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The Ultimate Guide To Starting

A Business
Starting a business can be intimidating but it doesn’t need to be. This ebook
will guide you at every step of setting up your business.
 Hi There!
Thanks for downloading this E-Book.

You Can Edit This Version To Fit Your Needs!

How can this Ebook help you?

Several people want to have their own business but often find it difficult to
figure out where to start. After all, setting up a business is far from a cakewalk.
But we believe that although the process requires hard work it does not need
to be overwhelming.
And for that purpose, we have compiled a list of steps, methods, and tips in
this ebook to help you throughout the process of starting your business.
You can use it as a guide to setting up your business and turn to it whenever
you face roadblocks in your business.
Moreover, the final section has a handy set of tips and advice for the
accelerated growth of your business. Sounds good? Then dive right in!

Do you want to plan your

business faster?

Upmetrics can help you at every

step of writing your business plan.
So, what are you waiting for!

Start writing your business plan today!

Table Of Contents
1 Introduction
2 How to Get Started
• How to Spot a Great Business Idea
• Plan your Business
• Choose a Memorable Name
• Check Legalities
• Figure Out your Funding Needs
3 How to Stand Out
• How to Convince Anyone
• How to Negotiate Like a Pro
• How to Identify Talent
• Use Social Media to your Advantage
• How Leadership Helps (And How to do it the Right Way)
4 How to Accelerate Growth
• Build a Great Marketing Strategy
• Find your Competitive Advantage
• Get a Mentor
• Make Decisions with Conviction ( And Rationality)
5 Conclusion

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Introduction
If you have downloaded this Ebook, chances are you are either about to
start a business or are thinking of starting one.
Congratulations! Because you just took the next step towards your
business journey. And believe us many people fail to do so because of
innumerable reasons.
They either think that their business idea is too irrational, even before
sharing it with people around them.
Or they feel too overwhelmed with the number of steps it takes to start
one. Some people also might feel confused and lost because they can’t
figure out where to start from.
Then there is the eternal issue of acquiring enough funds to start a
business.
And if you are giving up on your business dream due to any of the above
reasons, stop.
Stop right there.
Because let’s just face it, starting a business can be hard. Very hard
considering the number of risks it brings with it. However, all of us can
agree that it can be very rewarding too.
And if you go on with starting your business in the right way, you’ll be
able to minimize risks and maximize rewards.
There are certain tips, skills, and methods that can help your business
reach great heights. And we would like to share the same with you
through this book.
So, if you have a business idea that you would like to turn into a real
functioning business, then read on.

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How to Get Started
Have you spent a long time
figuring out how to get started with
your business? If yes, then you don’t
need to anymore.

The following steps will help you get started quickly and easily:

How to Spot a Great Business Idea

The first step towards starting a thriving business is having a great

business idea.
But how would you get a good idea? More importantly, how would you
know if it’s a good one or not?
Well, let’s start with how to get a good business idea.
Consider the following situation. You met an old friend after a long
time. But finding a good place to sit and talk that serves good food too
seemed like a herculean task on that day. You went home and looked up
all the restaurants and cafes near you but came up empty-handed.
At the same time, your cooking skills are great or at least you have
very good taste when it comes to food. And here you have it. A great
idea that’ll solve a problem and help you have a profitable and thriving
business if you execute it right.

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Though you might have to work a little harder than the above example,
you get the picture, right? If you have an effective and viable solution to a
market problem and execute it right, nobody can stop you from having a
profitable business.
Instead of the above example, there might be a situation where you have
a set of skills or an area of interest and you have to go find a market
problem that can be solved with your skills and expertise.
As per the above example, you might be great at cooking, but you might
have to research and find the right locality for your restaurant or cafe,
instead of coming across a brilliant one accidentally.
Now that you have a great idea you can probably move on to the next
step. But wait a moment, did you get your idea validated by friends,
family, or maybe your target audience?
If not, then go do it. This will help you figure out whether your idea is a
good one or not.
Continuing the first example, you might feel that opening a restaurant is
a fabulous idea, but when you share it with your friends and family they
might help you pinpoint that probably there are no restaurants in your
locality because there isn’t enough customer base for the same.
Or they might have a few tips up their sleeve that can help you serve
your customers better.

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 Plan Your Business

So now that you have a great business idea the next step is to plan your
business down to the last detail.
Now, you might wonder, does planning ever help? Wouldn’t it be more
time-saving to just go ahead and get started? If you are thinking so, you
might be wrong.
Because planning your business might take some time in the beginning, it
would not only help you work more efficiently in the future but also save
you from a lot of troubles that you’ll face during your business journey.
Now, how would you plan your business?
Let’s continue with the restaurant business example. First, you’ll find a
good location for your restaurant business. Then you’ll decide its decor,
hire people, promote your restaurant, decide upon the food menu as per
the preferences of your target audience, and acquire the kitchen supplies.
As you can see, there are several tasks, we might have missed one or two
as well.
But if you write a business plan, you can rest assured that you wouldn’t
miss any.

