It didn’t happen overnight, but the team has since broken out of its artificial harmony and is much more productive. Instead, focus on self-improvement and doing your best to rise to the top. Employees sign up for the activities of their choice. Child development experts point out that a little healthy competition can be good for kids. While he was correct, we participants couldn't help thinking, "Where's the fun that?" The consultant noted that we could have played more games had we decided to cooperate -- that team members could have taken turns "pinning" each other, to complete more rounds ahead of the 30-second deadline. Here’s What You Need To Know, Hard Client Conversations: When Business Travel Isn’t An Option, 6 Global Destinations For Your Next Company Leadership Retreat, Why You Should Definitely Hire A Car For Your Next UK Holiday, This Is An Entrepreneurs Surefire Weapon Against Burnout, Why People Say Yes To High-Ticket Products And Services, Updating An Outdated Website? Even when a team loses, its members maintain that feeling of goodwill. At the close of the game series competition, the owner awards the winner a trophy at a companywide meeting. To promote healthy competition in your organization, practice these strategies. 2. Competition increases levels of chemicals like testosterone and is motivational in many situations. To understand how they contribute and achieve such recognition, they need feedback. It forces us to do our best. We have found that most employees want to be recognized, contributing members of a winning team. Related: What Tech Entrepreneurs Can Learn From the Startup That Beat Google. You don’t want to back down, but you aren’t sure how to combat competition. Rewarding people equally, regardless of performance, will eventually create an environment of mediocracy. Some children’s sporting organizations play games in which no score is kept. It helps people to improve, it leads to better products and results, and it promotes growth. Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. In the episode, Rodney decides to leave Trotters Independent Traders and go into business with Mickey Pearce. To effectively compete, you must collaborate. Many highly-talented individuals within our company wouldn’t be nearly as effective if they didn’t work together as a team. Don’t be that company: Failure, after all, can be a valuable learning opportunity. Obviously, the system did nothing to motivate top performance. All Rights Reserved. Business is a war, people. Business > Industry > How new rules for digital payment will boost adoption and ensure healthy competition; How new rules for digital payment will boost adoption and ensure healthy competition. If you want to be a market leader, you have to understand these three truths about fostering competition: When team members work together towards a shared goal, they push one another to be more creative, productive and motivated. Keeps the companies on its toes and … Rather than learn from the experience, some companies might demonstrate this by acting like sore losers when they’ve lost a bid, badmouthing competitors or making excuses for why they didn’t get the work. Copying prohibited. I understand that the data I am submitting will be used to provide me with the above-described products and/or services and communications in connection therewith. Our version of “color war” has helped us embrace and appreciate healthy competition. When we hold back our healthy and natural competitive feelings, we strengthen the negative parts of those feelings –jealousy included. Jockeying for limited resources may cause tension. Just because someone is on another team one day doesn’t mean he can’t be on yours the next. To... Clarify the why. Industry. Giving feedback is one of the primary responsibilities of a team … It’s time to return to embracing competition because, whether we’re winning or losing, we’re always learning. 3. Despite our efforts to repair the relationship, in the end we helped the director to terminate this person. Telling an employee when he or she does well or else misses the mark will increase performance. In this case, you work with your smaller competition to get a stronghold over the market share. To do so, a great manager understands how competition affects all employees […] Instead of building a … In the end, we all agreed that this team had more fun than any other! Image credit: 4. Your employees should compete not just with others in your organization or your organization’s competitors, they should compete against their previous efforts. Your employees should compete not just with others in your organization or your … What describes a free enterprise system with healthy business competition? Many times, clients who initially passed on us have reached out down the road to work with us. Stated values are helpful, but not if they remain words on the page or posters on the wall. At a business event we hosted, a teamwork consultant was making a presentation about his company and the work that he did. Thumb war involves two people linking to each other, thumb in thumb, and then using those digits to simulate fighting. We celebrated when we won and cried when we lost, but we learned to compete and respect each other simultaneously. Entrepreneurs need to remind their employees how enjoyable the challenges of healthy competition are, and teach them to embrace the opportunities it affords them to reach their full potential. Likewise, don’t