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Introduction

Entrepreneurship is considered as a process that allows having accurate design, launching and running of any new business. Through having a development of small business values the overall activities can be framed as it assist in meeting the objective. People are creating different businesses are being named as entrepreneurs. It is also referred as an activity that is being useful to set up business. In this, entrepreneurs need to focus on the proper analysis of the business aspects, risk and financial terms so that overall work criteria can be advanced.

Consideration of entrepreneurship allows having proper willingness so that development, organizing and management of business venture can be taken into account. It allows having adequate consideration of risks so that profit margin can be enhanced. Present report is focused on detailed analysis of new business venture is going to be started (Oghazi and Mostaghel, 2018). Company will be focused on the services regarding recycling of industrial and household waste. Market feasibility, model will be evaluated in context to the new venture. Moreover, financial information respecting to the venture will be discussed so that decision making regarding venture launch can be taken into account. Risk management activities to protect the business from challenges will also be presented in the study.

Organization profile

R Solutions will be introduced in the market by end of year 2019 and key will be operating as a service sector business. Business will be launched in the Australian market and will be dealing in recycling of industrial and household waste. Different types of recycling services will be offered by the entity in the Australian market.

R Solutions will be launched by Indian entrepreneur, who has completed his masters in marketing. Individual also have work experience in the marketing field and have worked before in recycling businesses. Experience will be used to operate the business activities and make sure that diverse standards are well maintained. Entrepreneur is also attracted towards nature and environment so he was curious to protect the environment (Lepawsky, et al.  2017). Previous experience and concern towards environment has motivated the person to launch the recycling business firm so that waste of industrial and household can be controlled and re-used in adequate manner.

R Solutions will be focusing on becoming key section of promising industry to the nature. In current conditions the recycling market has great potential and it has also become essential aspect of 21st century. It is also a reason entrepreneur has decided to become a part of the recycling sector. Vision of the R Solutions is to make society more environmental friendly and get associated in social benefits. Company will be having a use of technology that is most proficient in the industry. Activities will be managed in manner that all the questions respecting to recycling are being addressed properly (Reim, et al. 2017). Entity will also be focused towards understanding the demand of recycling in the Australian market. Different organizational values will also be considered by management of R Solutions. Each and every individual that will associate with entity will be valued so that equal opportunities can be enhanced and ensure about the sustainable work practice. Team work, diversity, excellence and professionalism will also be referred to meet the objective.

Product/service profile

Current environmental conditions indicate that plastic and industrial waste is affecting the overall environment. It is also a reason health and breathing related issues are being enhanced in recent past years. R Solutions will be focused towards recycling of different waste material that is affecting society. Company will be considering the experimental tactic to recycle the waste in adequate manner. Through having an adequate consideration of waste management practice, different recycling services will be offered by the entity.

Other than this, company will also be considering the production of tiles and bricks using the recycling process for plastic material. It will also assist the entity to gain competitive edge in the market. Organic sound design process will be taken into account so that plastic can be collected in bulk form to have production of recycled tiles and bricks. In addition to this, for better recycling the new technology and skilled workforce will be hired. For better recovery rates the innovation aspects will also be considered on continuous basis. Plastics, batteries, industrial and construction waste, electric and electronic waste will be recycled in services.

R Solutions will approach number of restaurants, manufacturing firms, etc to collect waste from their premises. Yearly basis agreement will be signed on mutual terms so that bulk shipments of waste can be taken into account. For housing and society the door to door collection and sharp planning solutions will be referred. It will also help company to clean the society and ensure that any waste is not affecting environment.

Waste that is hazardous will be disposed in yards and using tools it will be converted into fertilizer. It will also be used in the market to direct customers so that optimum utilization of resources in the society can be promoted. By having a collection of household and industrial waste the R Solutions will have efforts to recover the mercury from thermometers and use solvents to re-purify them (Hossain and Simula, 2017). It will allow re-using mercury in reproduction of thermometers so company will work as supplier for thermometer manufacturer. Reclaiming of batteries, paint and metals will also be referred as key services. For making cement the waste can be reused so entity will be working as consultant for cement plants and reuse waste as ingredient and substitute product during the production.

Electronic items will be crushed and recycled for production of new consumer goods. Plastic utensils will be manufactured by using waste and paper begs will also be designed for retail stores using the recycling process and waste material.

