Newegg had experienced management, a clear market segment to focus on (gamers), and a successful model to copy (Amazon). So, I wondered who are some of the people who buy other products online?
The global Internet user population grew 265% from 2000 to 2007 to 1.3 billion consumers, more than 1 billion of them outside of North America, according to Internet market research firm Miniwatts Marketing Group.
• Among U.S. Baby Boomers, born between 1946 and 1964, 42 million shop online.
• Among consumers born before 1946, 12 million shop online, according to Focalyst LLC. Among older consumers with above-average incomes, online shopping is growing. 65.6% of those over 50 with income of $50,000 or more said they had made at least one Internet purchase in the past year in a 2007 survey by research firm The Media Audit, up from 50.2% in a 2004 survey.
• 82% of those 65 and older agree or strongly agree that they don’t like to give their credit card or personal information to web sites, compared with 79% in the 50-64 age range, 74% of those 30-49 and 71% of consumers 18-29, according to the Pew survey.
Who’s not online?
110 million U.S. adults do not shop online. They are:
* 55 million U.S. adults who do not use the Internet.
* Nearly 36 million (74%) adults 62 and older don't shop online.
* About 12 million Internet users don't shop online for fear of providing personal or payment information to web sites.
* Consumers with dial-up Internet connections at home are less likely to shop online than those with broadband connections (59% versus 74%). That means 34 million dial-up users as well as 21 million consumers with broadband don't shop online.
* Minorities are less likely to shop online:
* 17 million African-American adults (59%) don't shop online
* 19 million Hispanics (58%) don't shop online.
Among Hispanics, language proficiency is a key indicator of Internet use. Only 32% of Spanish-dominant Hispanics use the Internet, versus 78% who are English-dominant and 76% who are bilingual.
Even with the proliferation of comparison shopping sites, search engines and new online competitors, e-retailers that meet consumers’ expectations can keep them coming back. In March '08, 48% of traffic to e-commerce sites and 67% of sales came from consumers who typed in a retailer’s URL or clicked on a bookmark, says web analytics firm Coremetrics Inc.
Reliable delivery leads to more sales. When consumers are confident they’ll get their product, they keep coming back. And that leads to business growth. Consumer loyalty isn't dead, however online retailers have to do more today to earn it.
Wednesday, January 21, 2009
Tuesday, January 20, 2009
How to grow quickly on the web.
In recent years, sales growth at online computer retailer Newegg.com has been explosive – the site posted $1.5 billion in annual sales in its first 6 years of operation after it launched in 2001. In 2004 and in 2005, annual e-commerce sales rose by 30% and 40%, respectively. "Our actual sales versus our projection was slightly below our expectation, but we are quite pleased with our improved product margin growth and this was largely due to our continued focus on product selection, customer support and logistics," the company says.
Inc. Magazine recently distinguished Newegg in its list of America’s 500 Fastest-Growing Private Companies. It’s one of four companies in the list’s 25-year history to qualify on growth merits while also recording $1+ billion in annual sales. Newegg.com is the second-largest online-only retailer in the United States (after Amazon) with more than 10-million registered users. At its award-winning web site, www.newegg.com, customers can shop for a comprehensive selection of the latest high-tech products, view detailed product descriptions, pictures, how-to information and customer reviews, and interact with members of the technology enthusiast community.
The online retailer’s core demographic are younger gamers and IT do-it-yourselfers who grew up with computers and the Internet, like the latest in computers and computer games, and are often employed as information technology workers. “We recognized an emerging segment early on,” says Howard Tong, Newegg vice president of marketing. “We sell to the individual who would rather install more memory on their own computer than always buy a new one or have someone else do the installation.”
Newegg launched as a site primarily selling computer components to video game players. Informational content on the site comes largely from customers themselves who post product reviews and ask and answer questions on the site’s community forum. “People will ask, ‘What’s in your system? What graphics card did you use? What power supply?’ These guys love to talk to each other,” says Bernard Luthi, vice president of merchandising at Newegg.
As evidence, he points to the more than 1,000,000 reviews posted to the site since its launch, including more than 250,000 in the past year. Newegg's customers can video their reviews and upload them to the site. While Newegg employees participate in forum discussions, they don’t recommend products. And the company doesn’t measure the value of the forums and reviews by whether they directly drive purchases.