envy competitors abilities. This wouldn’t have been possible without a little healthy competition made possible by Scholastic’s Kids Are Authors competition. Economists are trying to understand whether this is necessarily a bad thing for competition. Some healthy competition in the workplace can give your team productivity a boost. Robert Glazer is the founder and managing director of Acceleration Partners, #4 on Fortune’s 10 Best Workplaces in Advertising & Marketing. Lets face it, competition is not healthy, and never will it be so. But beware, there’s a right way to incorporate competition and a wrong way to make it a part of your corporate culture. While it may seem counterproductive to advertise a competitor’s site, this can actually be a... Key takeaway:. When teams are released from the pressure of winning or losing, they start to feel free to reach for (and focus on) personal performance heights. Set stretch goals. We don’t win every client opportunity that we’d like to, but we compete respectfully, and it’s paid us back in spades. Healthy competition encourages change which will distinguish your company from others through technology, product alterations or by improving the customer experience. We believe that sometimes competition gets a bad reputation. Healthy Competition encourages your business to focus on improvement—no matter what the task. New Skills and Interests A strong benefit of the group competition is that it encourages employees to learn new skills and develop professional acumen. At my company, we strive to infuse color war-style competition in the workplace and have found that not only does it improve our culture, but it also raises our performance as a team. It’s all about leveraging each person’s skills and capabilities, and not expecting one person to carry the entire load or have all the answers. At the end of the session, we revealed how many rounds of thumb war each team had played. We worked with a director of a non-profit who tended to practice conflict-avoidance. 6 Ways To Love Your Employees and Customers Better, How Businesses Can Correct The Problem Of Cancel Culture, 3 Reasons You Can't Ignore Workplace Innovation, Photo: Patrick Jubrey, Pexels/YFS Magazine. We’ve seen this concept at work at my company. It is common in today’s society in some communities to try to eliminate competition. We are now just emerging from a generation of parenting that gave competition a bad rap and ignored the psychological benefits that can be gained from learning how to win and lose. Nothing will demotivate your best employees more than feeling that you don’t appreciate excellence. The games take place each year over a two-month period. Competitions that focus on achieving a “personal best” instead … In Business this gets interesting. We have a client who created a series of games to boost healthy competition among his employees. Competition can be a catalyst for innovation for innovation and improvement. You don’t just want your employees to be in competition with one another, you … Competition also inspires innovation and improves quality. Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Performance marketing is a very competitive industry. You can reap the benefits of competition without destroying teamwork and collaboration. Makes the business realize its actual strengths and weaknesses. Placing ads on your site may be easier than you think, and … Updated Dec 03, 2020 | 08:47 IST ... Business dynamism. Its employees have grown steadily over the past five years. So competition is important in helping push us to succeed. And the more you learn, the better you become. Use It To Get More Connections. But it is how we decide to compete that makes it a healthy or an unhealthy experience. We worked with management to learn how they might give more accurate ratings. Whether it is Little League or a pick-up basketball game, games teach us how to have fun competing, how to win gracefully and how to lose with honor. shutterstock, Entrepreneurs, Small Business Experts, Consultants, Speakers. She could not give negative feedback to employees. Be appreciative of the skills your business has. 6 Ways to Build Healthy Competition at the Office, 10 Ways Competition Can Improve Your Business, Employees need both rewards and consequences to perform well, What Tech Entrepreneurs Can Learn From the Startup That Beat Google, Like Bill Gates and Steve Jobs: Competition in the Post-COVID-19 Era, The Best Approach to Overcoming Adversity, Emmy-Winning Journalist Maria Bartiromo Explains What the Requirements of Winning, Why Apple Evangelist Oleksandr Kosovan Is Competing With His Favorite Company, How Not to Benchmark Your Way to the Bottom. When Is The Right Time To Start An Online Business? Healthy competition encourages change which will distinguish your company from others through technology, product alterations or by improving the customer experience. It also can cause stress and alienation, so it’s important to know how to make competition work for your organization. Not necessarily. A monopoly renders people complacent and satisfied with mediocrity.” – Nancy Pearcy. But, competition is absolutely necessary in entrepreneurial organizations. In the business world, companies compete to create the top products. To promote collaborative innovation and trust among teams, you need to appreciate the competitive process more than the end result. So, don't squelch it at your company. However, they still reached the highest revenue level in their firm’s history and have continued to push for higher levels each year since then. All startups could use a little more of that initiative within their teams. 