Objective and scope of project

R Solutions key objective is to promote the environment friendly operations and protect world from industrial and household waste. Using recycling technology the new materials development is also a motive of the business firm. Innovation application in the practice is also referred as objective.

Scope for the entity is that management can focus on application of better regulations and make favourable environmental context. Nowadays people are getting more concerned about environment and recycling of the products. It means R Solutions can take advantage of social perception by offering household door to door waste collection. Company is having impressive scope in the market because resource availability has been cut down in past few years. Business firm can present services that help in saving resources and provide effective results in terms of recycling. It is well known fact that available resources will finish once in upcoming years so recycling nowadays is referred as source that can meet future requirement.

Saving energy potential of raw material from the recycling of waste is also offering better opportunity to the R Solutions (Manninen et al. 2018). By having a proper use of technology in terms of recycling the energy consumption in industries can also be decreased. For example, making glass from old glass and raw sand require less energy as compared to initial production of glass. It means entity is having great scope in the market that can also boost the success of entity.

It is also necessary for R Solutions to have better consideration of long term vision so that accurate opportunities respecting to environment protection can be promoted. By offering continuous innovation in the sector of recycling sector the business firm can easily gain competitive edge (Prendeville, et al. 2017). For example, company can make industrial containers and transparent plastic windows/doors using the recycled plastic waste.  It also reflects that in 21st century the entity is having great scope to expand operations and become a leading business in the recycling sector.

Business model

 

 

Designed

for:

Designed

 by:

           Date:

                    Version: 1

Business Model

Canvas

R Solutions

 

Management

 

31-8-2019

 

 

 

 

 

 

 

Key Partners

Key

Activities

Value

Propositions

Customer

Relationships

Customer

Segments

Key partners of the business firm will be waste providers.

Association with in Australian government can also be referred by entity to have bulk shipment of waste (Wang, et al. 2018). It means the household and industrial can be collected by entity in easy manner.

Industrialists can also be associated with the entity to provide waste in their manufacturing. Such partnership will provide adequate acquisition of the resources and help in performing activities.

Equipments providers like crushers and manufacturing equipments will be required.   Technology partners are also required to meet the outcome and perform diverse activities.

 

 

R Solutions will be focused towards recycling of the waste and dump so that better solution can be offered to society. Use of customer relationship practice will assist in maintaining relation with industries and household partners.

R Solutions is a platform that offers productive waste management and recycling.

 

Key values are being offered by the entity to meet the objectives. Each and every individual within organization will have equal opportunity to perform in organization.

Workforce will belong to different cultures so the diversity aspects will also be promoted within organization (Garlapati, 201). Employees of different age and perception allow improving the recycle practice by having changes in process as per diversity values.

Team work will also be taken into account to make sure that key measures are well maintained.

Entity will also focus on different aspects related to the excellence so that key measures can be well maintained.

 

In order to have effective customer relationships company will have transparent process of recycling so that customers can understand the values offered. It will assist to build effective customer relationships. Lines of communication with the customers will be open so that they can register supply of waste. Also, using customer care number households can inform about improper disposal of waste so that R Solutions can offer better assistance regarding the same. It means customer support will boost the opportunity for the entity.

Majority of waste in the society is available due to industries so the key segmentation of the R Solutions will be industries. It will allow having easy access to the waste items that can be recycled for re-use.

Key Resources

Channels

Different resources are required to perform business activities so management of R Solutions will focus on resource allocation. Skilled human resources are required to make sure that overall development can be attained. Finance is also required purchase of machines and other tools that are essential for recycling process. Other than this, suppliers will be offering raw material so that titles and bricks can be manufactured from recycling waste.

Business firm will be focused towards effective promotion of integrated working so that goals and objectives. Through having an accurate development of communication channels the business activities can be performed.

Cost Structure

Revenue Structure

It is essential for business firm to have consideration of the costs that need to be referred during the process. Salary, equipment cost, other start up cost, owner's withdrawal and licenses cost need to be managed adequately so that overall consideration of activities can be taken into account (Hagelüken, et al. 2016). Cost driven measures are also need to be referred by the entity.

 

Household customers will be paying to customers on monthly basis for door to door bulk shipment of waste. Prices of services will be set according to cost of operations so that revenue can be generated. Yearly plans for waste pick up, disposal and recycling will be taken into account.

