31 days to better practicing

65

Upload: amaya-barrachina

Post on 06-Nov-2015

23 views

Category:

Documents


1 download

DESCRIPTION

31 days

TRANSCRIPT

  • 'D\VWR%HWWHU3UDFWLFLQJ

    E\'U&KULV)ROH\

  • &RS\ULJKWE\'U&KULV)ROH\7KLVZRUNLVOLFHQVHGXQGHUWKH&UHDWLYH&RPPRQV$WWULEXWLRQ1RQFRPPHUFLDO/LFHQVH)RUPRUHLQIRUPDWLRQYLVLWWKHIROORZLQJZHESDJHKWWSFUHDWLYHFRPPRQVRUJOLFHQVHVE\QF

  • 7DEOHRI&RQWHQWV

    'HGLFDWLRQ$ERXW&KULV)ROH\+RZ7R5HDG7KLV%RRN'D\%XLOGLQJD5HJXODU3UDFWLFH6FKHGXOH3DUW'D\%XLOGD5HJXODU3UDFWLFH6FKHGXOH3DUW'D\:DUPLQJ8S'D\6KRUW7HUP*RDOV'D\0HGLXP7HUP*RDOV'D\/RQJ7HUP*RDOV'D\)LQG

  • 'HGLFDWHGWRP\VWXGHQWVZKRKDYHWDXJKWPHPRUHWKDQDQ\SURJUDPFODVVRUWH[WERRNHYHUFRXOGKDYH

  • $ERXW&KULV)ROH\

    $PRQJWKHPRVWSOHDVXUDEOHWKLQJVDERXWPDNLQJDOLYLQJLQWKHPXVLFDOILHOGLVWKHIDFWWKDWP\PXVLFDODFWLYLWLHVDUHVRLQFUHGLEO\GLYHUVHDQG,DOZD\VKDYHWKHSULYLOHJHRIZRUNLQJZLWKDIDVFLQDWLQJJURXSRIVWXGHQWVDQGSURIHVVLRQDOV,FXUUHQWO\WHDFKDWP\KRPHVWXGLRLQ2DNYLOOHDVZHOODVDW7KH5R\DO&RQVHUYDWRU\LQ7RURQWR,PDQH[DPLQHUZLWK5&0([DPLQDWLRQVLQ&DQDGDDQGZLWK&DUQHJLH+DOO5R\DO&RQVHUYDWRU\LQWKH8QLWHG

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

  •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
  •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

  •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

  •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

  • 'D\%XLOGD5HJXODU3UDFWLFH6FKHGXOH3DUW
  •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

  • 'D\:DUPLQJ8S-XVWDVDQDWKOHWHQHHGVWRZDUPXSSURSHUO\EHIRUHPRUHVHULRXVH[HUWLRQDPXVLFLDQQHHGVWRZDUPXSEHIRUHSOD\LQJRUVLQJLQJDOORXW3OD\HUVRIGLIIHUHQWLQVWUXPHQWVXWLOL]HGLIIHUHQWW\SHVRIZDUPXSVDQGFDQOHDUQDJUHDWGHDOIURPWKHZD\WKH\DUHVWUXFWXUHG)RUH[DPSOH

    6WULQJSOD\HUVWHQGWRSOD\VFDOHVRIWHQDWDYHU\VORZWHPSRDWWKHEHJLQQLQJRIDSUDFWLFHVHVVLRQQRWRQO\WREXLOGWHFKQLTXHEXWWREXLOGLQWRQDWLRQDQGWKHSURFHVVRIGHHSOLVWHQLQJWKDWZLOOLPSURYHTXDOLW\RIVRXQG

    8QOLNHLQVWUXPHQWDOLVWVVLQJHUVQHHGWREXLOGWKHLURZQLQVWUXPHQWLQVLGHWKHLURZQERG\DQGWKHLUZDUPXSVWHQGWRHPSKDVL]HEUHDWKPDQDJHPHQWDQGWRQHSURGXFWLRQZKLFKKHOSWRJXLGHWKHEUHDWKPHFKDQLVPDQGLWVFRPSRQHQWSDUWVLQWRDZRUNDEOHZKROHRYHUWLPH

    3LDQLVWVQHHGWRGHYHORSDJUHDWGHDORIIOXHQF\DQGSOD\PRUHQRWHVSHUPXVLFDOZRUNWKDQDQ\RWKHULQVWUXPHQW)RUWKLVUHDVRQWUDGLWLRQDOSLDQRWHFKQLTXHFRQVLVWVRIVFDOHVFKRUGVDQGDUSHJJLRVSOD\HGLQDOONH\VLQDYDULHW\RIZD\VQRWWRPHQWLRQILQJHUGH[WHULW\H[HUFLVHVLQRUGHUWREXLOGILQJHUVWUHQJWKDQGLQGHSHQGHQFH