“It’s about getting closer to that customer, making sure we’re giving them every opportunity to give us feedback. That’s what drives our business,” Luthi says. He’s convinced the strategy is working because more than half of new customers are referred by other customers and because the company grew again by more than 25% last year to $1.9 billion in online sales.
Newegg created pages on both MySpace and Facebook because “we heard from our customers that’s an area where they live on a daily basis,” Luthi says. Sales from those sites remain small, though growing, and the conversion rate of clicks from MySpace and Facebook is slightly higher than average, he says. “You have a community of like-minded people that have self-identified as interested in certain things and you have an opportunity to be in front of them in ways that have meaning for them.”
Inc. Magazine recently distinguished Newegg in its list of America’s 500 Fastest-Growing Private Companies. It’s one of four companies in the list’s 25-year history to qualify on growth merits while also recording $1+ billion in annual sales. Newegg.com is the second-largest online-only retailer in the United States (after Amazon) with more than 10-million registered users. At its award-winning web site, www.newegg.com, customers can shop for a comprehensive selection of the latest high-tech products, view detailed product descriptions, pictures, how-to information and customer reviews, and interact with members of the technology enthusiast community.
The online retailer’s core demographic are younger gamers and IT do-it-yourselfers who grew up with computers and the Internet, like the latest in computers and computer games, and are often employed as information technology workers. “We recognized an emerging segment early on,” says Howard Tong, Newegg vice president of marketing. “We sell to the individual who would rather install more memory on their own computer than always buy a new one or have someone else do the installation.”
Newegg launched as a site primarily selling computer components to video game players. Informational content on the site comes largely from customers themselves who post product reviews and ask and answer questions on the site’s community forum. “People will ask, ‘What’s in your system? What graphics card did you use? What power supply?’ These guys love to talk to each other,” says Bernard Luthi, vice president of merchandising at Newegg.
As evidence, he points to the more than 1,000,000 reviews posted to the site since its launch, including more than 250,000 in the past year. Newegg's customers can video their reviews and upload them to the site. While Newegg employees participate in forum discussions, they don’t recommend products. And the company doesn’t measure the value of the forums and reviews by whether they directly drive purchases.
“It’s about getting closer to that customer, making sure we’re giving them every opportunity to give us feedback. That’s what drives our business,” Luthi says. He’s convinced the strategy is working because more than half of new customers are referred by other customers and because the company grew again by more than 25% last year to $1.9 billion in online sales.
Newegg created pages on both MySpace and Facebook because “we heard from our customers that’s an area where they live on a daily basis,” Luthi says. Sales from those sites remain small, though growing, and the conversion rate of clicks from MySpace and Facebook is slightly higher than average, he says. “You have a community of like-minded people that have self-identified as interested in certain things and you have an opportunity to be in front of them in ways that have meaning for them.”
Monday, January 19, 2009
Learning from failure.
Failure usually comes when the startup team doesn’t get along, the market doesn’t materialize, or the company runs out of money. Running out of money happens when the team either doesn’t make enough progress to generate investor interest or spends its initial money unwisely. When either of these happen, investors lose interest.
The following four patterns of failure were described by Geoffrey Moore in Red Herring:
The first kind of failure is the slow fail - not failing fast enough or explicitly enough. You can waste a lot of time this way.
The second kind of failure is failing to transition into the mainstream market. Technology markets begin with disruptive innovations promising unheard-of benefits wholly unavailable with the current market offerings. To transition to mainstream markets, vendors must win over pragmatic buyers who look at each other during the early introduction phase and hold back until they see others like them adopting. They also wait to see if a whole product is available. So the vendor sponsoring the new technology must recruit other companies from the industry to complete the whole product. They must, in effect, bring into existence a new value chain. But value chains don’t readily form in unbounded spaces. To get going, new technologies need to be incubated in confined markets where problems are manageable and the competition is modest. This permits smaller, more vertically focused players to pitch in like Aldus and Adobe did with the Macintosh in desktop publishing.
The third kind of failure occurs when managers and investors agree they don’t need a niche market to get started and dive right in. This is the hypergrowth phase of high-tech market development where markets grow at triple-digit rates for several years at a time. Two key ingredients are needed to start this kind of tornado. The first is a killer app - a universally compelling application that creates mass-market adoption across multiple sectors simultaneously (word processing was the killer app for the PC). The second ingredient is timing. The killer app must intersect with an emerging infrastructure at exactly the right time so that the two of them can race forward together. To get first mover advantage, managers target the missing pieces of the value chain to support the killer app in an all-out assault on the mass market. This usually involves a high level of risk as it’s very unlikely that all these conditions will come together at exactly the right time.
