ENTREPRENEURIAL CHARACTERISTICS: A SYSTEMATIC LITERATURE REVIEW

ENTREPRENEURIAL CHARACTERISTICS: A SYSTEMATIC LITERATURE REVIEW Abstract Entrepreneurial competencies have been validated in entrepreneurship studies....
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ENTREPRENEURIAL CHARACTERISTICS: A SYSTEMATIC LITERATURE REVIEW Abstract Entrepreneurial competencies have been validated in entrepreneurship studies. However, there seems to be many different varieties in defining entrepreneurial competencies. In this regard, the purpose of this paper is to conduct a literature review of prior entrepreneurial competencies, identify characteristics of entrepreneur and develop a framework of entrepreneurial competencies in order to contribute for future research. With this purpose, the relevant literatures published in SSCI level journals were collected via Google scholar search, and among these literatures, 14 papers were identified for demonstrating the key entrepreneurial characteristics and words that were most mentioned. For determine characteristics empirically, this paper mainly gathered the samples that studied the relationship between entrepreneurial competencies and venture performance. 141 elements were collected from these paper. These elements are summarized by classifying according to keywords that are most mentioned. After having a process, these elements were grouped into five clusters into five clusters via a focus group sorting exercise. The resulting framework of entrepreneurial competencies consists of five dimensions: ‘Opportunity competencies’, ‘Administrative competencies’, ‘Relationship competencies’, ‘Personal competencies’ and ‘Commitment competencies’. Keywords: Entrepreneurship, Entrepreneurial Competencies, Entrepreneur, Entrepreneurial behaviours, Entrepreneurial traits, Small and Medium enterprises(SME), Start-up, Literature Review

1

INTRODUCTION

Most of entrepreneurs who create business fail to meet the performance expectations (Cassar 2014). In fact, more than 50% of new ventures will fail within their first 5 years (Aldrich 1999). Therefore, many authors studied as to what makes business successful. By the late 1980s, some narrative reviews had come to the conclusion that there had been no relevance between the relationship of an entrepreneur’s personality and their business success. Future research on the subject was abandoned relating to entrepreneurial characteristics (Rauch and Frese 2007). Recently, however, other papers have provided evidence for the validity of individual characteristics in entrepreneurship research(Baum and Locke 2004). According to venture financiers, the initial venture growth depends on the entrepreneurial characteristics (Shepherd 1999). Most of authors have referred that the entrepreneurial competencies are important factor to venture growth (Baum, Locke et al. 2001, Man, Lau et al. 2008, Volery, Mueller et al. 2015). In entrepreneurship researches, firm performance is usually considered one of the most critical factors in empirical studies (Barkham 1994). Through other studies, we have been identified to affect the firm performance to different variables; however, the results do not seem to correlate with performance(Chandler and Hanks 1994, Baum and Locke 2004). For example, a variety of study referred that self-efficacy is important for entrepreneurs because they can persevere when problems or uncertain situations arise and must be confident to perform various roles (Bandura 1999; Rauch and Frese 2007). Even though self-efficacy positively affects entrepreneur in the context of entrepreneurship, other research provided evidence that generalized self-efficacy has no relationship with firm performance(Poon, Ainuddin et al. 2006). In line with the situation, the entrepreneur’s individual factors such as demographic, psychological, behaviour, and skill as well as expertise are mixed. By looking at the studies on entrepreneurial competencies, it can be seen that characteristics are different depending on conditions and subjects. Therefore, this study focuses on entrepreneurial competencies for success. The purpose of this study is to find out the core competencies through the literature review related to entrepreneurial competencies. We aim to integrate each of studies related to entrepreneurial competencies from other countries, industries, and perspectives and to provide a contribution to future research.