Using negotiation and yield management the recycled products like containers, cement raw material, plastic based tiles and bricks will be sold to industries and direct customers (Bocken and Short, 2016). 

                             

Option analysis

Current recycling sector is impressive and R Solutions can have better future opportunities. It is essential for management to understand the recycling values in adequate manner. Through having a proper evaluation of the optional recycling aspects the future growth opportunities can be enhanced. It has been witnessed that service options are available in the sector that can be considered by the entity. Bio waste, wood waste, paper and cardboard recycling options can be taken into account (Muswema and Oelofse, 2016). Through having an accurate development respecting to recycling options the business opportunities can be enhanced.

It has been witnessed that all industries are having processing unites so they all have bio waste R Solutions can also offer bio waste management solutions to the industries so that environment conditions can be offered. Sorting, collection of waste, packaging removal and waste recovery can be a process for food sector. It will assist in make sure that solutions offered are beneficial to meet the opportunity. Wood recycling can also be taken into account. It means the units can be well equipped with the wood chipping units so that waste management respecting wood can be taken into account (Gorissen, et al. 2016). Paper and card board waste management and its recycling can be taken into account by the entity. It facilitates to boost the opportunities for entity. Many industries are using card boards in logistics so by having an acquisition of such waste and proper recycling company can offer services to the industries. It will assist to meet the opportunities and make sure about the sustainability.

Other options for the R Solutions can be to get more focused towards environmental services. For example, company can offer services like water pressure cleaning and draining facilities. It will also assist in make sure that key opportunity respecting to business entity. Recovering bulky waste, public space cleaning and compositing facilities can also be another option in regard to the services offered by entity.

Moreover, company can also introduce additional services for companies and industries. R Solutions can have agreement with different offices and industries to provide them temporary disposal containers. It means different containers can be placed in offices for storage of different type of waste (Geissdoerfer, et al.  2018). For example, green box for paper waste, blue box for card board waste, white box for chemical waste, etc. It will also help in collecting the waste properly so that further recycling activities can be performed in adequate manner.

50.jpg

Figure 1: Waste Containers

There are different strategic options are also available that can be adopted the R Solutions to have better success in the market. It is essential for business firm to make sure that inexpensive marketing is being referred adequately so that cost factor can be managed. At the initial stage the entity need to focus on the improvement in quality so that opportunities can be enhanced. ROI and other values are also necessary to be evaluated so that best strategic option is reviewed to meet the goals. It is also essential for R Solutions to make sure that services are relevant to objectives and scope (França, et al. 2017). It assists to maintain the work standards in significant manner so that overall development and opportunities can be advanced.

Use of proper technology is also significant for the entity like R Solutions so that opportunities regarding business activities can be enhanced. Use of key measures regarding the finance management is also essential because it assist in meeting the goals and objectives. Considering the risk analysis is also necessary so that decision making can be accurate as per the requirement. It is also significant to have references of options like strategy in general, corporate strategy and competitive strategy. It means the relationship needs to be build with the means in adequate manner using different tools (Pedersen, et al. 2018). Product, services and market commitment will also be enhanced. It assists to meet the opportunity and ensure about long term values. At last, option like focus, differentiation and cost will also be considered by the R Solutions for long term development.            

Market feasibility

The recycling industry’s growth in the current market is very crucial for Australia’s economy, as it provides services and resources, such as landfill disposal, chemical waste management, etc. Along with this, the industry provides 0.15-30% of jobs in Australia, also due to high-demand in recycling plastics, industrial and chemical waste management is increasing in the current market. Furthermore, the recycling industry in Australia provides various types of environmental benefits that make the earth a more healthy place, such as minimise global warming, which is the main cause of climate change. Currently, the recycling industry in Australia is focused on processing the plastic wastes, industrial and construction wastes and electronic wastes to the organic brick and tiles. Along with this, the market feasibility for the industry is sustainable both in the current and future aspects. Moreover, people create a lot of wastes every year, such as plastic wastes, electric wastes, home-made and industrial wastes, which gives the recycling companies to gain competitive advantages in the current marketplace. For example, the competition is tough in the marketplace as the recycling companies like Paprec Group, La Cournevue etc. has become the key players in the world of recycling and waste management services. The recycling industry is mainly focused on the processing of paper, plastics, batteries, wood, rubber or tire waste, hazardous industrial wastes to create the eco-friendly environment for human beings.

