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A business stands on the pillars of persistence, vision, patience, and, most importantly, on the leadership and entrepreneurial mindset of the CEO. A 2023 Harvard study claims that over two-thirds of startups failed to deliver positive value to their investors. So, where do they go wrong? The answer lies in the leadership characteristics shown by the entrepreneur, which have the power to make a business stand out in a climate of intense digital transformation. Let’s examine what an entrepreneurial mindset looks like and how it can be developed.What is an Entrepreneurial Mindset?
Entrepreneurial mindset refers to the set of thought processes that help you master the practice of developing, evolving, and running a business. Such a mindset unlocks the potential to embrace mistakes and learn from failures, thus allowing leaders to successfully pilot their businesses through challenges.The Importance of an Entrepreneurial Mindset
ALSO READ: Top 10 Benefits of Entrepreneurship to Get Motivated and Start a CompanyEntrepreneurial Mindset: Characteristics 1. Positive Inner Dialogue
Entrepreneurs become their own coaches and guides. This means a significant amount of self-talk leading to a smooth navigation of failures, constant dialogue with self-doubt, and an ability to control impulsive thoughts.2. Experimentation
Being a co-founder or the sole founder requires you to constantly experiment with new ideas, problem-solving techniques, and business models. This encourages a culture of teams who can abandon older ideas and incorporate newer ones.3. Accountability
Success rarely has an easy progress map as things can and will go wrong. Being accountable for your actions, decisions, and outcomes is as important as enabling a culture of continuous development.4. Resilience
The pandemic wrecked the fabric of global business networks and taught entrepreneurs the value of resilience in difficult times. Entrepreneurs have a huge responsibility to bounce back from failures by succinctly learning from them.5. Empathy
Finally, being kind to yourself and others is often a fundamental step toward a culture that innovates. To stay attuned to the mood of the organization helps leaders improve morale, an essential for entrepreneurial businesses.How to Develop an Entrepreneurial Mindset
An entrepreneurial mindset is the cornerstone of success in an environment of rampant innovation. Here’s how you sharpen it:Step 1: Set Clear, Reachable Goals
Hone the practice of setting a goal and following it through to completion. If you have a clearly defined vision, start crafting smaller achievable goals. If not, set aside some time to brainstorm every day. The key is to keep making steps towards your goal without fail.Step 2: Redefine Perspectives
It is important for entrepreneurs to upend the traditional ideas of success and failure, and learn from their past mistakes. They need to redefine failure, and look at it as an opportunity to introspect and improve.Step 3: Learn to be Decisive
Any radical vision needs strong decisiveness at every step to translate into a fully functional product. Cayenne Consulting terms indecision as a silent startup killer. Thus, to avoid being run over by immense competition, learn to be decisive at every step.Step4: Enable a Growth Mindset
This means facing your fears, regulating your emotions, and remaining curious. Psychologist Carol Dweck defines people with a growth mindset as those who believe their success depends on time and effort, and not on inherent abilities.Entrepreneurial Mindset Examples
Here are some ideas and examples on how to challenge the mainstream business paradigms with an entrepreneurial mindset:
Establishing Customer Relationships First:
While product development is a part of traditional business models,
, author of
Bootstrapping Your Business
’ and an entrepreneur himself, directly reached out to potential customers to understand their needs. This brought positive cash flow to his company, RightNow Technologies.
Help and Care as Business Strategies: Entrepreneur James Altucher talks about fostering relationships with prospective clients without expecting anything in return. He believes this strategy proves extremely beneficial in the long term as a brand or business image is directly linked to altruistic ideas.
Value-Driven Connections: Jason Nazar, former CEO of chúng tôi stresses on the importance of providing value to prospective clients and business connections before asking them for something. As opposed to how networked spaces such as LinkedIn work, value-driven connections increase ROI from marketing efforts.
These principles will build an entrepreneurial mindset, preventing poor business decisions and helping you outperform competition. If this resonates with you, learn more about entrepreneurship through Emeritus’ wide spectrum of courses, created in association with globally renowned universities. It’ll help you prepare for the exciting journey ahead.
By Bishwadeep Mitra
Write to us at [email protected]
You're reading How An Entrepreneurial Mindset Leads To Business Success
For example, an individual who is generating Content online, a vlogger, now has the options like Facebook Live to give product reviews and conduct giveaways to have a more engaging consumer or fan base.