2

LITERATURE REVIEW

2.1

Entrepreneurial competencies

Generally, competence is defined as the knowledge, skills and attitudes of integrated components. Individual competencies also referred to abilities as well as knowledge and skills required to perform a specific job(Baum, Locke et al. 2001). However, many authors have identified a wide-range of specific characteristics entrepreneurs need to possess in order to be successful in a more analytical and behaviour oriented way (e.g., (Man, Lau et al. 2002, Rauch and Frese 2007). These, in fact, are identified as highlevel characteristics, these high-level characteristics are essential to one’s success in their performance (Lau et al. 1999) These characteristics can be things such as one’s personality traits, skills or knowledge, which are influenced by the entrepreneur’s demographic beginnings ranging from their experience, education, training, family background and other important variables (Herron and Robinson 1993, Bird 1995). Although these characteristics can vary depending on many variables, we can identify core competencies at the individual level because this analysis is focused on the initial start-up period. This is important for an entrepreneur and their starting venture. During the identification of which traits and abilities are considered most important for entrepreneurs in a multitude of areas, most authors have a basic agreement. This agreement is the idea that, the ability to take risks seems is key to the success of

any entrepreneur, regardless of sector or branch (Wagener, Gorgievski et al. 2010). Thus, the mental ability like risk-propensity for the individual has important factor in the success of venture. In this study, we conduct a literature review for identifying what the key competencies required for successful venture as well as psychological factors. Although other studies have also listed many of what competencies are required for entrepreneur, there often seem to mix the respective competencies from different perspectives. 2.2

The organization of the concept of entrepreneurial competencies

Many times, defining characteristics and traits may seem vague. However, to define each of the terms clearly, we have organized each of the concepts from several different articles. First, entrepreneurial capability refers to ability to identify a new opportunity and develop the resources and capital needed to pursue it (Arthurs and Busenitz 2006). Second, entrepreneurial traits and motivation are not entirely separate from their competencies. However, several authors have shown that entrepreneurial traits and motivation are also the entrepreneur’s personal characteristics like high need for achievement, risktaking propensity, and the tendency to assume personal responsibility for success or failure (McClelland and Winter 1971). In this study, we propose that an individual’s personality should be included in competencies. Third, knowledge is a key factor that also doubles as a human-capital asset. Knowledge is vital in relation to technical, financial, organizational, and legal abilities etc. (Kuratko, 2005). Lastly, entrepreneurial competencies also encompass individual characteristics. Knowledge, skills, and abilities are often required to perform a specific job and fall into this category (Baum et al., 2001). This indicates that it deals with a variety of things related to entrepreneurial characteristics so, we focus on the competencies and use this term often. 2.3

The concept of venture success

In the entrepreneurship research, the factors that influence both venture performance and market success identified individual characteristics that seem to distinguish those who have entrepreneurial traits and competencies related to human capital, self-efficacy(Markman and Baron 2003). From these view, we determined the variables how to measure performance. Firm performance was mainly measured by sales volume, income, and number of employees (Lerner and Almor 2002). Other study measured by means of variables: revenue growth, employment growth, productivity and productivity growth (Orser and Riding 2003). On the other hand, the study that examined the relationship between human capital and success is used in profitability, growth, size(Unger, Rauch et al. 2011). Even though each of studies has other measurable variables, we can find out these means are quite alike. In start-ups, it is difficult to determine these empirical results. Therefore, some of studies depend upon the particular means of success (Murphy, Trailer et al. 1996) as well as founder’s satisfaction(Obschonka, Silbereisen et al. 2015).

2.4

The relationship between entrepreneurial competencies and venture success

Personal characteristics, organizational factors, and environmental factors have been studied as major factors in the success of the venture in entrepreneurship research. However, from 1961 to 1990, entrepreneur characteristic was found to only have a weak influence on the venture success (Aldrich and Wiedenmayer 1993). Because at the time, the new venture financiers and entrepreneurs said that dominant factors for venture success have only caused their own individual characteristic to grow by themselves (Sexton 2001). To demonstrate the relationship between entrepreneurs and venture growth, Baum and Locke (2004) investigated the relationship between entrepreneurial characteristics, skills, and motivation and venture growth during six years based of off previous studies. In fact, the ability to communicate one’s vision coupled with their self-drive have had direct effects on business success. One’s passion for their venture contributes to this immensely. Man, Lau et al. (2008) is also

demonstrated by the direct and indirect contributions of the five clusters on relationship with the long term performance of an SME. 2.4.1

Research Proposition

Proposition 1: The opportunity competencies of entrepreneur are positively related to the venture’s success. Proposition 2: The administrative competencies of entrepreneur are positively related to the venture’s success. Proposition 3: The relationship competencies of entrepreneur are positively related to the venture’s success. Proposition 4: The personal competencies of entrepreneur are positively related to the venture’s success. Proposition 5: The commitment competencies of entrepreneur are positively related to the venture’s success.