The fourth mode of failure is ending up in the dead zone.
Dead zone products offer good but not fantastic gains that can be adopted with discomfort but not excruciating pain - such as applications compromised by too much complexity or a nice-to-have item where the customer has to endure some pain in learning how to use it.
Failing means getting blocked on an intended course, backing out and restarting. Losing means persisting in failing ways, refusing to change the current course.
In high-tech ventures, expect to fail many, many times and get back in the game. But if you lose just once, you may never have another chance.
The following four patterns of failure were described by Geoffrey Moore in Red Herring:
The first kind of failure is the slow fail - not failing fast enough or explicitly enough. You can waste a lot of time this way.
The second kind of failure is failing to transition into the mainstream market. Technology markets begin with disruptive innovations promising unheard-of benefits wholly unavailable with the current market offerings. To transition to mainstream markets, vendors must win over pragmatic buyers who look at each other during the early introduction phase and hold back until they see others like them adopting. They also wait to see if a whole product is available. So the vendor sponsoring the new technology must recruit other companies from the industry to complete the whole product. They must, in effect, bring into existence a new value chain. But value chains don’t readily form in unbounded spaces. To get going, new technologies need to be incubated in confined markets where problems are manageable and the competition is modest. This permits smaller, more vertically focused players to pitch in like Aldus and Adobe did with the Macintosh in desktop publishing.
The third kind of failure occurs when managers and investors agree they don’t need a niche market to get started and dive right in. This is the hypergrowth phase of high-tech market development where markets grow at triple-digit rates for several years at a time. Two key ingredients are needed to start this kind of tornado. The first is a killer app - a universally compelling application that creates mass-market adoption across multiple sectors simultaneously (word processing was the killer app for the PC). The second ingredient is timing. The killer app must intersect with an emerging infrastructure at exactly the right time so that the two of them can race forward together. To get first mover advantage, managers target the missing pieces of the value chain to support the killer app in an all-out assault on the mass market. This usually involves a high level of risk as it’s very unlikely that all these conditions will come together at exactly the right time.
The fourth mode of failure is ending up in the dead zone.
Dead zone products offer good but not fantastic gains that can be adopted with discomfort but not excruciating pain - such as applications compromised by too much complexity or a nice-to-have item where the customer has to endure some pain in learning how to use it.
Failing means getting blocked on an intended course, backing out and restarting. Losing means persisting in failing ways, refusing to change the current course.
In high-tech ventures, expect to fail many, many times and get back in the game. But if you lose just once, you may never have another chance.
Friday, January 16, 2009
Country Fair, a poem by Charles Simic.
Charles Simic was born in Belgrade, which was then in Yugoslavia. Growing up as a child in war-torn Europe shaped much of his world-view. He immigrated to the United States with his family in 1954 when he was sixteen. He grew up in Chicago and received his B.A. from New York University. He is currently professor emeritus of American literature and creative writing at the University of New Hampshire. He’s been awarded a MacArthur Fellowship (1984-1989), and he’s won the Pulitzer Prize for Poetry (1990). Most recently, he was given the Wallace Stevens Award (2007), a major annual American literary award for mastery of poetry in the English language awarded by the Academy of American Poets. Simic was selected to be the fifteenth Poet Laureate Consultant in Poetry to the Library of Congress in 2007. When asked to comment on his poetry, he once said, " A poem is an invitation to a voyage. As in life, we travel to see fresh sights … Words make love on the page like flies in the summer heat and the poet is only the bemused spectator."
Country Fair by Charles Simic
If you didn't see the six-legged dog,
It doesn't matter.
We did, and he mostly lay in the corner.
As for the extra legs,
One got used to them quickly
And thought of other things.
Like, what a cold, dark night
To be out at the fair.
Then the keeper threw a stick
And the dog went after it
On four legs, the other two flapping behind,
Which made one girl shriek with laughter.
She was drunk and so was the man
Who kept kissing her neck.
The dog got the stick and looked back at us.
And that was the whole show.