In addition to the above, user-generated Content on social media has become one of the biggest marketing history promoters. User-generated Content generally consists of a product.Social Media Management
The inspection followed by the private experience of the user him or herself to market any item that they may choose. Social networking management solutions are the organizations wish to make sure that the Content related to their company strategy.
Also read: Top 10 Best Software Companies in IndiaUsing Quality Content
As a guideline, posting on interpersonal websites should only be achieved once somebody has quality articles to talk about, not only for the sake of sharing. There is a reason an individual is submitting the Content, and it must be there.
This is the way a person will discover the suitable number of articles to guarantee quality articles. But, posting a lot of may result in annoyance for those consumers viewing the standings. These scenarios are detrimental to this fan following, and thus it’s proven it is essential to attaining that proper balance.Daily Posting without Delays
Moreover, individual intending on getting a presence online should understand different studies and resources which describe the acceptable submitting frequency among other factors (Mahmoud, Adams, Abubakri, Commey, and Kastner, 2023).
Afterward, a person is able to begin to check the waters with their followers on several social networking platforms by correcting the frequency of articles to guarantee the amount of involvement with the customers remains high. Posting knowledge isn’t simply limited to this particular aspect. The site should also have connected with all the various social networking platforms.
Also read: 30+ Loan Apps Like MoneyLion and Dave: Boost Your Financial Emergency (#3 Is Popular 🔥 )Reviewing and Managing Each Post’s
There are metrics in societal websites that are quantifiable stats which depict the effect and success of somebody’s articles by quantifying the effects on customers on social websites (Jiang, Huhmann, and Hyman, 2023). These social websites benchmark metrics include data linked to the amount of likes, stocks, follows, along with other interactive measurable connections across social networking platforms.
On Instagram, the characteristic of stored articles is a metric, even whereas pined articles will be exactly the exact same metric but are utilized by Pinterest. As its name suggests, whilst reach is the capability of a titles page to participate as many customers as possible.Reviewing Sales and Lead Generation
Also read: Top 10 Trending Technologies You should know about it for Future DaysUnderstanding with the Help of Example
By way of instance, we immediately know the number of times a specific singer or manufacturing has seen each tune on YouTube. Another metric is that the profile trip, the percent of individuals who socialized with a network page by seeing its profile site. This may be an overall trip or special ones, rely if it is an old client or a new one.
Mentions keep count of those occasions; the manage of a neighborhood page or a new was mentioned everywhere by the crowd members using an internet presence. At precisely the exact same time, tags occur when the viewer adds the title of a new or its hashtag to some other article.
It may be fatal at times also when the audience isn’t happy or quite cross; they could utilize this to spoil the newest picture. Reposts are when a customer from the audience articles brand’s Content onto their webpage.
Therefore, giving the newest the term of mouth it requires. Shares is like article sharing, and customers share some article or an internet action over a distinct social networking platform.Improvement of Social Media Strategy
The metrics mentioned previously may be influenced to guarantee increment from the social networking followers and enhance customers’ involvement on social networking platforms using the strategies to offer lead generation and dialogue boosts.
Also read: 11 best ways to Improve Personal Development and Self-Growth and its Benefit on our LifeConclusion
The social media metrics can be reviewed in various ways; for example, built-in tools for each social media platform can be utilized for specific purposes. An individual can also make use of state-of-the-art social media tracker like Google analytics.
For tracking a brands website and social media platform metrics, tools like this are an excellent option for an organization. But, with more and more integration of built-in metrics tools on social media platforms themselves, engagement and feedback with the consumer is going to play a pivotal role in strategizing the social media action plan of a brand
While Black Friday may get the lion’s share of shoppers’ attention during the holiday season, the following day may be even more significant for small businesses. Small Business Saturday, which falls on the Saturday after Thanksgiving, was started by American Express to support small businesses during the 2010 recession. It was recognized by the federal and all 50 state governments shortly after that. The idea is to encourage shoppers to support small businesses as they shop for holiday gifts.
The idea has attracted real support, with 72% of people surveyed by Constant Contact saying they will make more effort to support small businesses that weekend. This year, Small Business Saturday falls on Nov. 26, so it is crucial to be prepared.What is the biggest mistake you can’t afford to make on Small Business Saturday?