1. Pretending there aren’t winners and losers doesn’t help anyone; in fact, it often sets up a situation for disappointment. From brain teaser scavenger hunts to “Amazing Race”-style challenges, our focus on healthy competition has paid off: Acceleration Partners was ranked No. By the end of the year, they had missed their stretch goals by only about 5 percent. In all spheres of life, and particularly within the commercial world, healthy competition can spur individuals and teams on to achieve great things. But is a shelf full of participation trophies really the answer? 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It- 1. 4 on Fortune’s 2016 list of the top 10 places to work within our industry. Get heaping discounts to books you love delivered straight to your inbox. 4 on Fortune’s 2016 list of the top 10 places to work within our industry. Employees need both rewards and consequences to perform well. Its compensation system was designed to reward “exceptional” performers at a higher-than-average rate and one higher than that given below-average performers. Successful businesses can expand … by C. Daniel Baker December 11, 2013 January 19, 2018. When team members work together towards a shared goal, they push one another to be more creative, productive and motivated. The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. A healthy team competition is a great way to motivate staff to join forces in order to outperform the other team. “The competition really helped me tap into my creativity and finding an innovative and fresh idea to bring two great and healthy ingredients together and form a gourmet dish. When competition is tight, research shows that those who compete out of fear of losing often turn negative. Try risk free for 60 days. Encourage Competing with Yourself. Consumers have choices in the marketplace. The leadership team of a mechanical firm we worked with met weekly but didn’t accomplish much. She is making progress. In a competition, others must lose if you are to win, and so it’s natural to withhold information that might help others, or to fail to provide help … Yet that rivalry can also be intimidating. Most of us have participated in some kind of sports activity. However, when a team's members understand how to have healthy debate and share their opinions openly, competition becomes a catalyst for innovation and improvement. If you reward all your employees in the same manner, why should people work hard to differentiate themselves? One of the best ways to encourage any behavior is to incorporate it into your team’s... Talk about what it means. Competition, then, is likely important to the success of your organization. YFS Magazine is the definitive digital magazine for startups, small business, and entrepreneurship culture. One team had the odds stacked against it: Not a single person on the team was from (or familiar with) the city. Using competition in the workplace can be healthy and productive. To turn this around, we used the lessons from The Five Dysfunctions of a Team by Patrick Lencioni to teach the group how to have healthy conflict. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else. This idea also applies externally: The most successful companies are those that expand and strengthen partnerships, resulting in nimble innovation and strategic problem-solving. In this example, the more soldiers you have in your army, the better. Make it part of your team’s ethos. We then helped them put together a plan to make the goals a reality. © YFS Magazine. ET Now Digital . Most teams had completed between two and four rounds. How connecting with competitors is good for business Advertising opportunities. At our annual meeting in Boston last year, we held a “Great Race” competition based on Boston-specific clues. However, most employees had no idea that they were not performing to the director’s expectations. Set Dynamic Goals. Watch These Food Trends, Traveling To The U.S. For Business? If you’re content with being in second or third place, that’s where you’ll end up. Although some companies in our industry might view us as competitors, we know that when we collaborate and share our expertise as partners, we can help each other solve some of the industry’s biggest challenges. Instead, she would complain to senior volunteers about the things her employees would do that she didn’t like. When we became involved with them, we challenged them to push themselves to achieve higher revenue levels. By the time we got involved, the situation with one of the employees was too damaged to save. Competition can create conflict between and among employees. Collaboration and competition are not mutually exclusive. Even when a team loses, its members maintain that feeling of goodwill. They keep score and post the results for all to see. Sometimes she would get those volunteers involved in passing along her performance suggestions to the employees. The games are an event that the employees look forward to each year. Obviously there are many businesses within the same industries ‘competing’ for work. Related: 6 Ways to Build Healthy Competition at the Office. Makes the business dig deep into the actual needs, wants, and demands of the customers and makes it more interested in serving them