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Here’s how to write a business plan in a few simple steps:

1. Ask crucial questions to yourself about your target audience,

competitors, and your business.
2. Research thoroughly. Research about the market, product fit, and
other aspects of your business thoroughly and properly.
3. Set clear and well-defined goals. Having clear goals gives you
something tangible to work upon.
4. Know your customers. Knowing your customers better would
help you serve them better.
5. Plan your finances. Planning your finances plays a crucial role
in helping your business sail through tough times and gain
maximum profit out of your business activities.
6. Build your network. Networking is crucial to help your business
grow and expand.
7. Track your progress. This helps you find out if you are headed in
the wrong direction at the right time.

Still got more questions about business planning?

Want more help?

Start Planning for your business with Upmetrics Now

(Get 10 % Off on your First Purchase)

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 Choose a Memorable Name

Next up you’ll choose a name for your business. Though you might have
heard a Shakespeare quote that says, “ What’s there in a name.” But that
definitely doesn’t hold for a business.
Your business name decides how often you’ll show up in your
customer’s conversations, and eventually decide how often your customers
would show up to buy your product or avail your service.
That said, how would you decide on a good name?

Here are a few things that you should keep in mind while selecting a name:

1. It should be relevant
3. It should be unique

2. It should be descriptive

4. It should be easy to remember

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Now, to give you a proper example, suppose you decide upon naming
your restaurant xyz restaurant. We aren’t saying that’s a bad name. To each
their own. But imagine, how would it help you become more memorable
than say abc restaurant.
At the same time, you cannot go with a very exotic or difficult name
either. For choosing a good name take advice from a few of your closest
friends or family. But don’t go on involving a lot of people, as it would
make the process confusing and tedious.
Although there are exceptions in every business that succeed with a
generic name, a unique and memorable name gives you an edge that you
shouldn’t miss out on.

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 Check Legalities

Now that we’ve discussed a lot of fun stuff, here comes one of the most
tedious tasks of starting a business. Checking if you have all of the legal
documents and permits of your business in place.
And though it might seem like a lousy job, having all of your legal
documents in place can save you from major hassles later on.

For starting a business you’ll need to have the following documents and
processes in place:

1. Select a legal structure for your business.

(Your legal structure decides the taxes you’ll pay, the level of risk to
your personal assets, as well as your business’s ability to raise funds. For
choosing the right legal structure, go through all of your options and
choose the one that fits the best for your business.)
2. Apply for EIN.
(It helps you register your business entity, get a business loan, in
opening your business bank account, and many more.)
3. Get all the necessary licenses.
(Several licenses help you get tax benefits, and do business without
getting into legal troubles.)

• Local Business Operating License

• Zoning and Land Use Permits
• Building Permits
• Fire Department Permits
• Environmental Licenses
• State Licences
• Seller’s Permit
• Sales Tax Permit
• Business License

Check and recheck all of your business documents, so you don’t have to
worry about it later on.

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 Figure Out Your Funding Needs

This is something a lot of aspiring entrepreneurs worry about. Having or

acquiring enough funds for doing their business. But if you figure out your
funding needs and look at your options (there are several by the way)
you’ll never have to worry about the lack of funds later.
For figuring out your funding needs, draw out a list of expenses for
setting up your business and a list for running your business. For example,
if you start a restaurant business you’ll need funds for paying a rental
deposit or buying a space, for the decor, for legal procedures, for getting
kitchen supplies, etc.
At the same time, you’ll have a continuous expense of promoting your
business, paying your employees, etc.
You can start by making a budget and trying to fulfill all the needs of your
business in a cost-effective way. For example, you can save a lot on your
restaurant’s decor by getting creative.
Once you are done with budgeting, note down how much you can
manage on your own and for what percent you’ll have to acquire funds.
After that, you’ll go through all of your funding options and choose the
one that’s the best for your business. Note that gaining funds depends a
lot upon your business’s legal structure and your business plan. Almost all
investors ask for a business plan before investing in your business.

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 Here are some of the funding options that you must look into:

1. SBA loans: This is a viable and safe option for small businesses to
gain funding.
2. Angel Investors: Angel investment is great for getting funded, but
make sure you are prepared enough to sound convincing and can
guarantee great results.
3. Cloud Funding and Crowdfunding: These are great options for
using the internet to its maximum potential.
4. Venture Capital: This is a great option for getting funding as well
as getting mentorship for your business.