3

METHODOLOGY

We conducted a literature search using Google scholar and tried to collect all studies related to individual competencies for entrepreneur. To configure the samples, we search paired keywords “entrepreneurial competencies” and “entrepreneurial trait”. The review’s inclusion criteria were studies that were published from 2000 to 2015 which examined the relationship between competencies and venture performance or growth and theoretical framework related to entrepreneur competencies. To identify specific peer-reviewed journals, we targeted papers of SSCI level. In addition, we also used other approaches to supply more samples. We identified many of the references that were included in the empirical studies to identify additional papers for this study. In these result, we set several criteria to screen the samples which can be match the scope of this study. First, they have to include the concept of the individual competencies that can be categorized like selfefficacy or risk-propensity. Second, we do not include non-individual level (e.g., entrepreneurial orientation (EO), social capital, firm competencies). Lastly, the samples have to be appropriate for examine the variable that can be used for starting a business, so we do not include entrepreneurship for education method. Following these procedure, a total of 14 samples that are included in our criteria are shown in Table 1. Most of studies have empirical studies that examine a correlation between competencies and a measure of entrepreneurial success mainly. Authors

Type

Chandler and Jansen (1992)

Empirical

Major content Survey based research that existing entrepreneurial roles impacts performance

Hood and Young (1993)

Empirical

Survey based research that personal characteristic impacts entrepreneurial achievement

Lampel (2001)

Empirical

Development of core competencies and examination how they impact

Competencies ‘Entrepreneurial skills’, ‘Managerial roles’, ‘Technical roles’ ‘Leadership skills’, ‘Communication skills-Oral’, ‘Human relations skills’, ‘Communication skills-Written’, ‘Management skills’, ‘Deal-making skills’, ‘Logical thinking’, ‘Analytical skills’, ‘Decision-making skills’, ‘Goal setting skills’, ‘Hiring skills’, ‘Business plan preparation’ ‘Entrepreneurial competencies’, ‘Technical competencies’, ‘Evaluate

core process and through them project performance.

competencies’, ‘Relational Competencies’ ‘Opportunity competencies’, ‘Organizing competencies’, ‘Strategic competencies’, ‘Relationship competencies’, ‘Conceptual competencies’, ‘Commitment competencies’

Man, Lau et al. (2002)

Conceptual

Development of a conceptual model which know to link characteristics of SMEs ownermangers and firm’s performance.

Lerner and Almor (2002)

Empirical

A theoretical model is developed and tested women-owned small venture performance empirically.

‘Marketing skills’, ‘Financial skills’, ‘Managerial skills’

Conceptual

A framework is developed to relationship individual traits, and job satisfaction and performance.

‘Self-efficacy’, ‘Recognize opportunities’, ‘Perseverance’, ‘Human and social capital’, ‘Social skills’

Markman and Baron (2003) Baum and Locke (2004)

Empirical

Poon, Ainuddin et al. (2006)

Empirical

Rauch and Frese (2007)

Conceptual

Zhao, Seibert et al. (2010)

Empirical

Lans, Verstegen et al. (2011)

Empirical

Altinay, Madanoglu et al. (2012)

Morris, Webb et al. (2013)

Kyndt and Baert (2015)

Empirical

6-years longitudinal study on the relationship between entrepreneurial traits, skill, and motivation and venture growth. Survey based research to examine relationships among self-concept traits, entrepreneurial orientation, and firm performance. A meta-analysis on the relationship between owner’s personality traits, business creation and success. A meta-analysis to examine the relationship of personality to intention and firm performance Developing a framework in small firm by empirically validating an existing classification. Survey based research that examine the relationship between family tradition and psychological traits on the entrepreneurial intention in UK.

Empirical

For entrepreneurship education, theoretical research is conducted and examined significant competencies.

