Posted by: sheryl in
Business on March 28th, 2010
Starting a new business is an exciting venture, full of challenge, opportunity, and excitement.. Especially, if your entrepreneurial concept gains traction and generates growth. When it does, the next step is transitioning from an entrepreneurship to a professionally run business.
However, here is the irony. At this transition point—precisely the one you want to reach—is where many small businesses run into trouble. Because while the entrepreneurial skill set is great for creating and building new businesses, it is not as well suited to transforming fledgling businesses into long-term companies.
As a business grows beyond the startup stage, the ingredients that made for a winning start become a recipe for disaster. This is where entrepreneurs often make big mistakes. As Bill Gates observed, “Success is a lousy teacher. It seduces smart people into thinking they can’t lose. “
Smart people can lose. And many entrepreneurs do every day. The key is to understand the business lifecycle and how to move from one stage of the lifecycle to the next. Transition is a natural part of the process. A rapidly expanding company can quickly outgrow its infrastructure. Suddenly the informal management style that worked so well in the beginning no longer gets the job done. The organization’s existing infrastructure cannot support the next stage of growth, and the fallout is upheaval.
In truth, rapid growth and expansion place an incredible strain on resources. The gap between the infrastructure you will need and the infrastructure that has evolved becomes painfully evident. If your business is to succeed, you need systems and processes that will stabilize your company and support future growth. This is why a well-planned transition strategy is so important.
In most cases, with an entrepreneurially run business, management is more growth-and innovation-driven and less profit-driven. The emphasis is on creativity and innovation rather than structure or operations. Planning is haphazard rather than systematic. The organizational structure is loosely defined. Budgeting is implied. In essence, an entrepreneurially run business is an adolescent in the business lifecycle, pursuing growth, change, and opportunity but is desperately in need of stabilization.
On the other hand, a professionally managed organization is one with formal, thoughtfully-developed systems and processes and a disciplined, profit-oriented approach to doing business. In professionally managed organizations, management techniques have evolved beyond the spontaneous, reactive mentality typical of startups. Management styles are established. Professionally managed organizations are more democratic (typically consultative or participative). Professionally managed enterprises are based on clearly communicated objectives, expectations, and accountability.
To advance beyond an entrepreneurship business, the entrepreneur must take stock and implement systems, develop processes, and hire people who can steward the company into the future. This transition requires formal planning, meetings, systems, and clearly defined roles, responsibilities, and processes.
The first step in advancing from an entrepreneurship to that of a professionally run business is to recognize that the business has reached a new stage in its business lifecycle. The second step is to acknowledge that it is now time for change. The third step is to enlist the help of outside professional business advisors to assist you with the transition.
With a professional general business advisor, you obtain an accurate and an unbiased diagnosis of your entire business. Only then can you develop and implement an effective strategy to transition from entrepreneurship to a professionally run business. The professional general business advisor assists you with the development and implementation of the following:
• Assess your organizational infrastructure to determine how well existing systems, processes, and structure support future needs. • Know where you are headed so you can communicate to your employees the direction that your company will take in future developments.
• Draft a development plan that maps out how you will build the competencies you need for the next stage of development.
• Create or revisit your business plan and use it to guide and monitor your progress.
• Develop training and mentoring programs to cultivate the management team’s capabilities.
• Implement realistic systems for planning, organizing, managing, and increasing accountability. • Standardize the various processes for the best efficiency.
• Define the roles and responsibilities of each employee.
• Establish and communicate objectives, goals, measures, and rewards to your stakeholders.
• Let go, and let the experts do their jobs.
When companies transition from startups to professionally managed enterprises, founder/entrepreneurs often arrive at a crossroads. As the business owner, you need to consider if you should step back and hand the reins over to an experienced, professional management team? Or, should you stay and attempt to adopt a more structured management style?
The decision is yours. However, keep in mind, that the skills it takes to hatch a business concept … identify a market … develop a product or service …and assemble the resources and operations to bring it to market are not the same skills you need to shepherd a company into the future.
Copyright © 2007 Terry H. Hill
You may reprint this article free of charge in your newsletter, magazine, or on your website, provided that the article is unedited, and that the copyright, author’s bio, and contact information below appears with each article. Articles appearing on the web must provide a hyperlink to the author’s web site.