51.jpg

Figure 1: Comparison between waste generation and population growth

(Source: Ritchie. 2016)

 

However, the generation of wastes by one person will be less, but population growth in Australia is increasing at a faster rate that results in more waste pollution, and more opportunities for the recycling industry.

The recycling industries have enormous opportunities in the future marketplace, such as the waste collection is becoming more cost-effective,  providing minimising of contamination at reasonable rates, and low-level of feedstocks. Along with this, the strong market growth is a prediction of generating revenue of around $66.9 billion in 2025 because of the increasing concerns related to the environment, waste management issues, recycling plastic items. Furthermore, the companies in the recycling sector have various types of providing services, which includes collection, transfer, sorting and processing. For example, Australia is acquired with a lot of farmers and plays an important role in providing quality food products. Therefore, companies can easily process the home-made wastes and industrial waste into the organic wastes and provide farmers as fertilisers. According to the report found in 2016-17, it is identified that Australia generated 67million tonnes of wastes, and evaluated that each citizen of Australia generates 103kg of wastes in each year (Martin. S, 2019).52.jpg

Figure 2: Electronic Waste Recycling Market

(Source: Market Research Future, 2018)

 

 

Therefore, there is future scope for recycling companies in the collection of home-made wastes, which can be processed into the organic waste, and will be considered as the best fertilisers for Australian farmers. Furthermore, the current demand for recycling the wastes is increasing at a fast rate due to lack of awareness among human beings regarding waste pollution. In Australia, people use 3.3bn plastic bags, 2.4bn plastic straws, 2.6bn coffee cups, etc., which makes the demand for recycling industry more in the future perspective. Also, the production of wastes in the marketplace is 54.1m tonnes increases, which includes 17m tonnes of masonry wastes, 14m tonnes organic, ash around 12m tonnes, and 11.1m tonnes of paper & metals.

53.jpg

Figure 1: Change in value of one tonne of kerbside recyclables

(Source: Spragg. 2018)

Moreover, Australian Paper is planning to use kerbside wastes to generate power of 225MW, and focus on developing $600 million plant by doing partnership with the waste management company, i.e. SUEZ, which is situated in the east of Melbourne (insidewaste, 2019).

Financial feasibility

Particulars

Year 1 ($)

Year 2 ($)

Year 3 ($)

Opening balance

0

-40,000

-19,500

Income

 

 

 

 

 

 

 

Cash sales

40,000

85,000

95,000

 

 

0

0

 

 

0

0

Total income

40,000

45000

75500

Expenditure

 

 

 

Salary

13,000

16,000

22,000

Equipment cost

25,000

45,000

40,000

Other start up cost

35,000

0

0

Owner's withdrawal

2,000

3500

1500

 Licenses

5,000

0

0

Total expense

80000

64500

63500

Expense

-80,000

-64,500

-63,500

Cash position

-40,000

-19,500

12,000

 

 

 

 

 

 

 

 

 

Above shown is the income statement for the new business. Further, it is representing the income along with the expense level. Further, income will be received in the form of cash sales. Along with this, expenses will increase on yearly basis such as equipment cost where R solutions will bear different expenses and the level of expense will increase on yearly basis. At the same time salary, equipment cost, and other form of start-up cost will also be crucial for the new business. The main focus will be on controlling the key expense and it will provide base in conducting the overall operations of the new business smoothly and in a proper way also.

Start-up cost

$

Lease payment and deposits

30,000

Working capital

60,000

Leasehold improvement

8,000

Security deposits

2,000

Vehicle and lease deposit

25,000

Marketing budget

12,000

Miscellaneous cost

8,000

Total

1,45,000

Above table represents the start-up cost of the new business where it includes various areas such as security deposit, vehicle and lease deposit, working capital etc. In order to carry out the activities of the business successfully it is necessary to manage all the areas in a proper manner so that overall goals associated with the business can be accomplished easily. Marketing budget is also required to be managed properly that will consider all the marketing related practices for the promotion of the new business.