.......and that's the whole poem as well! I'll be back to business on Monday writing about learning from failure.
Country Fair by Charles Simic
If you didn't see the six-legged dog,
It doesn't matter.
We did, and he mostly lay in the corner.
As for the extra legs,
One got used to them quickly
And thought of other things.
Like, what a cold, dark night
To be out at the fair.
Then the keeper threw a stick
And the dog went after it
On four legs, the other two flapping behind,
Which made one girl shriek with laughter.
She was drunk and so was the man
Who kept kissing her neck.
The dog got the stick and looked back at us.
And that was the whole show.
.......and that's the whole poem as well! I'll be back to business on Monday writing about learning from failure.
Thursday, January 15, 2009
Building collaborative alliances.
Collaborative alliances and partnerships with other companies can often be used to build world-class capability and global reach, rapidly and cost-effectively. Developing strategic partnerships makes sense when what‘s needed is a highly-specialized capability in a fast-moving field, or when significant risk is present. Through these arrangements, companies can concentrate on learning their partner’s skills while at the same time building barriers that discourage competitors from entering their markets. Some companies don’t develop core products themselves anymore. However, they make sure they still know more about them than anyone else does (as an example, Sun Microsystems knows more about circuit-board technology than any of the specialized circuit-board companies that supply it with products).
Canon has been involved in simultaneous partnership agreements with Texas Instruments, Hewlett-Packard and Eastman Kodak, all competitors at that time. Canon used its patents as bargaining chips in cross-licensing technologies, believing that you can only enter into cooperative alliances when you’re able to bargain from a position of strength. Partnerships involving competitors provide access to new markets or technologies, or they allow the creation of products that neither partner can produce on its own. However, such alliances can raise sticky issues about what information to share and what to keep proprietary. In the world of collaborative competition, negotiating skills become as important as technical or operating skills. While collaboration between rivals often makes sense, the companies involved must make sure that cooperation makes their ability to compete stronger, not weaker. Questions that have to do with rethinking strategy and redeploying assets in response to a collaborative environment are: When is it wise to enter into relationships with competing companies? How can a company strengthen its individual identity at the same time?
For a partnership to bear fruit, it should offer both parties a win-win opportunity based on a common vision and strategy, where each partner clearly understands what it might gain or lose from the arrangement. It’s important that partners not only offer the best products or services available, but that their principles, policies and corporate cultures are compatible with yours. Successful alliances depend on shared values and cultural traits. Differences in structure, decisionmaking processes and measurement systems can cause communication gaps and operating tensions. For example, a joint venture involving managers from two companies who work under different bonus systems will quite likely suffer the ill effects of opposing priorities.
Partnership is a win-win relationship where both sides give a little to get something. You have to put yourself in the other guy’s shoes to get a win-win relationship - structuring deals that make sense both ways. Start by role playing how they’ll react to your offer. You need to have each side committed to the deal to make it work effectively. When partnering with a much bigger company, an important consideration had to do with how you relate to the key players there. Obviously, they should be people you feel you can trust. Their style (casual, formal) should match your own. They should have a non-bureaucratic approach to doing business so the deal gets done quickly, without a lot of nit-picking and haggling. Speed is crucial. “Let’s start working on it today and we’ll paper it over as we go forward.” Otherwise, working with a large company can take forever, slowing you down and killing the buzz.
Find someone in senior management who will prosper if this partnership or alliance works. He’ll then lead you up through the ranks to reach the CEO or whoever else you need to work with to get the deal done. Spell out issues like licensing and pricing first. But remember, alliances are nothing but alliances. If people’s needs change, then all the paperwork in the world means nothing. Don’t worry about the big guys stealing your ideas. Gaining time is what matters most.
Go to trade shows, wear a badge, be obvious and easy to find, and go after who you want. Approach other parties with, "Here's who we are. Here's what we do. Here's the kind of transaction we're looking for." Be very directed, focused, to-the-point in meetings. Make it clear what the price range is and that it’s not negotiable. When you partner with another company, make sure the deal enhances future career possibilities for everybody in your company.