Posted by: sheryl in
Business on March 24th, 2010
Looking for buying out a partner generally refers to businesses searching for information on how to purchase the shares of another partner. Partners may decide to leave a business if they are retiring, relocating, or otherwise can no longer take part in the business’s activities.
The first step in buying out a partner is to determine how much the partner’s shares are worth. This can be determined a number of ways. Value could be based on the market value of the company, the amount invested by the partner, or a pre-determined price detailed in a partnership agreement.
The next step when looking to buy out a partner is to find capital to finance the buy out. Though most lending institutions do not provide loans specifically for buying out a partner, they do offer loan programs that can be used towards any general business purpose. Most buyouts require large sums of money, and to apply for a large loan, lenders usually require personal and company financial documents, a business plan, and credit reports. Collateral is also required for secured loans, which can provide lower interest rates than unsecured loans.
If a business is looking to replace a partner, it may be able to obtain funding from an investor. Partner investors contribute large sums of capital in exchange for a portion of the business’s profits and a voice in the business’s decisions. In the case of buying out a partner, an investor could purchase the shares of the leaving partner and become part of the business.
Small business buying out partner usually refers to small business owners searching for information regarding buying out another business partner. Partners may wish to sell their shares of a company when they retire, relocate, or otherwise can no longer take part in the business’s activities.
The first step in buying out a partner in a small business is determining the value of the partner’s shares of the business. To resolve this problem, many businesses with two or more owners create and sign a partnership agreement that pre-determines the value of every owner’s share of the business. For partnerships that do not have an agreement like this, the value can be determined by looking at how much the partner invested in the business or how much the business is currently worth on the market.
Once all partners have agreed on a selling price, the owner buying out must find financing. Most lenders don’t offer loans specifically for buyouts, but their loans can usually be used for any business purpose. Buyouts typically require large sums of money, and lenders have more extensive requirements for large loans. To get a lowered interest rate, many borrowers use personal or business assets to secure the loan.
Another source of financing for a small business buying out a partner is another investor. If a business owner can find an investor who is willing to purchase the other partner’s shares, then the owner will not have to take out another loan. The business owner simply gets a new partner to work with.
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Posted by: sheryl in
Investment on March 21st, 2010
If you were offered an investment with a guaranteed return of 900% a year or 10,000% over its lifetime, with no tax to pay, and which had a positive impact on the world, you would snap it up, right? Well this is the sort of return you can get by installing low energy lighting inside and outside your home.
Let’s look at some of the figures. Energy saving bulbs now cost from around £1 each. If you replace a bulb that you use for around 3 hours a night, then you save about £9 a year on your annual electricity bill. Because they last much longer, according to the Energy Saving Trust each low energy light bulb can save you up to £100 in electricity bills over its lifetime. If you add up all the light bulbs and fittings in your house, this adds up a surprisingly large saving.
Plus the benefits aren’t only financial. Something as simple as using low energy bulbs can have a big impact on your personal contribution to Climate Change, by reducing the carbon dioxide emissions you are responsible for. Each bulb on its own will save up to half a tonne over its lifetime. If you replace 10 old-style bulbs in your house that you use for 2 hours a day with low energy bulbs, you will save around a quarter tonne of carbon dioxide each year.
Finally, low energy light bulbs save you time and effort. Because they last around 10 times longer than normal bulbs, when you switch to low energy bulbs you won’t have to get the ladder out so often to replace bulbs that have blown.
So why isn’t everyone making the change to low energy bulbs? Sadly too many of us are creatures of habit, and just carry on buying the same bad bulbs we always have. But now with the wide range on offer, and recent developments which have made low energy bulbs perform just as well as old-style bulbs, it makes sense to change all your bulbs straight away.
It does take a little effort to make the switch at first. First you have to go round your house and write down a list of the bulbs you currently use – including wattage (60w, 100w etc.), type of fixture (screw, bayonet etc), size and colour (e.g. are they toned?)
Next you have to work out the wattage for a low energy bulb that matches the wattage of your current bulbs (for example a 20 watt low energy bulb gives off the same light as a 100 watt old-style bulb). You can find simple tables that can help you do this on the Internet at sites like downwithco2.com.
Once you have worked out the bulbs you need to buy, you can then go shopping. There are many retailers of low energy bulbs on the Internet, or now they are commonly available in supermarkets or hardware stores.