Year

2020 ($)

2021 ($)

2022 ($)

Assets

 

 

 

Cash

80,000

95,000

110,000

Expansion  cost

50,000

60,000

72,000

Inventory

32,000

41,000

54,000

Accumulated depreciation

(7,000)

(12,000)

(22,000)

Total assets

155,000

184,000

214,000

Liabilities and equity

 

 

 

Long term liabilities

90,000

115,000

120,000

Other liabilities

0

0

0

Accounts payable

12,000

18,000

22,000

Total liabilities

102,000

133000

142,000

 Net Worth

53000

51000

72000

Total liabilities and equity

155,000

184,000

214,000

Above shown is the balance sheet of the new business that represents both assets and liabilities. In the initial year the debt burden on the firm will be high as the business will operate with the assistance of loan and through this overall activities will be conducted in a right manner. Apart from this, the key assets will be expansion cost, cash, inventory etc that will be managed in a proper way. Moreover, in the liabilities part accounts payable and other form of liabilities will be considered that will also be managed by the management of the enterprise.

Marketing model

R Solutions can use two marketing models, i.e. 4P’s and 5M marketing model that will make their business plan more effective for future sustainability. Therefore, the company will help in promoting the services and resources to increase business growth globally, and each marketing model can help the business in implementing strategies and increase revenue and profitability. Here are the two marketing model explained briefly that the company would use in the business plan is given as below:

4P’s Marketing Mix Model

The marketing mix model is considered as the most important tool for expanding and growing the business at a global level. R Solutions can use 4P’s marketing model to increase the services and improves the brand reputation within the marketplace. 

Price – R solutions goal is to provide services, like door-to-door of home-made wastes, and processing of plastic, electric, industrial and chemical wastes at the minimum rates. Moreover, the value in the market can be increased by providing high-quality waste management services, which will offer various benefits like government support and customer’s loyalty. Also, the company can gain a competitive advantage in the marketplace by using pricing strategies, such as unique selling proposition or cost-differentiation strategies.

Place – The company can expand its location in several regions of Australia, where population growth and waste generation is higher, such as Melbourne and Queensland. Along with this, R solutions will determine the best channel for providing the services after the analysis of population growth and waste generation in both regions.

Products & Services – R Solutions is focused on providing recycling and waste management services that are hazardous for the community and environment, such as recycling of plastic wastes, industrial and chemical wastes, processing of construction waste, paper, and metals for the tile and brick development.

Promotion – Moreover, the company is planning to launch the recycling and waste management business in the marketplace, and the world has driven more towards digital technology for growing their business. Therefore, R Solutions have the opportunity to expand the services by advertising on social networking sites, direct marketing, public relations etc.

5M’s Marketing Model

The model is the same as the marketing mix model but can be used in different ways, such as the effectiveness of marketing plan and strategies, requirement of important assets to implement the strategies. However, those assets are necessary elements to help the business grow and provide services within the marketplace.

Manpower – R solutions will require enthusiastic and potential employees that are sincere towards carrying out the recyclable and waste management activities like collection, transfer, sorting, and processing within the company. 

Materials – The company will process the waste materials into the organic wastes, and those waste material are highly increasing in Australia due to the increase in population growth (Belz and Binder, 2017). Moreover, the most common wastes that R Solutions will acquire in the country is plastics, metal, paper, home-made wastes, industrial and chemical wastes.

Machinery – R solutions must have sufficient machines to collect, sort and process the wastes into the organic wastes, such as sorting equipment that will separate high-density polyethylene (HDPE), polyvinyl chloride (PVC), and polyethylene terephthalate (PET). 

Minutes – The most important element of marketing model is minutes that will help the company to identify the time consumptions in bringing services to the marketplace, and the time required for implementing the strategies.

Money – R solutions must have a good network of shareholders to grow and expand the services around the globe (Xie and Lee, 2015). For example, the company can make a partnership with Australian paper that is planning to establish 600 million recycling and waste plants in Melbourne.

Project analysis and risk management

Project risk analysis and management is referred as process that allows having effective identification of different risks associated with the business. On the basis of risk analysis, different activities need to be employed so that risk can be resolved. R Solutions also need understand the business risks so that problems can be solved in order to lead entity to impressive level of success (Nußholz, et al. 2019).