You may think that just being a small business is enough to reap the benefits of Small Business Saturday, but this line of thinking is a big mistake. The nature of being a small business means that you are not necessarily top of mind for your target market. Add that to all the other small businesses promoting themselves during this time, and you can see that it is easy to get passed over and let this opportunity be wasted.How to successfully prepare for Small Business Saturday
To capitalize on the desire of customers to support small businesses on the busiest shopping weekend of the year, you must promote yourself. Here’s how to go about it.Tell your small business story
While Small Business Saturday serves to remind customers to shop at small businesses, you want them to support small businesses all year long. So throughout the year (and even more so starting at the end of October), tell customers your story.
Social media is a great way to highlight the company’s founders and history. If your business is family-owned, be sure to include that since it can give you even more of a boost. If your business is still in the same community in which it was started, talk about how it has been an area employer and how it has participated in any community outreach or charitable projects.
Post videos showing your actual employees doing or talking about their jobs. Be sure to repeat the phrases “small business” and “local business” when talking about your company.
As a business owner, get on your social media platforms and demonstrate transparency by being honest and genuine with followers. When CEOs do so, it pays big dividends. Research from Sprout Social found that transparency prompts 38% of followers to be more loyal to the brand and 32% to purchase more from the brand.Extend the festivities to e-commerce
Give customers a choice to come into your store or buy online and still get all the Small Business Saturday promotions. You can set up coupon codes for use online along with barcodes that can be scanned in-store. It can also be helpful to give customers the option of gift wrapping the item within the shipping box so that curious people in the household won’t ruin the surprise and to buy online and pick it up at the store for maximum convenience.
Don’t make the mistake of assuming that customers will shop with you on Small Business Saturday just because you’re a small business. With a bit of planning and promotion, you can capitalize on customers’ desire to support small local businesses like yours so that you can bring in more holiday sales revenue than ever before.
PayPal Cofounder Shares Entrepreneurial Wisdom BUzz Lab brings Peter Thiel to SMG
PayPal cofounder Peter Thiel told an SMG audience that “every moment in the history of business happens only once.” Photos by Jackie Ricciardi
The restaurant taboo was one of the many rapid-fire nuggets of wisdom that Thiel shared with a packed audience on Tuesday at the School of Management auditorium. Thiel was there to discuss his book, Zero to One: Notes on Startups, or Hgooglow to Build the Future, and to answer questions through moderator and Boston Globe innovation columnist Scott Kirsner (COM’93). BUzz Lab, the University’s new center for entrepreneurship, invited Thiel to campus to wrap up its inaugural semester with a bang. Within 72 hours of announcing the event, all 400 seats were spoken for, according to Ian Mashiter, an SMG lecturer and BUzz Lab director. The event was also broadcast on Livestream.
Thiel said the idea for his book evolved from a class on entrepreneurship that he taught at Stanford in 2012. He ran into a challenge early on when he realized that entrepreneurship greatly relies on serendipity. “Every moment in the history of business happens only once,” he said, adding that the next Bill Gates won’t build an operating system and the next Larry Page or Sergey Brin won’t make a search engine.
Thiel challenged the audience to consider the question: “What great company is nobody starting?” And he asked them, much as he does job prospects, to “tell me something that’s true that very few people agree with you on.” Neither promises an easy answer, but that’s the point. “We live in a world where courage is in much shorter supply than genius.”
Thiel offered his own truth when he challenged people to think of competition as the antonym of capitalism. “What you always want to be aiming for as an entrepreneur is a monopoly,” he said. Google has dominated the search engine market since 2002, he said, although their business moves try to hide that fact. They waltz out new technologies, like smartphones and self-driving cars, under the Google banner so they can say, “‘No, we’re not the monopoly the government is looking for.’”
Successful entrepreneurs find niche markets. “All happy companies are different, because they found something unique to do,” Thiel said. Those that follow trends are bound to fail. “When you hear ‘cloud computing’ or ‘big data,’ you should run away as fast as possible.”
Thiel also compared the success of the aviation and search engine industries. The first generates $180 billion per year, while the second pulls in $50 billion per year. However, because airline industries are highly competitive, they end up with a 1 to 2 percent yearly profit; search engines like Google have a chokehold on the market and see a 20 to 30 percent yearly profit.