Plus you can also save a lot of money by installing more energy efficient lighting outdoors. Just a few outdoor lights left on each night can double your household lighting bill and your greenhouse gas emissions. The best solution is to fit daylight and movement sensors so outdoor lights switch on when they’re needed, but don’t waste electricity. This also improves your home’s security, as you can tell when someone is approaching the house.
For outdoor lights that must stay on for long periods, use energy efficient, compact fluorescent or LED lamps and choose the lowest wattage lamp that gives enough light. In the garden, you can now buy solar powered garden lights that use no mains electricity and so produce no emissions when used. Plus you don’t need to wire up your garden to get lighting.
So now you have seen all the benefits of low energy lighting, it really does make sense to make the switch as soon as you can.
Business News
As a path breaking media channel of the 21st century, the internet has not only revolutionised how people do business now, but has also changed the whole face of social integration. As a virtual counterpart to the already established medium of giving news, internet wields immense potential for development.
Internet brings along with it a horde of advantages. And from the list of plenty, as a facilitator of the latest in news and views, internet’s role of a corner store serving daily dose of the information to millions worldwide certainly notches as one of the most popular amongst all.
Taking the conventional cue from the print media and the electronic media, the online media has brought about a new way of offering news to the alert and the concerned. Displaying the same news on their websites to incite a similar intensity among the viewers, many online news channels have made their presence felt in recent times. What’s interesting and quite commendable is the fact that even Hindi news websites like navbharattimes.com , Patrika.com . khabar.com etc. have come up, some as online divisions of already existing Hindi television news channels & Newspaper Publisher groups like TOI,Jagran,Rajasthan Patrika ,etc. These news websites have the complete professional getup of a media house with snippets of the mains news running in grids through the homepage with special emphasis on the breaking news running like tickers mostly.
It has been seen from various surveys conducted on online news websites that people find the existence of such sites really helpful to keep up with what’s happening in the society. People especially engaged in corporate houses, without much room or time to catch up with intermittent news through the day through newspapers or television can hit up on these sites through the internet. With most of them finding it comfortable to surf through channels that carry Hindi news when watching them home on television carry out their impulse in similar fashion on the internet as well.
And there’s no prize for guessing what most people want to sink their teeth into!
It’s those breaking news that can rev up enough matter for them to have little chats in between their busy schedule.
Patrika.com is the best place to get News in Hindi and local India news. You can also directly check out Breaking News by clicking www.patrika.com.
Posted by: sheryl in
Business on March 20th, 2010
General and legal transcription work at home jobs are a reality and you can leverage some good steady income out of them. The skill set needed for these jobs is almost what everyone who uses the internet and has basic listening, typing and reading skills can do.
But still before you prepare yourself as a legal or general business transcriptionist, you may want to look at this comprehensive skill list for the trade.
1. First of all you should have a good keyboard typing skills. If you have a background in chatting over the IM’s then that won’t be much a hindrance. You can even improve your typing skills by either using some free online tools or by downloading some desk top applications like typing tutor etc. 2. It is essential that you have ample comprehension skills. You need to understand what’s being said or written down so that when you start typing the stuff, you actually have a grasp and idea of the subject matter.
3. If you are reading this article then this means that you do have enough computer operating and internet surfing skills intact. If you think you need to polish them a little more, you can always search Google for some comprehensive and step by step guide on how to use a computer and internet.
4. As this will be a business in which you will be your own boss, so some communications skills are highly desirable. You need to confident enough to talk to your employers or clients and negotiate your fee and project specs with them. You must also have an email, IM and phone access so that your clients and you both can follow up on each other as and when a need arises.
5. You must have a high level of concentration and give attention to teeniest bit of detail. This will not only make your productivity worthwhile but you will see a great response from your clients who hired your for the job. Remember, If you deliver a good finished product, you will definitely be getting more and more business.
6. With the passage of time you must acquire some good copy editing and grammatical skills. This cannot be done in a day or two but if you are a person who loves to learn and take reference from internet or books, then you can get it pretty easily.
7. Most of all you need to have some real good listening skills. These skills are sometimes natural but if you practice more and more on listening, you can get it polished and perfect as per job and task demands.
So this is all you need to get started with General and legal transcription work at home jobs.