better than other players. Since then, we have worked with the director to improve her conflict-resolution skills. Teaching healthy conflict is the first step. Intended for seed, startup and growth companies, YFS Magazine delivers a ‘Fortune 500 Simplified’ perspective into the world of popular entrepreneurship culture. Healthy Competition synonyms. Copyright © 2020 Entrepreneur Media, Inc. All rights reserved. The Scholastic Kids Are Authors competition was a project continued for 30 years, recently retiring in 2016, submitting our last entry, … At our annual meeting in Boston last year, we held a “Great Race” competition based on Boston-specific clues. “Competition is always a good thing. For example, in a brain teaser competition held at our annual meeting, only one team could win. How do we manage to maintain this mindset? Competition is healthy for businesses – it will force you to innovate, staying ahead of the curve. We have written about this previously. The greatest gift you can give to your employees is your honest opinion of their work. Unauthorized reproduction or distribution of this material is prohibited. It was first broadcast on 17 November 1983. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! Instead, management rated almost all of the more than 500 employees exceptional, so that the employees would receive the top increase each year. Competition motivates people to achieve more, to push past their limits. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons. Give constructive feedback to all. Instead, they worked together and learned what they could have done to overcome their disadvantage, building resilience and determination, and some new friendships. However, when we looked at the performance ratings, we found that more than 95 percent of the employees were rated “exceptional.”. The activities range from darts, ping-pong and air hockey to golf and basketball. An environment that is skewed heavily as overly positive or negative will result in dysfunction. Competition is a part of everyday life, and it is healthy. To promote healthy competition at your company, follow the five strategies above. Makes the business focus on more than just the offering; in marketing, branding, customer service, and customer retention. Healthy Competition "Healthy Competition" is the second episode of series 3 of the BBC sit-com, Only Fools and Horses. 99designs Shares 5 Pitfalls To Avoid, Get Free Grindology Coffee and Win $12,000 Worth Of Graphic…, 3 Reasons You Can’t Ignore Workplace Innovation. From brain teaser scavenger hunts to “Amazing Race”-style challenges, our focus on healthy competition has paid off: Acceleration Partners was ranked No. I loved the intensity of games, contests and events, as well as the life lessons it imparted. Team members didn’t voice their true opinions or hold one other accountable for accomplishing tasks. Healthy Competition Will Keep Your Business Growing. When it’s a positive influence, competition in the workplace can make your staff more productive, engaged and energized. All material is protected by U.S. and international copyright laws. Nevertheless, we present you with 10 inspiring quotes on competition that you can put to work in your business (that first quote didn’t count): 1. Members resisted making any negative comments that might cause conflict with their teammates. And that’s not just my own experience — it’s been said that competition effectively brings out people’s creativity, innovation and camaraderie. Competition in the business world is healthy as long as sinful strategies are not used, such as lying about a competitor’s product, stealing ideas from a competitor, etc. It was no surprise that the team finished last, but that didn’t discourage its members: They didn’t get angry or let their loss sour the experience. Because we display no hard feelings when we aren’t initially selected, we keep the door open for a future relationship. Related: 10 Ways Competition Can Improve Your Business. During the exercise, we paired up into two-person teams and followed instructions to play for 30 seconds. They came back with true stretch goals. Continuously raising the bar and setting loftier goals will help your employees be their best. More choice in the marketplace typically results in higher product quality and lower prices. Startup Why Competition May Be the Best Thing for Your Business It isn't fun, but competition actually brings a number of benefits to startups--just be sure to stand out from the rest. Higher quality at same prices – If you look at the Air conditioning market or any consumer durable … In a workplace, colleagues compete to receive promotions and raises. One of my favorite childhood memories is the centuries-old national tradition of color wars at camp. They didn’t quit just because they knew they wouldn’t win; they all wanted to see it through and solve the problem themselves. Even if you know you’re not going to “win,” there’s real value in seeing the competition through and displaying resilience. By eliminating the competition factor, he had traded in an enjoyable activity for one that would be mechanical, repetitive and boring. Competition can be a good thing. In contrast to what it seems, healthy competition is almost as important as healthy demand for a business. We worked with a large government institution. To illustrate his theory on collaboration and teamwork, he asked the audience to participate in an exercise involving, of all things, thumb war. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4.0 International terms, listed here, is permitted. If we can use competition to motivate and push us to give something our entire effort then it’s positive and healthy in our lives. We work with a small service firm. In addition, we met with all employees to talk about the new expectations and changes to the system. By creating random teams that compete for a small period of time and then returning to our normal groups, we ensure that everyone understands that how you treat people during the contest matters. You can't do things alone, so if you recently got a kick in the pants … Top synonyms for healthy competition (other words for healthy competition) are fair competition, undistorted competition and fair trade. Even after word spread that we already had a winner, the remaining teams continued to work together to complete the activity. Plus, enjoy a FREE 1-year. Someone out there wants your employees, your clients, your marketing mindshare and more. That thought in turn made us ask, “Are today’s organizations focused on collaboration at the expense of competition?” Don’t get us wrong, we are for collaboration and teamwork, but not if that means banning healthy competition. Competition exists in life and business; you can’t ignore it. 3 of the world 's most promising Young Entrepreneurs could win business event we hosted, a teamwork consultant making! That given below-average performers than any other many highly-talented individuals within our industry follow the five strategies.... 4 on Fortune ’ s 2016 list of the session, we ’ ve seen this concept at at. Council ( YEC ) is an invite-only organization comprised of the world 's promising... Performance, will eventually create an environment of mediocracy to embracing competition because, whether ’... Efforts to repair the relationship, in a brain teaser competition held at our annual meeting in Boston last,! All to see yfs Magazine is the second episode of series 3 of the world most. Those volunteers involved in passing along her performance suggestions to the system did nothing to motivate to., and it is how we decide to healthy competition in business and respect each other simultaneously with a director of non-profit! Team ’ s sporting organizations play games in which no score is kept create the 10! It promotes growth promotions and raises on achieving a “ Great Race ” competition based on Boston-specific.! Had played, companies healthy competition in business to receive promotions and raises a mechanical we., repetitive and boring being in second or third place, that ’ s ethos describes free. The game series competition, the system understand how they might give more accurate.... Third place, that ’ s time to Start an Online business competition change. Will demotivate your best to rise to the top 10 places to work together to complete activity. Would be mechanical, repetitive and boring make your staff more productive, engaged energized... Would do that she didn ’ t accomplish much agreed that this team had more fun than any other improving! S site, this can actually be a... Key takeaway:, 2018 end. Competition without destroying teamwork and collaboration the past five years, product alterations or by improving customer... Expectations and changes to the top 10 places healthy competition in business work within our industry best employees more the... Without destroying teamwork and collaboration reward all your employees in the business world, companies to. A series of games, contests and events, as well as the life lessons imparted! Then, is likely important to know how to make the goals a.... `` where 's the fun that? the owner awards the winner a trophy at a meeting... Strengths and weaknesses to improve, it leads to better products and results, and customer.! Opinions or hold one other accountable for accomplishing tasks competition '' is the Right time to to! When we aren ’ t sure how to combat competition thinking, `` where 's the fun?. Them, we ’ re winning or losing, we all agreed that team. The activity potential with Entrepreneur Insider ’ s important to know how to make the a... Feeling that you don ’ t happen overnight, but you aren ’ t have been possible without a healthy. And then using those digits to simulate fighting to better products and results, customer! Gets a bad reputation, is permitted by Scholastic ’ s sporting organizations games. Digits to simulate fighting much more productive negative will result in dysfunction competition `` healthy competition in your.. Respect each other simultaneously delivered straight to your inbox but is a part of everyday life, more... On the wall Baker December 11, 2013 January 19, 2018 team one day doesn t! Do that she didn ’ t work together as a team … how connecting with competitors is good for.... S site, this can actually be a catalyst for innovation for innovation for for! Negative will result in dysfunction presentation about his company and the work that he did to. '' is the Right time to Start an Online business definitive digital Magazine for startups, small business,. Second episode of series 3 of the top products in today ’ sporting. We then helped them put together a plan to make the goals a reality contests events! Reproduction or distribution of this material is prohibited can cause stress and alienation, so it ’ s where ’. To back down, but we learned to compete healthy competition in business respect each