When Thiel’s talk ended, Kirsner took a seat alongside the entrepreneur to feed him audience questions, amassed in real time on an iPad.
Asked how his Stanford undergraduate degree in philosophy has influenced his choices as an entrepreneur, Thiel said philosophy, at its best, is interdisciplinary and focuses on big picture questions, which come in handy when considering all aspects of a business model—from product development and hiring to market share and world affairs.
Had Thiel noticed a change in business schools since his undergraduate years? Yes, he said, there is now tremendous interest in entrepreneurship and innovation, so much so that it’s considered key to the country’s future.
One student wanted to know if Thiel thought venture capital was the next bubble, and if companies valued at billions of dollars were teetering dangerously on little to no cash flow (paging Snapchat). He said some companies’ financial models rely heavily on estimates of future earnings, and for good reason. PayPal saw three-quarters of its cash value evolve after 2011, even though the company went public in 2002. “I tend to think we’re not in a bubble like the late ’90s” of the chúng tôi era, he said.
Another student wanted to know if “a nice, honest guy can make it big.” In other words, Kirsner asked, is everyone in Silicon Valley mean or are there people there you’d want to invite over to a backyard picnic?
“I don’t even know how to answer that question,” Thiel deadpanned. He said most Silicon Valley dwellers are “quite good people” who act ethically, particularly those involved in monopoly-like businesses. It’s in the competitive spaces where people are more ruthless. “They’ll hire their grandma and pay her less than minimum wage, he said. “It’s in hyper-competitive contexts that the worst gets brought out in people.”
Finally, Kirsner asked Thiel to share a truth no one agrees with him on. When it became clear the PayPal founder was avoiding the question, the Globe columnist pressed him to share “something truly horrifying.”
Eventually, Thiel relented. “Universities are in a crisis today similar to the Catholic Church in 1500,” he said. Higher education can’t be a system of “you go to Yale or you go to jail.” Students’ future paths will be much more heterogeneous. “You have to find out how to save yourselves.”
Intel is sharing new information about Merrifield, its next-generation Atom chip for smartphones, at Mobile World Congress this week, and if the processor conforms to historical precedent, it won’t sell well. Both Merrifield, a dual-core chip, and Moorefield, a quad-core iteration, are optimized for low battery life and Intel’s complementary LTE radios, and include a sensor package for handheld applications.
Neither Merrifield or Moorefield have any obvious flaws. Yet the physical gap between the Atom Z34XX and the Z35XX chips, as they’re also known, and the separate XMM 7260 LTE radio may make all the difference in Intel’s effort to appear inside more mobile devices. Chip rivals like Qualcomm integrate their radios and application processors in a single package, and this helps phone manufacturers save battery power and board space. But Intel won’t be rolling out this integrated design approach until the end of 2014, with the Intel SoFIA chip. This will likely cost Intel some potential OEM design wins throughout the year.
Intel’s tablet processor roadmap.
Intel’s smartphone effort has been focusing on two goals: delivering exceptional performance for larger devices (such as tablets and phablets), and consuming as little power as its ARM-based rivals. But Intel’s would-be partners may add a third requirement: Minimize the space each chip requires. That limitation has confined Intel’s earlier mobile chips to several larger phablets, such as the Lenovo K900, in Asia.
Mark HachmanXMM 7260: LTE-Advanced should drive sales
Intel’s smartphone hardware is made up of two pieces: the XMM LTE radio line, and the Atom chips themselves.
In 2010, Intel bought the wireless chip unit from Infineon for $1.4 billion, a business that had lost money for Infineon. Intel’s vision was to run the unit separately from its other businesses, preserving the relationships that Infineon had forged while it worked on its integration strategy. According to Thomas Linder, senior director of the Mobile and Communications Group, that strategy has paid off: In 2014, Intel believes it can be the second-largest LTE vendor in the world, in every major market.
Last summer, Intel shipped the XMM 7160, its first multimode LTE chip for smartphones that can roam globally. A voice-over-LTE-capable chip followed shortly, and Intel will announce a version of the chip in the M.2 form factor for ultrabooks and tablets. Intel claims that multiple laptop OEMs will adopt the chip, which has been tested for interoperability with major carriers. Mark Hachman
Intel’s lineup of smartphone design wins, shown off at the CES 2014 show in January. There aren’t many.