So here were a few tips on getting started, but how will you survive the
competition? How will you convince your customers that your product is
superior to your competitors?
For that, you’ll need skills and methods that make doing business more
efficient and effective for you. And if you want to find out more about
such skills, read on.

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How to Stand Out
All of us want to be unique and special. And who wouldn’t like to have an
advantage over their competitors, something that makes you better than
them in some way?
But let us make one thing very clear, advantages do not come out of the
blue. You have to work and develop special skills to have the same. In this
section, we’ll discuss some of the skills that can help you stand out and
how to develop these.

How To Convince Anyone

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You must know that convincing people is an art. An art that is learned by
having deep knowledge of a subject, excellent communication skills, and
confidence.
Great convincing skills are an irreplaceable asset for your business journey.
It helps you crack deals, and get out of troubling situations smoothly.
But many of us feel that this skill is natural and can’t be developed. But
the good news is, with a little bit of patience and persistence anyone can
develop it. Here’s how:

1. Have thorough knowledge of what you are talking about.

Knowing the subject well prevents you from sounding vague and
uninteresting. Also, remember that there’s a highly likely chance that
the person you are trying to convince knows a lot about the topic
at hand too.
For example, if you are trying to convince an investor to fund
your business, the investor would know as much if not more than
you about the concerned industry. So, to sound convincing to
them, having good knowledge about the subject matter is really
important.
2. Develop your communication skills
Let’s admit it. All of us admire great communication skills.But what
exactly are communication skills all about? Is it talking till the
person’s convinced or looks convinced? Is it being confident even if
you don’t know enough about the concerned subject?
Well, not quite. We bet you didn’t answer either of those questions
in the affirmative even as you read them.

Here’s how you would actually be able to build good

communication skills:

• 1. Have strong opinions, but be flexible: Opinions are just

that at the end of the day, opinions. Your willingness to reach
a middle ground would be much more effective than your
attempt to force people into believing what you believe.

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 • 2. Listen to what people have to say: Against popular belief,
listening is crucial to good communication. Even in your
business. Because if you listen carefully, you’ll be able to
know whether the other person understood your point or not.
It also helps you understand their doubts and solve them
properly.
• 3. Be Clear and Concise: If you are clear with what you have
to say, you’ll sound more convincing to people. Apart from
that, it also helps you get your point across easily.

3. Be Confident
Now, you probably might think that hey, I would’ve totally
developed confidence this moment if it were that easy. Although
developing confidence might be difficult there’s no better way of
doing it than putting yourself out there.
You might mess up a couple of times or more, but it’ll get better
the third time around. Prepare ahead of your meetings and deals
and be sure of yourself and your skills. Trust us, you’ll at least
sound confident even if you don’t feel so.

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 How To Negotiate Like a Pro

Negotiation is an important business skill. It not only helps you in getting

brilliant deals but also in solving your business problems in a better way.
But the question remains, how would you develop negotiation skills?

Here are a few tips to help you become a better negotiator:

1. Come prepared. One can’t put enough emphasis on this.
Preparation is key to sounding convincing.
2. Be empathetic. Empathy in business is underrated. Understanding
people and their motivations are crucial to negotiating better.
3. Don’t sell yourself short. Though exaggeration of your abilities is
disastrous, selling yourself short could be equally harmful. Putting
yourself and your abilities out there for the stakeholders of your
business makes them respect you and helps you convince them
faster.
4. Be clear about your goals. Having a clear aim helps you become a
better negotiator as it makes you sound more convincing to your
peers.
5. Have a backup plan: If one of your ideas or plans does not sit
well with people, have an alternative handy to help you out of the
situation.

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 How To Identify Talent

Do you know what’s that one aspect that not only helps you stand apart
from your competitors but also helps your business grow at an accelerated
pace? The people in your business.
But how would you find such people? Here are a few tips for the same:

1. Know what you want from your employees. Having a clear idea of
what skills and values that you want in your employees make the
recruitment process easier and smoother.
2. Conduct well-rounded interviews: Taking a good interview is a skill
as important as giving a good interview. Ask good questions. Ask
things that’ll not only help you understand a candidate’s current
skills but also their potential.
3. Don’t overwhelm the candidate: Until and unless you are trying
to understand a candidate’s ability to handle pressure, don’t
overwhelm them. You might fail to get an idea of what they are
capable of if a person’s too anxious or intimidated.
4. Focus on diversity: Focus on building a team of people with a
diverse set of abilities that complement each other.
For example, if you have a teammate who’s a brilliant negotiator,
focus on hiring someone who has great analytical abilities. These
people would not only help you see things from two different
perspectives but also fare better at tasks than two people with
similar abilities.