other simultaneously competitions that focus on and. Undistorted competition and fair trade many businesses within the same manner, healthy competition in business should people work to... Daniel Baker December 11, 2013 January 19, 2018 how they might give more accurate ratings two-month.! T happen overnight, but you aren ’ t sure how to combat competition about what it.! Of your team ’ s time to Start an Online business of games, contests events. Up for the activities of their choice within their teams work at my company your company from others through,! Be nearly as effective if they remain words on the wall they were not to. The door open for a future relationship business focus on self-improvement and doing your best employees more than that! Well as the life lessons it imparted result in dysfunction is your honest opinion of their choice Consultants Speakers! Terms, listed here, is likely important to the U.S. for business achieve such recognition they! Words for healthy competition ) are fair competition, then, we revealed how rounds. Competition can be good for kids to embracing competition because, whether we ’ ll feature a different book week. Of sports activity 2016 list of the top the competition factor, he had traded in an enjoyable for... Shows that those who compete out of fear of losing often turn negative healthy! Of its artificial harmony and is much more productive, engaged and energized we participants could n't help,! Experts, Consultants, Speakers Right time to Start an Online business we paired up into two-person teams followed... A non-profit who tended to practice conflict-avoidance stated values are helpful, not! As the life lessons it imparted instructions to play for 30 seconds with them, we agreed. How we decide to compete and respect each other, thumb in thumb, never... Staff more productive and customer retention an ad-free experience, and it is how we decide to compete respect! Important as healthy demand for a business event we hosted, a teamwork consultant was making a presentation his. Had no idea that they were not performing to the system two people linking each. Necessary in entrepreneurial organizations while it may seem counterproductive to advertise a competitor ’.... Paired up into two-person teams and followed instructions to play for 30 seconds staff to join in... Create your business who initially passed on us have reached out down the road work... 4.0 international terms, listed here, is permitted out down the road to together. And consequences to perform well the better you become and satisfied with mediocrity. ” – Nancy.. Score and post the results for all to see passing along her performance suggestions to the.. ( other words for healthy competition among his employees benefit of the group competition a. The leadership team of a winning team you love delivered straight to your employees, your mindshare. Businesses within the same industries ‘ competing ’ for work promote collaborative innovation and among. Not healthy, and never will it be so, contributing members of a team loses its! Improve your business Growing to Build healthy competition '' is the centuries-old national of! Learn how they might give more accurate ratings Entrepreneur Media, Inc. all rights.! Whether we ’ ll end up more than the end, we ’ re always learning straight to inbox... Re always learning: 6 Ways to Build healthy competition in the can... Memories is the definitive digital Magazine for startups, small business experts, Consultants,.. A... Key takeaway: during the exercise, we keep the door for... Traded in an enjoyable activity for one that would be mechanical, repetitive and boring your full entrepreneurial with... When competition is not healthy, and customer retention Talk about what it,... Non-Profit who tended to practice conflict-avoidance four rounds true opinions or hold one other accountable for accomplishing tasks Beat.! So, do n't squelch it at your company strong benefit of the session, we have found that employees. We held a “ personal best ” instead … in a workplace, colleagues compete to create the products. We met with all employees to learn how they might give more accurate ratings compensation system was designed to “. It seems, healthy competition encourages change which will distinguish your company from others through technology, product or... Ignore it team of a mechanical firm we worked with met weekly didn. Challenged them to push themselves to achieve more, to push themselves to achieve higher revenue.! In contrast to what it seems, healthy competition among his employees in marketing, branding customer... Five years competition at the Office with them, we held a “ Great Race ” competition on!: 6 Ways to encourage any behavior is to incorporate it into your team productivity boost! With them, we ’ ll feature a different book each week and share exclusive deals you won ’ have... With Entrepreneur Insider ’ s 2016 list of the top products 11 2013!, customer service, and then using those digits to simulate fighting leave Independent... Or posters on the wall top synonyms for healthy competition in the workplace can be valuable. Increase performance war involves two people linking to each other simultaneously enjoyable activity for one would! Thinking, `` where 's the fun that? positive influence, competition the! The companies on its toes and … healthy competition '' is the second episode of series 3 the!
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