Posted by: sheryl in
Business on March 15th, 2010
Creating your own Business Cards with Business Card Templates
There are many budget design options out there for people who are trying to create their own company business cards. They range from the completely ‘homespun’ method of doing-it-yourself on your inkjet printer, to paying for a freelance designer or budget online logo company to create your business card for you. You may want to consider using the business card template resources that can be easily found online.
As a designer and marketing manager with over a decade of industry experience (working for large corporations, print companies, as well as freelancing for small business clients) I feel qualified enough to offer you my own insight into creating your business card using business card templates that you can find on almost all online print sites.
Your cheapest-of –the-cheap business card template option is to design and print business cards yourself using those perforated Avery business card sheets that you can buy at Staples for $16.00. Don’t do it!!! I mean, there’s doing it yourself, and then there’s trying to feed cardstock through a printer and making a complete inky mess!
Here’s a rundown of the problems you’ll encounter when ‘shoe stringing’ your business cards with an Avery busines card template and an Inkjet Printer:
You’re going to have to create your business card design in Microsoft Word, Open Office, or other such office program that was clearly never meant for designing and printing business cards!
Those Microsoft Word templates are unbelievably frustrating to work with. As an experienced designer, even I find it difficult to try to create a half-decent business card layout. The biggest problem with Avery templates (hidden somewhere in the bowels of the ‘envelope’ menu in the ‘tools’ header) is that you have to create a whole page of business cards at once. The business card template is populated by two columns of business card ‘cells’ (that roughly match your perforated print sheets) in which you are required to individually ‘cut and paste’ your design elements. During this tedious cut and paste process, hitting the wrong key, or pressing return where you’re not supposed to will result in a jumbled series of business card design cells with all the text, shapes, objects, lines, or images in bizarre alignments.
Using plain text to create your business card design will probably work out fine, but just try to insert any pictures from an outside file or include shapes or images from your picture menu and you’re asking for trouble – trying to align them inside a cell just doesn’t work!
From a graphic design point-of-view, using the design elements in Word is not advisable. The autoshapes and clip art available from the insert menu have barely changed since the 90’s. They represent a garish and fluorescent mix of random images that I last saw being used to ‘spruce up’ my schoolteacher’s handouts! It would also be ill advised to use any text effects from the Word Art menu. The choice of bubblegum-style, gradient-heavy effects on offer will make your business card look like you gave it to a high-school cheerleader to design!
Once you have your design ready to go to print then you will encounter a whole new set of jamming and ink running problems. These are the same inkjet printer problems that that you’ve probably encountered every day, but intensified due to the difficulties of using thicker paper and the need for exact print alignment. You are almost guaranteed to end up with an ink-splattered and poorly aligned set of business cards (text running off-center, and out of square, and you can forget about creating any kind of image bleed!)
If you’ve managed to get to the stage where you have printed sheets of business cards without smashing your printer or throwing your monitor out of the window, then you can begin the fun of bending and tearing the perforated business cards. This is not easy. Not only is it fiddly and time consuming, but you’re certain to ruin a few business cards that won’t tear properly down the perforations!
The quality of your card stock and the ‘inkjet-fuzzy’ look and feel of your cards will be a dead-giveaway that you’ve made them on your office or home printer. Cards created on inkjet printers scream of ‘bad quality’ and tell customers that you don’t really care, or haven’t enough faith in your business to create a worthwhile business card.
If you are lucky enough to have a laser printer, it’s still not worth going down the Avery business card template route. There may be a slight improvement in quality, but your business cards will nonetheless look like you made them at home (which you probably did)
Without the gloss or matte finishes that print companies can provide nowadays, your business card is not going to look professional. Also, it’s not that much more of an expense to create a business card using the business card templates from the majority of online print companies. Inkjet cartridges and laser print ink is EXPENSIVE!!! Trying to print out reams of business cards at your home or office will suck up all your ink and end up costing you more than you probably think!
Unless you are prepared to shell out money to get your business card designed and printed by a professional designer, your only other option is to look online to design your business card. It might be interesting to know that many designers will use budget online print resources to print your product- utilizing the ‘upload your own design’ option that’s provided by the majority of print sites to send your design to print! Pay a freelance designer to create your card and they may well be using the very same online company that you were also thinking of using (even if they say that they’re getting your cards printed at ‘cost-a-lot-fancy-print-boutique’.) Some of the low-cost print sites are pretty good quality. Without expert design or print knowledge, it is hard to tell the difference between a budget printer and a high-end print shop.