5. Offer competitive pay: Though you should not overspend on

building your team, especially if you are just starting out, make
sure you pay enough in exchange for the value you expect.

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 Use Social Media To Your Advantage

Social media is an important tool in today’s attention economy. The

visibility of your business is crucial to its success. And what’s better than
social media to make your business more visible to your audience.

But for what all things can you use social media? And how you would do
that effectively? Here’s how:

1. For promoting your business.

Social media is a great marketing tool. As people spend most of
their time on some or the other social media platform, there’s a
high chance that it might as well replace traditional advertising
altogether in the future.

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 Here are a few tips for promoting your business:
• Select the right platform. (Put your maximum efforts on
platforms your audience uses the most.)
• Don’t sound too salesy. (Although you are here to sell,
getting creative with your social media strategy helps you
build long-term customer relationships and also makes you
look more reliable.)
• Provide value through social media. (Creating informative
content around your niche makes you more memorable to
your target audience.)

2. For networking
This is the primary purpose of social media. You can use it to
expand your network and build meaningful relationships with people
who’ll either provide you with meaningful advice or help your
business grow in some or another way.

3.For recruiting the right people

Social media allows you to come across people with your desired
skill set without going through the tedious traditional hiring process.
It also makes reaching out to people easier and faster.

Social media can also help you build your brand image, get customer
feedback, in generating leads, and many more. Having a strong social
media presence is essential for succeeding in this day and age.

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 How Leadership Helps (And how to do it the Right Way)

Leadership skills are important, there’s no doubt about it. But it is one
of the most misunderstood skills there is. People often confuse it with
management.

To put it simply, management is to get things done by telling people to

get it done. On the other hand, leadership is to get things done without
telling people to do it.

Now, how would that help? Well, if you manage your people it makes
it tougher for them to make independent decisions, you’ll usually find
them waiting for your next command to get started. On the other hand,
leadership helps individual growth and motivates your team to make
independent decisions and work more creatively.

Although both qualities are important in their own way, the presence of
strong leadership can help your business and help you deal with hiccups
in your journey head-on.

Here’s how leadership helps:

1. It increases your team’s motivation.
2. It influences your team’s growth as a group and as individuals.
3. You look more dependable and reliable to your team.
4. You get to show your people how to do things rather than
telling them how to do it.

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 And here’s how to do it the right way:
1. Listen. If your team can approach you without hesitation or
fear, they’ll be able to share their insights, point out potential
loopholes in your plan and strategies without having to think
multiple times. This will help you grab unseen opportunities and
deal with hidden threats in a more effective way.
2. Show them how to do it. This is something that you might
have heard numerous times. Showing people what to do and
involving them in the process would help them do a better job
than just telling them what to do. Such a process makes them
think and make independent decisions. On the other hand, just
telling people what to do all the time, leads to a stagnation of
their decision-making abilities.
3. Encourage creative ideas. Have you been in a situation where
one of your teammates gave you an idea that was a little bit
impractical? Chances are that you have, or might come across
one in the future. And we know it can get a little annoying if
you have a lot on your plate already. But try to be calm, instead
of a brutal turndown, try to nudge them in the right direction.
You never know, the same person might give you a unique solution
to your problem in the future. After all, creativity is born out of
impracticality more often than not.

Apart from all of the above, developing a strong sense of passion towards
what you do and showing it, encourages your team to do better as well.

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How To Accelerate Growth

Although there’s no substitute for hard work and patience as you try
building your business, working in the right direction can help you save
time, and get maximum benefits from your efforts. Read on to find out
how.

Build a Great Marketing Strategy

Marketing deserves the attention it gets. A good marketing strategy is

crucial to building a successful business. After all, for your business to
work, people need to know that it exists. Your marketing strategy is the
foundation of your business.

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And here’s how you’d build a marketing strategy that works:

1. Know your business goals. Knowing what you want to achieve

helps you work in the right direction and gives you something
tangible to work upon.
2. Do your market research. Market research helps you understand
the market size, market growth rate, your market position, your
competitors, and your customers. And as you know what you
are dealing with, formulating a strategy becomes easier and
faster.
3. Know your target market. Knowing your target market well
helps you make marketing campaigns that will resonate with
them, and draw them towards your product or service.
4. Formulate good strategies and test them. You would never
know if your ideas would work or not if you don’t test them.
Spend enough time planning and strategizing, but don’t overdo
it. Go ahead and start implementing your ideas.