Empirical

The first research assesses competencies for entrepreneurs in the literature. Second research examined the predictive value of these competencies

‘Passion’, ‘Tenacity’, ‘New resource skill’, ‘Communicated vision’, ‘Selfefficacy’, ‘Goals’ ‘Achievement motive’, Generalized self-efficacy’, ‘Internal locus of control’ ‘Need for achievement’, ‘Innovativeness’, ‘Self-efficacy’, Stress tolerance’, ‘Need for autonomy’, ‘Internal locus of control’, ‘Risk-taking propensity’ ‘Conscientiousness’, ‘Openness’, ‘Emotional stability’, ‘Extraversion’, ‘Agreeableness’, ‘Risk propensity’ ‘Pursuing’, ‘Networking’, ‘Analysing’ ‘Risk taking’, ‘Innovativeness’, ‘Need for achievement’, ‘Tolerance ambiguity’, ‘Locus of control’, ‘Family tradition’ ‘Opportunity recognition’, ‘Opportunity assessment’, ‘Risk Management/Mitigation’, ‘Conveying a compelling vision’, ‘Tenacity’, ‘Creative problem-solving’, ‘Resource Leveraging’, ‘Guerilla skills’, ‘Value creation through innovation’, ‘Ability to focus yet adapt’, ‘Resilience’, ‘Self-efficacy’, ‘Building and Using networks’ ‘Perseverance’, ‘Self-knowledge’, ‘Orientation towards learning’, ‘Awareness potential returns’, ‘Decisiveness’, ‘Planning for the future’, ‘Independence’, ‘Ability to persuade’, ‘Building networks’, ‘Seeing opportunities’, ‘Insight into the market’, ‘Social and environmentally conscious conduct’

Table 1. The summary of 14 kinds of literatures

4

FRAMEWORK DEVELOPMENT

Based on 14 samples, we integrated each of the entrepreneur’s competencies by categorizing them into groups. When we sort all of competencies based on samples, 141 distinctive elements of competencies were found from 14 samples. In the outcome of this search of specific competencies, we found out many elements are alike. Therefore, this study summarized the process as the core behaviors and skills of each element around the keywords. Behavior and skills organized actual behavior relating each of competencies. In case of expert term, it was applied in the case of the classification or categorization terms through previous studies already. To enhance validity of classification, we implemented a focus group sorting exercise. We can further analyze that similar competencies are described differently according to each of the studies. In particular, some studies classified each of the perspectives, the others defined competencies widely. Therefore, we integrate all of the competencies and then classified each of the similar competencies. 4.1

Opportunity Competencies

Opportunity competencies are the most extensively presented from their counterparts, so opportunity recognition is subsequently mentioned by entrepreneurship research. Therefore, these competencies require a multitude of steps about taking these opportunities. According to our samples, we classify part of recognizing opportunity and know meaning about each of terms, in order to assess the outcomes of opportunity competencies. Except for duplicated meanings, 17 kinds of elements are mainly found. The analysis focused on each of the words, so we extracted key behavior or skills among the keyword are most mentioned. Table 2 shows key behavior and skills about opportunity. These competencies related to opportunity are mainly called by terms such as ‘Opportunity competencies’, ‘Entrepreneurial competencies’. Opportunity recognition imply various means including recognition. Therefore, this study defined opportunity competencies as “Competencies related to recognizing, developing and assessing opportunities through insight”. Behavior/skills

Expert term

- Identify and seize opportunities

- Opportunities competencies

- Recognizing market opportunities

- Opportunities recognition

- Developing market opportunities

- Entrepreneurial competencies

- Assessing market opportunities - Insight into market

Research source Chandler and Jansen (1992); Markman and Baron (2003); Man, Lau et al. (2002); Lampel (2001); Morris, Webb et al. (2013);Zhao, Seibert et al. (2010); Lans, Verstegen et al. (2011); Kyndt and Baert (2015)

Table 2. Organization of opportunities competencies

4.2

Administrative Competencies

Administrative competencies are one of the most important competencies to operate in the industry. In fact, since entrepreneurs need the ability to operate the company, a variety of skills in business administration are required. We aim to understand, what are the necessary skills for an entrepreneur from administrative point of view. Therefore, we integrated each of competencies related to administration to find out that these competencies are mainly organized by internal, external, personal

management, technical resources, skills, and identifying external environment. They are also mentioned by ‘Management’, ‘Organization’, ‘Technical skills’, ‘Strategy’ widely. Except for duplicated meanings, 34 kinds of elements are mainly found and summarized through keyword. Table 3 show these behaviour and skills about administration. Therefore, this study defined administrative competencies as “Competencies to operate business well and have administrative skills”.