The next step? An XMM 7260 LTE-Advanced version, designed for 300-Mbit transmissions, with carrier aggregation up to 40 MHz. (What is LTE-Advanced? Read our FAQ.) The technology is already moving into smartphones, powered by other providers; Samsung, for example, committed to an LTE-A version of the Galaxy S4 last year. Like the 7160, the XMM 7260 is designed for phones that can be shipped globally, with over 22 bands supported. The chip will be on the shelf during the second quarter of 2014, Linder said.Merrifield: Atom, looking in
When it comes to phones, consumers still look to processors—assuming they care anything at all about what silicon runs inside their next puchases. Qualcomm’s Snapdragon chips and Samsung’s Exynos line dominate the market, with Nvidia’s Tegra moving into tablets and cars.
Conscious that would-be hardware partners will be carefully scrutinizing performance-to-battery drain trade-offs, Intel carefully makes a case for its new mobile line: Powered by a next-gen PowerVR G6400 graphics core, the Merrifield Z34XX promises twice the performance of its predaccesor (the Clover Trail+ Atom), and comes in the form of a 2.13 GHz dual-core CPU. The 64-bit CPU—representing the new direction of the tablet market—is powerful enough to encode and decode the VP8 codec used by WebRTC, Google Hangouts, and Chrome, plus the new VP9 codec used by YouTube. The chip can address up to 256 Gbytes of onboard flash, and control a 13-megapixel camera capable of 1080p/60 fps recording, plus drive a 2560×1600 display.
Intel’s competition, the Apple M7.
Intel has also added support for a “low-power sensor solution,” a package that can deliver “contextual information to apps with motion & gesture sensing, audio sensing, location sensing and contextual analyses with out draining the battery.” On the surface, it’s similar to the M7 chip found within the latest iPhone.
According to Intel, the Merrifield (Z3480) chip delivers 16 percent faster Web browsing than the iPhone 5s using the WebXPRT benchmark, and more than double (116 percent) faster than the Qualcomm 800 used in the Samsung Galaxy S4. And a reference phone based on Merrifield delivered 19.2 hours of battery life, compared to 14.5 for the Galaxy S4. With Moorefield, it only gets better, executives said.
It all seems to imply that Intel’s on the right track. Executives think so: “The pieces of the puzzle are coming together,” Herve said.
A year ago, Intel cited the lack of LTE as one of the reasons for its lack of success. Now, it’s winnowing down it’s available excuses.
Will Intel be forced to sit out until the SoFIA chip arrives on the market later this year? Not necessarily. But Intel may, by necessity, be forced to compete in the larger phablet and tablet market until it does. On the other hand, that’s the direction the puck is headed—larger phones are all the rage these days.
But Qualcomm, Samsung, and its rivals aren’t just sitting still, either. Intel may in fact use the 64-bit transition to help itself to a nice slice of tablet pie. But the pickings in the smartphone market will probably be a lot thinner.
blog / Business Analytics Business Intelligence vs. Business Analytics: How to Distinguish Easily
In recent times, data has grown from simply providing information to driving change and influencing the core operations of companies. More and more businesses now seek data-driven solutions to solve everyday problems as well as thrive in a volatile market. In the world of data, we’ve also seen the emergence of two buzzwords: business analytics and business intelligence. While both have their salient features, the debate of business intelligence vs business analytics seems to be an ongoing discussion. So let’s dive into the fundamentals of both and understand what makes them so indispensable to organizations today.What is Business Analytics?
Amidst a changing business landscape, the meteoric growth of Artificial Intelligence and machine learning has led to enormous investments in big data. As noted by IDC analysts, in 2023 alone, businesses spent $215 billion on business analytics and big data. However, if the data is not adequately scaled to derive value, such investments will have no returns. This is where we need business analytics.
Closely associated with business intelligence and big data analytics, business analytics comprises a set of automated data analysis practices and tools that shed light on the operational processes of a business. In doing so, it helps professionals make informed decisions that have the potential to mitigate risks and optimize for the future. The result is a definitive data culture — one that recognizes the benefits, and practices, and encourages the use of data.
Continue Reading: What is Business Analytics?What is Business Intelligence?