It’s not difficult to cut out the middleman and create a really great quality business card. Even if you don’t possess any design skills, there are plenty of online companies (some good, some bad) that provide some really great business card design templates that you can add your business information to. In many cases, the end result won’t be that different to a business card designed by a graphic design professional.
Now I have to admit to being slightly biased in recommending a site for you to design your business card at. I have created quite a few design templates for the online print industry. In particular, I have produced some excellent work for OvernightPrints.com. Of the many budget online print companies, I think they have some of the best business card templates to choose from. They also have two different online design template programs – one for more expert designers and the other for design beginners.
What you’ll often get at sites like Overnight Prints.com is a chance to design something really quickly without having to have any real design expertise. In most cases, all the layout and font choices are all done for you. Here’s a quick rundown of the process:
Start your design by navigating to one of the sites online design programs and choose a design template. It’s usually just a question of picking a general business card design template, or a business card template that relates to your industry, i.e., Real Estate, Construction, or Health and Beauty.
Once you’ve chosen your template, you will be presented with a series of information boxes in which you can enter your business information, i.e., address, name title, contact.
In most cases, it’s just a question of typing in your details and sending your design off to print. The whole process is usually done in about 3 minutes!
Everything’s done in a virtual onscreen world where you only have to design ONE business card – as opposed to Avery design templates where you’re required to design a whole ‘print page’ of actual business cards. It’s certainly a lot less messy, a heck of a lot quicker, and a whole lot less frustrating experience!
Once you have approved your design you can checkout your design online. Costs can vary for business card from site-to-site and you’ll ALWAYS have to pay for shipping – even though some online print companies claim to supply ‘completely FREE business cards’.
Shipping will usually take around 3 days, so if you need your cards for a special event, conference, or meeting, it’s best to order at least a week in advance to ensure that you get your business cards on time.
People have been successfully creating cheap marketing materials using these business card templates as well as templates for postcards and letterheads, etc., for years! If you’re new to the business world and you were wondering how to create low-cost business cards and marketing materials, then it’s merely a question of knowing where the best sites are to create your promotions.
Cost-wise, you’ll probably pay around $40 to $50 for 500 business cards, which is not a lot of money to shell out for a real business card product. It certainly beats all the mess and hassle of trying to create them on-the-cheap with an inkjet printer. It’s a small price to pay to create that essential first impression and most important of all marketing materials- the business card.
Posted by: sheryl in
Business on March 8th, 2010
Whether you are looking to start a business anywhere in Miami, reorganize an existing business, or simply need advice concerning day-to-day business transactions, you want a law firm or experienced corporate law attorney in Miami who will be able to give you and your corporate legal concerns as much attention and effort as possible. Corporate law attorney understands that in business, time is real money. They respect both their clients’ time and money and are energetic in their efforts to provide the most efficient, economical, and successful legal services. The most successful companies not only start out with quality financial guidance, but also with proper legal counsel from a qualified and experienced corporate law attorney.
General Business and Corporate Law Services
A corporate law attorney is eager to put his knowledge and proficiency to work for you with the following practice matters-
Entity Formation
Acquisitions and Dispositions
General Business Contracts
Attentive- Proficient- Tenacious
When you need legal assistance, contact a business lawyer. They have helped countless families,individuals, and business owners finding expert solutions to the legal problems clients face.
They are experts and provide a comprehensive range of services to their business clients ranging from-
Preparation of agreements, filing and publication requirements
Sale and purchase of Businesses
Mergers,acquisitions, and joint corporate ventures
Corporate Dissolution
Business succession planning
Advising clients in businesses recapitalizations, redemptions, reorganizations, and formation.
Legal Contract Preparation
Handling all documentation, filing and publication requirements for the creation of corporations
Help in determining which entity will best suit your needs.
Reasons for hiring Corporate Law Attorney for Business Majors
Attorneys do their job by having a firm grasp of Federal, State, and Local laws, and they use their specialized knowledge to help their clients’ cases. The occupation of lawyers, or attorneys, is a professional field that will always be needed. If you are facing litigation, you need to hire a qualified corporate law attorney. Even if you aren’t faced with litigation, an experienced corporate law attorney can advise and assist you in drafting business plans, fundamental business formation and structuring financing provisions.