Behavior/skills

Expert term

- Marketing skills

- Managerial competencies

- Financial skills

- Technical competencies

- Managerial skills

- Strategic competencies

- Set and implement the strategies

- Evaluative competencies

Research source Chandler and Jansen (1992); Man, Lau et al. (2002); Lampel (2001); Hood and Young (1993); Lerner and Almor (2002); Baum and Locke (2004); (Rauch and Frese 2007); (Kyndt and Baert 2015)

- Estimate cost, schedules, and partners - Assess situation

complex

and

fluid

- Resource management - Absorb and move knowledge

Table 3. Organization of administrative competencies

4.3

Relationship Competencies

Relationship competencies are one of the most important factors in determining business success. Except for duplicated meanings, 22 kinds of elements are often found. These competencies relate to social behaviour like human resource management. As key competencies, most of them are associated with relationships. Externally, the entrepreneur tries to build and maintain relationships with people such as partners, clients, suppliers. Internally, the entrepreneur plays an important role in leading employees. In detail, a variety of competencies have shown the importance of cooperation and trust, communication skills, hiring skills, delegation skills, control, negotiation, instituting effective culture, resolving disputes, and persuading. By identifying various roles about relationships, this study organized each of competencies by level in Table 3. Therefore, we define relationship competencies as follows, “Competencies to hire trainable candidate, build trust and healthy relationship with employees via the communication, lead to good corporate culture”.

Behavior/skills

Expert term

- Leadership skills

- Social skills

- Human relations skills

- Relationship competencies

- Communication skills

- Relational competencies

- Building and using network - Persuasive skills - Manage relationship with clients, suppliers and partners - Avoid and resolve dispute

Research source Man, Lau et al. (2002); Markman and Baron (2003); Lampel (2001); Hood and Young (1993); Morris, Webb et al. (2013); Lans, Verstegen et al. (2011); Kyndt and Baert (2015); Zhao, Seibert et al. (2010)

- Adjust team dynamics

Table 4. Organization of relationship competencies

4.4

Personal Competencies

Personal competencies are the most studied psychological area in the field of entrepreneurship. In fact, most of elements that mentioned such as self-efficacy, need for achievement, internal locus of control, and proactivity are associated with personal trait or characteristics. However, these elements are able to develop their competencies. In this section, the most overlapping words were showed in this competencies. Except for duplicated meanings, 22 kinds of elements are often found. Table5 shows personal disposition related to entrepreneur. Since it relatively focuses the individual traits, this study defined personal competencies as “Competencies related to individual traits, which are reflected in the behaviours of the entrepreneur”.

Behavior/skills

Expert term

- Self-efficacy

- Conceptual competencies

- Self-knowledge

- Personal traits

- Need for achievement

- Self-efficacy

- Need for autonomy - Internal locus of control - Innovativeness - Deal-making skills - Analytical skills

Research source Man, Lau et al. (2002); Markman and Baron (2003); Hood and Young (1993); Morris, Webb et al. (2013); Lans, Verstegen et al. (2011); Kyndt and Baert (2015); Zhao, Seibert et al. (2010); Rauch and Frese (2007); Baum and Locke (2004); Lans, Verstegen et al. (2011); Altinay, Madanoglu et al. (2012); Poon, Ainuddin et al. (2006); Zhao, Seibert et al. (2010)

- Passion - Independence - Logical thinking

Table 5. Organization of personal competencies

4.5

Commitment Competencies

In our opinion, commitment can help the entrepreneur endure uncertain situations. These can be linked to their abilities in many areas such as tolerance, tenacity, and perseverance. Therefore, commitment competencies are concerned with an entrepreneurial attitude. In fact, it is also concerned with psychology. Looking at the elements associated with commitment competencies, risk-taking is the most mentioned. Risk-taking can be conceptualized as an individual’s orientation to take the chances in a decision-making situation (Lans, Verstegen et al. 2011). Based on these concepts, we summarize such the competencies related to commitment in Table 6. 19 kinds of elements are classified by level except for duplicated meanings. However overall, these contents suggest the importance of entrepreneurs because they have intrinsic characteristics to withstand trouble and go forward with their success. Therefore, this study defined commitment competencies as “Competencies to go forward with perseverance and tenacity notwithstanding uncertain situation”.