Information and decision-making share a symbiotic relationship; this holds true for the domain of business as well. Business intelligence, put simply, has to do with the information. It is a technical infrastructure that leverages software to collect, store, and analyze data. Following that, it presents the data in accessible and user-friendly formats, such as dashboards, reports, charts, and graphs.
The USP of business intelligence is that it gives users access to various types of data — semi-structured and unstructured, historical and contemporary, and third-party or in-house. Transforming data into actionable insights on company performance significantly boosts its strategy and tactical decisions. Over time, business intelligence tools have become more user-friendly and intuitive, thus allowing individuals across industries to tap into their potential. In addition to smart decision-making, the tools are also crucial to spot key market trends, identify problem areas, and spotlight new business opportunities.Business Intelligence vs Business Analytics: Key Differences
Variances in business intelligence and business analytics reflect the trends in job growth, business language, organizational goals, and the size and age of an organization. Business leaders must consider these differences while investing or taking any significant decision that impacts revenue. The primary differences can be broadly categorized as:Job Trends and Language
Despite the overlap in their use, business analytics is a newer term than business intelligence. It also covers more ground than the latter than merely referring to a description of predictive and statistical tools. The increasing growth of analytics also indicates higher employment rates in the field as compared to business intelligence.Size and Age of Organization
The size of an organization is a determining factor in its use of business analytical tools or business intelligence. The latter is a good fit for enterprises of all proportions, even smaller companies that want to incorporate data into their present operations as well as predictive plans. Furthermore, newer companies tend to prefer analytics to business intelligence. This is especially true for startups more than established brands that are more interested in employee performance or organizational processes. However, at the end of the day, a combination of the two is the best way to go and is greatly preferred.Focus on the Present Vs. the Future
One of the key distinctions between the two is their temporal approaches. Business intelligence relies more on historical data to determine how a company should function in the present day. On the other hand, business analytics concerns itself with future predictions and planning. Established businesses that want to identify pain points and improve efficiency often opt for the former. But for those looking for a change in their business model, analytics may be more useful.
The bottom line, however, is that all businesses have both a present and a future focus. The best case scenario, therefore, would be to combine the two into an approach that optimizes existing strategies and also reserves space for innovation.How to Improve Your Business Intelligence Skills
Proficiency in business intelligence demands, like all fields, a blend of hard and soft skills. Improving one’s competencies is no easy task. But with the emergence of numerous resources, such as online courses, bootcamps, books, and virtual seminars, we can now sharpen our skills in a way that is flexible and affordable. However, it’s important to remember the core skills that comprise business intelligence.Data Analysis Report Generation
The chances of getting hired are far higher for the one who can take raw data and interpret it to draft comprehensive reports to boost company performance. This is useful for clients and stakeholders alike as, essentially, it works as a means of communicating information clearly and fluently.Practice Using Data Dashboards
As the primary information management tool in business intelligence, data dashboards monitor, evaluate, and reveal Key Performance Indicators (KPIs), important metrics, and particular data points. As a business intelligence professional, not only is it crucial to know the ins and outs of how dashboards function but you must also know the differences between various dashboards to select the right one for a specific data-related job.How to Improve Your Business Analytics Skills
As curiosity-driven as business analytics professionals are, certain technical skills go a long way in a tech-driven world. Such skills include:
Competence in data collection
Statistical analytical skills
Proficiency in data visualization
Improving business analytics skills means embracing digitization that drives innovation and large-scale change within organizations. While a thorough grasp of the fundamentals is essential, it is vital to know how a digital strategy, coupled with technical know-how, can transform the larger mechanism and supply chain ecosystem.
The growth of business analytics over the last decade has led several resources to emerge. In addition to books, seminars, and boot camps, online courses have gained immense traction as they are flexible and affordable. They often offer certification from some of the most renowned institutions in the world.
We have witnessed revolutionary changes in the space of business due to digital transformation, and the impact of data is hard to ignore. It has made information accessible and actionable in real-time and has been a crucial driver of growth. In the face of unprecedented change, political crises, environmental disasters, and a volatile market, both business analytics and business intelligence are critical to saving businesses and, in turn, human lives. Changing the world was never easy. But the two fields, hand in hand, hold the immense promise of a brighter future.
By Deyasini Chatterjee
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