Risk Type

Scale

Explanation

Mitigation

Competition risk

High

It is possible that R Solutions may face high competition in the Australian market because there are number of recycling service providers. Also, government is also involved in the recycling activities and waste management that can provide high competition (Joyce and Paquin, 2016). It may affect the effectiveness of overall business in diverse manner.

In order to deal with the competition, the entity can focus on brining innovation in practice. Unique values need to be enhanced so that competitive edge on the rivals can be attained.

Financial risk

High

It is also possible that company may face challenges regarding low ROI and high expenses. It means the recycling process requires high investment and if cost aspects are not being reviewed in adequate manner then it can affect the overall outcome in negative manner (Lewis, et al.  2017). Economic values can also influence the overall financial performance that may affect the process. For example, high cost of recycling process and its equipment can affect the overall development.

It is essential to have regular analysis of financial measures so that accurate opportunities can be boosted and lead entity to better success. Using inventory and budgeting tools the financial risk can be managed accurately. Pricing strategy must be according to ROI consideration.

Credit risk

Moderate

Industries generally have work process as per consideration of credit. It means key target markets for business are industries that will demand credit in respect to services. It may affect the overall development in negative manner if credit is not being paid by industries on time.

It is necessary for company to have written credit statement with the industries so that risk can be reduced. If written agreement is present then company can take legal actions in regard to credit.

Operational risk

Low

Issues regarding machine failures and human resource allocation can be faced by the business firm. It might be possible that equipments used for recycling are not working properly then it may require maintenance and other aspects. It is essential for company to have promotion of services so that adequate working can be promoted.

For effective consideration of operational activities the entity can easily have opportunity. In order deal with the operational risk, it is essential for business firm to make sure that management respecting equipment failure is being referred in adequate manner (Rybicka, et al. 2016). Regulations regarding recycling process also need to be understood properly so that risk can be resolved and attain better opportunities.

Legal risk

Low

Health and safety legal values need to be referred. Company need to make sure that activities are being designed as per legal aspects. Licensing and other values must be accurate, if such aspects are not being followed then legal issues can be faced that can affect the overall outcome (Er, et al. 2019).

It is necessary for R Solutions to make sure that contract and written aspects are being reviewed properly. It is essential to have proper recognition of the potential and actual risks. Record risks are also need to be framed so that issue can be resolved.

Innovation risk

Low

Innovation regarding risk can also influence the overall process such as identifying new process of recycling. It may affect the overall business values in negative manner.

In order to deal with the risk associated with the risk, the executives of R Solutions need proper commitment so that adequate learning regarding innovation can be advanced. Proper reference of customer needs and wants is also significant to consider innovation practice and deal with the risk (Stål, 2018).

Quality risk

Moderate

Recycling must be according to consideration of quality standards. If product developed in recycling is affecting the environment then it may affect the brand recognition in negative manner.

It is significant for R Solutions to focus on the determination of the risk response so that quality aspects can be well maintained. Regular monitoring can also be taken into account so that accurate working can be promoted.

Finding and conclusion

On the basis of above statements, it can be concluded that recycling sector is having better future aspects that allow meeting the opportunity and assisting in meeting key goals and values. R Solutions is upcoming venture that will provide diverse waste management and recycling services to industries and household. Growth in sector has created better opportunity and allowed to meet the sustainability.

R Solutions is also focused towards effective consideration of different recycling process so that nature and environmental values can be promoted. It has been witnessed that entity is focused to have production of tiles and bricks using the recycling process for plastic material. Through having an adequate production as per quality standards the competitive edge in the market can be gained by entity (Planing, 2015). Also, business firm will be approaching number of restaurants, manufacturing firms, etc to collect waste. If such organizations are having adequate waste management system in their premises then overall opportunities can be enhanced. Bulk shipments of waste are being referred so that more waste can be recycled. For housing and society the door to door collection and sharp planning solutions will be referred. With an assistance of diverse measures regarding society cleaning can also provide support to the operations of R Solutions.

It has been identified that there are number of risk that can be faced by entity and it may influence the overall process. Financial, operational, legal, etc risk need to be analysed in adequate manner so that application of further standards can be boosted. Marketing model is also been adopted by the R Solutions to make sure that better awareness in the potential market of Australia can be enhanced. It facilitates to meet the goals and objectives with consideration of diverse standards. Mitigation activities are also being taken into account by the entity to accomplish the measures.

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