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 Find Your Competitive Advantage

Customers make a product switch for a reason, they are either not
satisfied with the product they are using, or see some added benefit
in the new product that is absent from their current one. Finding and
promoting your competitive advantage helps your customer understand
why they should choose your product or service.

Here’s how you can find your competitive advantage or USP:

1. Identify your customers’ needs. Try reading through your or

your competitor’s product reviews on any eCommerce site,
especially the negative ones, it’ll help you know what your
customer needs and can’t find in your competitor’s product. You
can make that your USP or optimize your product if possible to
fulfill that demand.
2. Know your strengths and weaknesses. Having an all-around list
of product or service’s qualities and drawbacks helps you figure
out your USP faster.
3. Promote your USP in your customer’s language. For your
competitive advantage to work your customer should
understand that your business can offer a solution to their
problem. So, promote your USP in a language that speaks to
your target audience.

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 Get a Mentor

One of the best ways to accelerate business growth is finding a mentor.

A mentor can guide you through roadblocks and inspire you to take steps
that might look scary but can lead to massive growth in your business.
And although a mentor doesn’t need to have a magic pill for all of
your problems, there are certain qualities a mentor should have for your
association to be a useful one.

Here’s how you’ll get a good mentor:

• Your mentor should be an active listener. Most of us believe

that mentors are people with loads of advice who barely have a
minute to spare to fully listen to your problem. After all, aren’t
people who are good with their job always busy? And if you are
about to get such a mentor, hold on.
Because a good mentor might not have an instant solution to
all of your problems ( they’ll have one for the majority though),
they’ll always spend enough time listening to your problem.
Because unique problems require unique solutions.
A mentor who gives you a solution without fully listening to
your problem might be using the one size fits all approach, and
that might not work for you.
• Your mentor should be accessible. Having someone who
promises good results and has time to attend to your business
problems is much better than having someone who promises
excellent results but barely has time to attend to you.
Effective solutions take time to come by. Find someone who
has enough time, but hey don’t go on and get someone who’s
always free, If you know what we mean.
• They should have great analytical abilities. This goes without
saying. Only a mentor with proper analytical abilities will be able
to analyze your problem well and provide an effective solution to
your problem.

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 Make Decisions With Conviction (And Rationality)

There are three types of decision-makers in any sphere of life. The ones
who think, then think a little more, but never conclude. They make every
decision even the insignificant ones as if their life depends upon it - the
indecisive ones. All of us have probably been through that at least once
or twice.
Then some people make decisions with a snap and follow through no
matter what consequences they might have to face later on- the impulsive
ones. Though there’s risk involved in such choices, all of us have had to
make such decisions too.
Now there’s no denying that there’s no foolproof way of making decisions.
But there’s a third type of decision-making that can ensure that most of
your decisions, if not all, are correct.
And that is making decisions with a combination of rationality and
conviction. i.e., give yourself enough time to weigh your options, but
once you reach a conclusion implement it with full conviction.

Now, how would you do that? Here’s how:

• Don’t think too much. Easier said than done, we know. But try, it
saves a lot of time and energy.
• Weigh your pros and cons. Every choice would have its pros and
cons, choose the one that’s the best for you.
• Think about your goals. Make decisions that’ll help you get one
step closer to your goal. This way you can also eliminate options
that aren’t helpful faster.
• Keep the worst-case scenario in mind. This can be stressful, but
it’ll also help you decide upon the scenario you can live with.
• Talk about it to people. Though getting advice from a lot of
people can be confusing, talk about it to a few people, and get
a new perspective on your problem, this makes the process faster
than overthinking the problem by yourself.

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Conclusion
The above tips can help you as you start and grow your business. Apart
from all of the above, constantly updating your product or service and
business strategy as per the changing market demands is essential to keep
growing and thriving as a business.
And though starting a business seems overwhelming and intimidating at
first, it can be very rewarding too. Think through different scenarios that
might come up, but don’t let it intimidate you.
Because in the end, it all boils down to determination and execution. As
Spencer Johnson rightly puts it in the book “ Who moved my cheese”,
“What would you do if you weren’t afraid?”
Answer for yourself, if you will.
Although a lot more would go into starting your business, this book can
act as your guide every step of the way.
You can use it to sail through roadblocks and generate new ideas
whenever you fall short.
And if you still need more help while planning your business, we have a
solution for that too!
With Upmetrics, business planning is now fast and simple. Now, you no
longer need to worry about the tedious process of writing your business
plan. There are several tips, flowcharts, tools, and many more to make
your job easy.
Sounds Good?

Then what are you waiting for!

Get Upmetrics Now

And get 10% off on your first subscription (Limited Period Offer)

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