Behavior/skills

Expert term

- Risk-taking propensity

- Commitment competencies

- Tenacity / Perseverance - Tolerance stress and ambiguity - Resilience

Research source Chandler and Jansen (1992); Man, Lau et al. (2002); Markman and Baron (2003); Hood and Young (1993); Morris, Webb et al. (2013); Lans, Verstegen et al. (2011); Kyndt and Baert (2015); Zhao, Seibert et al. (2010); Lans, Verstegen et al. (2011); Altinay, Madanoglu et al. (2012); Zhao, Seibert et al. (2010)

Table 6. Organization of commitment competencies

5

FRAMEWORK ORGANIZATION

Based on these organizations, this study aims to construct the framework for entrepreneurial competencies in Figure 1. Even though some studies on theoretical framework are already existed, this study arranges many competencies based on recent samples and perspective, and sorts each of competencies via a focus group exercise. The concept of five clusters are introduced in Table 7. Five entrepreneurial competencies consist of ‘Opportunity’, ‘Administrative’, ‘Relationship’, ‘Personal’, ‘Commitment’.

Figure 1. Theoretical framework of entrepreneurial competencies. Competency area Opportunity competencies Administrative competencies Relationship competencies Personal competencies Commitment competencies

Behavioural focus Competencies related to recognizing, developing, and assessing opportunities through insight. Competencies to operate business well and administrative skills. Competencies to hire trainable candidates, build trust and healthy relationship with employees via the communication, lead to good corporate culture. Competencies related to individual traits, which are reflected in the behaviors of the entrepreneur. Competencies to go forward with perseverance and tenacity notwithstanding uncertain situation.

Table 7. Five entrepreneurial competencies configuration

6

CONCLUSION AND IMPLICATION

Entrepreneurial competencies refer to a variety of abilities in regards to venture success. Recently, there has been quite a lot of attention and enthusiasm for an entrepreneur to make their own start-up venture. Therefore, a compilation of successful characteristics is necessary for a variety of beginning entrepreneurs. Due to this demand, the body of research in regards to venture start-up has a lot. This further validates the need of entrepreneurial traits and characteristics to be analyzed and complied in order to achieve a better understanding of what makes an entrepreneur successful in this increasingly competitive market. In some studies, many researchers have taken into consideration the importance of these competencies and their relation to their initial venture success and empirically identified them in order of importance. However, until recently, most studies did not take into consideration this psychological aspect of analysis and it was widely ignored. Recent studies are showing the importance of further analysis into this “business psychology” due to the ever increasing demand of research to study and help initial start up ventures succeed. The definitions and categorization of these competencies often are vague and this research tries to not only combine them into certain subsets but to also define them and provide some basic analysis. There were 115 competencies we were able to identify and attempted to provide them with a theoretical framework through categorization, which was desperately needed given the mounds of unorganized data on the subject. Through this we can check not only the importance of certain competencies but it proves helpful for not only other potential researchers but also other potential startup ventures. Identifying successfully what is and is not important in regards to venture success cannot be underestimated. By providing some analysis we hope to provide a multitude of benefits to both researchers and businessmen. In short, this study classified entrepreneurial competencies from existing studies. The authors reviewed 14 studies in SSCI and analysed all the competencies. The result of analysis shows that similar competencies are used in several studies. Especially, individual characteristics such as risk taking and self-efficacy were explained from most of the studies. These were found to be vital and essential to venture success. In a multitude of studies analysed. Not only were we able to identify competencies. But we are able to categorize them into groups and their subgroups as well. Many researchers would go into very specific detail about some of the broader categorizations so we showed that through our table levels. This provides not only ease for future researchers but also businessmen alike. Not only does this study organize these competencies but it also more clearly defines them. Due to the mounds of recent data collected on these subjects, definitions were often vague and variable. We aimed to more clearly define and specify these terms in order to decrease the potential of confusion in these studies to the benefit of others. Although the benefits of this research are clear we also have limitations. Firstly, the amount of evidence on these topics are great, therefore we only went through a relatively small sample size. This can be disadvantageous for a variety of reasons. Also the use of google scholar was not the most ideal systemic approach to gathering this data however it provided ease for organization and identification. Lastly a large amount of this data was linked closely with psychology which is not in our expertise. Therefore, some of the more psychological based research we were unable to fully represent in our own businessminded research.

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