Canon has been involved in simultaneous partnership agreements with Texas Instruments, Hewlett-Packard and Eastman Kodak, all competitors at that time. Canon used its patents as bargaining chips in cross-licensing technologies, believing that you can only enter into cooperative alliances when you’re able to bargain from a position of strength. Partnerships involving competitors provide access to new markets or technologies, or they allow the creation of products that neither partner can produce on its own. However, such alliances can raise sticky issues about what information to share and what to keep proprietary. In the world of collaborative competition, negotiating skills become as important as technical or operating skills. While collaboration between rivals often makes sense, the companies involved must make sure that cooperation makes their ability to compete stronger, not weaker. Questions that have to do with rethinking strategy and redeploying assets in response to a collaborative environment are: When is it wise to enter into relationships with competing companies? How can a company strengthen its individual identity at the same time?
For a partnership to bear fruit, it should offer both parties a win-win opportunity based on a common vision and strategy, where each partner clearly understands what it might gain or lose from the arrangement. It’s important that partners not only offer the best products or services available, but that their principles, policies and corporate cultures are compatible with yours. Successful alliances depend on shared values and cultural traits. Differences in structure, decisionmaking processes and measurement systems can cause communication gaps and operating tensions. For example, a joint venture involving managers from two companies who work under different bonus systems will quite likely suffer the ill effects of opposing priorities.
Partnership is a win-win relationship where both sides give a little to get something. You have to put yourself in the other guy’s shoes to get a win-win relationship - structuring deals that make sense both ways. Start by role playing how they’ll react to your offer. You need to have each side committed to the deal to make it work effectively. When partnering with a much bigger company, an important consideration had to do with how you relate to the key players there. Obviously, they should be people you feel you can trust. Their style (casual, formal) should match your own. They should have a non-bureaucratic approach to doing business so the deal gets done quickly, without a lot of nit-picking and haggling. Speed is crucial. “Let’s start working on it today and we’ll paper it over as we go forward.” Otherwise, working with a large company can take forever, slowing you down and killing the buzz.
Find someone in senior management who will prosper if this partnership or alliance works. He’ll then lead you up through the ranks to reach the CEO or whoever else you need to work with to get the deal done. Spell out issues like licensing and pricing first. But remember, alliances are nothing but alliances. If people’s needs change, then all the paperwork in the world means nothing. Don’t worry about the big guys stealing your ideas. Gaining time is what matters most.
Go to trade shows, wear a badge, be obvious and easy to find, and go after who you want. Approach other parties with, "Here's who we are. Here's what we do. Here's the kind of transaction we're looking for." Be very directed, focused, to-the-point in meetings. Make it clear what the price range is and that it’s not negotiable. When you partner with another company, make sure the deal enhances future career possibilities for everybody in your company.
Wednesday, January 14, 2009
Forming strategic partnerships.
Technical and Computer Graphics in Sydney, Australia developed a network of 24 small companies with hundreds of employees and revenues in excess of $50 million. Together, they made portable data terminals, computer graphics and bar coding systems. One of the paradoxes of today’s business world is that companies must lower the walls between them rather than building them up to make them safer. Large organizations with more resources are better able to support partnership experiments that open up new possibilities than small companies. As a result, lopsided partnerships are proliferating, matching smaller innovative companies with larger deeper-pocketed investors.
Try to form alliances with people who are richer, smarter, larger, and who need you. Give or sell them what you’ve got cheaply to create market share and product awareness. You want them to eventually become your friend and help make your market. Joint marketing arrangements for building brand-name recognition can involve finding someone who is willing to subsidize your distribution. But make sure you know how the other company’s sales force is compensated. Otherwise, the cash you get up front is likely to be all the cash you get. You risk ending up as a line-item in a catalog that no one reads. Get to the sales people and tell them how much money they’re going to make from selling your product. And you still have to sell, to represent, to advertise your product. Don’t assume it’s going to be in your partner’s best interests to help you - they’re more likely to concentrate on selling their own products. Joint venture companies don’t always believe that promoting the partner’s product is in their own strategic interest.
Two key objectives should drive any strategic partnership deal. First, it should be a very good financial transaction for the company and its principals - that’s the primary consideration. Second, it should create an association with a partner who adds value. That’s the secondary part of the transaction, but it’s crucial in choosing who you sign up with.
Start by getting clear on what the absolute requirements of the partnership are and how you want the transaction to work. For example, “We want a partnership because it’s a flexible and creative form of an alliance. However, it’s crucial that we keep control of our current business."
