a company uses to identify the origin of a product or to distinguish it from other goods on the market. Servicemark – the same as a trademark except that it identifies the source of a service rather than a product. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 57
    58. 58. Protecting Your Ideas Copyright – an exclusive right that protects the creators of original works of authorship such as literary, dramatic, musical, and artistic works. Copyrighted material is denoted by the symbol ©. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 58
    59. 59. Conclusion The creative process is a tenant of the entrepreneurial experience. Success, and even survival itself, requires entrepreneurs to tap their creativity. The seven steps of the creative process transform an idea into a business reality. Creativity results in value, and value provides a competitive advantage. Entrepreneurs protect their creative ideas with patents, trademarks, servicemarks, and copyrights to sustain a competitive edge. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 2 - 59
    60. 60. Questions ? 2 - 60

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