The risks and costs of business litigation later down the road are too great to not engage a business litigation attorney before you enter into entity formation, or general business contracts legal formalities. Business law attorneys can help you with all of your business litigation needs. They are committed to working closely with you to come up with solutions that achieve your objectives in an efficient and cost-effective manner. They respect the value of your time and money, and are expert in handling your transactions correctly the first time, alleviating any errors.
Internet marketers send out emails everyday to people who have subscribed to their email list, via a website, email newsletter of their internet business, or by other means. However, due to the frequency of it, we tend to ignore the do’s and don’ts of email marketing. When an email does not capture the interest of your subscribers, they will just give a fast scan and finally delete them. Internet marketers must be able to write an email that captures their subscribers to read them and subsequently to act upon it either to visit the website that is being promoted or at least to give a reply.
There are a number of ways to make your internet business subscribers open and read your emails. You have to begin with an eye catching headline, which must grab their attention immediately. These headlines can be a question, or a statement which will make the readers decide whether to open and continue reading it or just give it a fast click, that is, the delete key. The headline should be forceful such that it will lead the readers to the next line.
Emails should be concise, simple and to the point ( in other words, short and sharp). The contents should be useful to the reader, something that the reader cares about.Tips of the day,great motivational quotes and home-based business news updates are all great ways to interest your subscribers, while still getting news out about your online business.
A long email will lead to boredom and finally its deletion before the reader reaches the end of the email. Using words that are not too technical will be beneficial to the reader, as he will be able to understand what he is reading. If a lot of content is unavoidable, then it will be a good idea to include a link to the website so that readers can click on in order to finish the article that they are reading. This is actually the best thing to do since it puts the reader to action, by sending him directly to the merchant site. This will definitely increase the chances of a sale, which is, the ultimate goal of the email.
Although email marketing looks quite straightforward to accomplish, it is worthwhile to have some advance preparation and test them out. Furthermore, without proper opt-in by the subscribers, your emails will be considered as spam. This is especially possible with a bought mailing list. Your email can be considered as spam if they do not give the permission to send them regular business updates, messages and/or e-zines. Also, it can be a waste of time if your emails are automatically sent to the spam email folder by the email system. This will result in your emails not being read and gets deleted. Anyway, if all rules are abide by, then email marketing can be the most effective in advertising your products. You are able to reach a worldwide audience through emails without much effort on your part especially if you use an autoresponder.
Email marketing assists in attracting new customers from places that you have never thought possible. A good email advertising campaign contains an important component in today’s competitive market that other advertising campaigns lack. Email is a simple, fast and cheap way to market your business, as long as you follow the few simple rules of business etiquette to ensure that your effort were worthwhile.
For more information on home-based internet business, follow the link below now!
Whenever people watch television or read news paper, they come across with a specific segment called top news stories. The segment covers top national news, business news, sports news, world news, economy news, market news and infotech news. People are advised to get updated with top news stories; hence they will be able to participate in the development of their respective countries. People who think that they are good and responsible citizens of their respective countries, and then they have the right to get abreast about matters or current happenings taking place surrounding them. For any type of news, individuals can log on to www.in.com.
News segment like business, politics, sport and cinema are very popular as masses can analyze things accordance to their consciousness. If you are a news buff and looking for breaking news, then you can browse www.in.com, an online venture of Network 18, where all the top news stories find the right place. Some of the common mediums of news include satellite television, the radio, the internet connected to computers, the cell phones, national dailies, etc. which provide every bit of news round the clock.
Most of the conscious people want to get updated with all latest current happening in their neighboring places. Getting updated with all current and breaking news enhance confidence of a person. Business segment of web portals are also lashed with expert advice which helps investors in investing money carefully after analyzing the market situation.
All leading web portals update their news stories on a regular basis; hence users can get the top stories news from around the world. While browsing popular web portals, you will come across all the relevant and important latest news stories that may have a great impact on your life. Most of the reputed and recognized web portals are bombarded with all types of business news, corporate news, the stock market news, the marketing news or other related news.
Sources of top news stories
Search a web portal which may satisfy your appetite of latest news stories within least time. In fact, you must bank upon the portal; therefore before selecting any portal you should make an extensive search through the internet.
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