Try to form alliances with people who are richer, smarter, larger, and who need you. Give or sell them what you’ve got cheaply to create market share and product awareness. You want them to eventually become your friend and help make your market. Joint marketing arrangements for building brand-name recognition can involve finding someone who is willing to subsidize your distribution. But make sure you know how the other company’s sales force is compensated. Otherwise, the cash you get up front is likely to be all the cash you get. You risk ending up as a line-item in a catalog that no one reads. Get to the sales people and tell them how much money they’re going to make from selling your product. And you still have to sell, to represent, to advertise your product. Don’t assume it’s going to be in your partner’s best interests to help you - they’re more likely to concentrate on selling their own products. Joint venture companies don’t always believe that promoting the partner’s product is in their own strategic interest.
Two key objectives should drive any strategic partnership deal. First, it should be a very good financial transaction for the company and its principals - that’s the primary consideration. Second, it should create an association with a partner who adds value. That’s the secondary part of the transaction, but it’s crucial in choosing who you sign up with.
Start by getting clear on what the absolute requirements of the partnership are and how you want the transaction to work. For example, “We want a partnership because it’s a flexible and creative form of an alliance. However, it’s crucial that we keep control of our current business."
Tuesday, January 13, 2009
Startup advice from Leo Speigel.
Leo Spiegel is a managing partner with Mission Ventures, a hi-tech venture capital firm. He’s been president of Digital Island, and CEO of Sandpiper Networks. He’s also a member of Dean’s Advisory Council of the Rady School of Management at UCSD. Leo says that fast growth startup companies need to pay particular attention to the following top ten issues:
1. Hire great people fast and hire executive management early. Use every possible opportunity and media to find them and when you do, pull the trigger quickly. However, make sure they’ll mesh with the rest of the team and fit in with what you’re trying to accomplish.
2. Be well funded. It doesn’t matter what percentage of the company you own - what matters is how big the pile of money is. Object Design used strategic alliances and venture financing to build its market capitalization to $500 million. Spiegel says, "We figured we'd rather own 20% of $500 million than 80% of $50 million."
3. Purposefully create a company culture that values empowerment, delegation and self-direction.
4. Employees are carbon-based units, not machines. Make each one a star.
5. Understand your own personal weaknesses and have great advisers.
6. Buzz is king - there’s a direct correlation between creating buzz and creating shareholder value. To generate buzz, you need advocates who will validate what you’re saying. And you need to capitalize on news events - use them to get your message out to the right place at the right time. Train your managers to broadcast the right message. Have them look like leaders. Google is a brand and Google is buzz - together, they make the world believe.
7. Know your target market and watch all your competitors. Be really, really aware.
8. Find the boulders. On any given day, there are too many things to do - so prioritize. Push like hell to move the biggest boulders up the hill every single day.
9. Work hard, have a “can do” attitude and be passionate. Make sure that making the company successful is all you think about at work every day. You lead by example – your passion rubs off on others.
10. Focus on keeping a balance between your personal and your private life. Work should only be a part of your life.
1. Hire great people fast and hire executive management early. Use every possible opportunity and media to find them and when you do, pull the trigger quickly. However, make sure they’ll mesh with the rest of the team and fit in with what you’re trying to accomplish.
2. Be well funded. It doesn’t matter what percentage of the company you own - what matters is how big the pile of money is. Object Design used strategic alliances and venture financing to build its market capitalization to $500 million. Spiegel says, "We figured we'd rather own 20% of $500 million than 80% of $50 million."
3. Purposefully create a company culture that values empowerment, delegation and self-direction.
4. Employees are carbon-based units, not machines. Make each one a star.
5. Understand your own personal weaknesses and have great advisers.
6. Buzz is king - there’s a direct correlation between creating buzz and creating shareholder value. To generate buzz, you need advocates who will validate what you’re saying. And you need to capitalize on news events - use them to get your message out to the right place at the right time. Train your managers to broadcast the right message. Have them look like leaders. Google is a brand and Google is buzz - together, they make the world believe.
7. Know your target market and watch all your competitors. Be really, really aware.
8. Find the boulders. On any given day, there are too many things to do - so prioritize. Push like hell to move the biggest boulders up the hill every single day.
9. Work hard, have a “can do” attitude and be passionate. Make sure that making the company successful is all you think about at work every day. You lead by example – your passion rubs off on others.
10. Focus on keeping a balance between your personal and your private life. Work should only be a part of your life.
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