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

  •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

  • 'D\6KRUW7HUP*RDOV2QHRIWKHEHVWZD\VWRMXPSVWDUWDSUDFWLFHURXWLQHLVE\ZRUNLQJWRZDUGVVRPHWKLQJDQGWKHUHLVQRWKLQJOLNHVHWWLQJDGHDGOLQHLQRUGHUWRJHWZRUNGRQH7RGD\ZHZLOOEHORRNLQJDWVKRUWWHUPJRDOVDQGKRZWKH\FDQIRFXV\RXUSUDFWLFH+HUHDUHVRPHH[DPSOHVRIFRPPRQVKRUWWHUPJRDOV

    /HDUQWKH([SRVLWLRQRIDVRQDWDPRYHPHQW 0DVWHUWKHRUQDPHQWVLQD%DURTXHSLHFH 3OD\DOOWKHLQGLYLGXDOYRLFHVRIDIXJXH *REDFNWRDVORZSUDFWLFHWHPSRLQDSHUIRUPDQFHUHDG\ZRUN 6RUWRXWWKHOHIWKDQGRIDWULFN\SLHFH 3OD\DSLHFHZLWKVROLGUK\WKPDWDVORZWHPSR ,QFUHDVHWKHWHPSRRIDSLHFHE\VHYHUDOPHWURQRPHPDUNLQJV 0DVWHUDGLIILFXOWSDVVDJHRQFHDQGIRUDOO /HDUQWKDWGDUQHG)PLQRUIRUPXODSDWWHUQ 3OD\QRWHFKRUGVDQGFDGHQFHVLQDOOPLQRUNH\V 0HPRUL]HWKHILUVWPRYHPHQWRIDVRQDWD )LWLQUHJXODUSUDFWLFHWLPHVDOOZHHN 6LJKWUHDGHYHU\GD\IRUDZHHN

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

  • 'D\0HGLXP7HUP*RDOV
  •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

  •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

    ,PWLUHGDOUHDG\DIWHUZULWLQJWKDWOLVWDQGJODGWKDW,PILQLVKHGZLWKP\FROOHJHHGXFDWLRQ%XWORRNLQJDWWKDWODUJHOLVW\RXGLVFRYHUWKDWRQHELJGUHDPFDQEHHDVLO\PDQDJHGLILWLVEURNHQXSLQWRDEXQFKRIVPDOOHUPDQDJHDEOHWDVNV

  • ,FDQWHPSKDVL]HKRZLPSRUWDQWLWLVWREHUHDOLVWLFZKHQVHWWLQJORQJWHUPJRDOV+HUHDUHVRPHH[DPSOHVWKDWGHSHQGRQLQGLYLGXDOLQLWLDWLYHDQGFDQEHUHDOL]HGZLWKGHWHUPLQDWLRQDQGKDUGZRUN

    /HDUQDFRQFHUWR /HDUQWKHDULDVIRUDUROHWKDWLVDELWWRRODUJHIRURQHVYRLFHEXWZKLFKRQHZLOO

    JURZLQWRLQWKHIXWXUH /HDUQKRZWRPDNHNLFNDVVRERHUHHGV /HDUQWKHZKROH:HOO7HPSHUHG&ODYLHU 3OD\WKHYLROLQZLWKGHDGO\DFFXUDWHLQWRQDWLRQ 'HYHORSLQWRDSURIHVVLRQDOOHYHOVLQJHU 'HYHORSDVW\OLVWLFEUHDGWKRIH[SHULHQFHLQPXOWLSOHSHUFXVVLRQLQVWUXPHQWVIURP

    PDQ\FXOWXUHV+RZHYHUZKHQRXUJRDOVGHSHQGRQWKHDFWLRQVRIRWKHUVLWLVPXFKHDVLHUWRH[SHULHQFHVHULRXVGLVDSSRLQWPHQWV+HUHDUHVRPHJRDOVWKDWKDYHWKHSRVVLELOLW\RIVHWWLQJRQHVHOIXSIRUGLVDSSRLQWPHQW

    *HWWLQJLQWRWKDWZRUOGIDPRXVVFKRRORIPXVLF *HWWLQJWKDWHOXVLYHWHQXUHWUDFNFROOHJHSRVLWLRQ *HWWLQJDKLJKSDLGSRVLWLRQLQDQRUFKHVWUD +DYLQJDFRQFHUWFDUHHU *HWWLQJDWRSDJHQW

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

    ,FKELQJHVWRUEHQGHP:HOWJHWPPHO8QGUXKLQHLQHPVWLOOHQ*HELHW

  • ,FKOHEDOOHLQLQPHLQHP+LPPHO,QPHLQHP/LHEHQLQPHLQHP/LHG

    ,DPGHDGWRWKHZRUOGVFRPPRWLRQ$QG,UHVWLQDTXLHWSODFH,OLYHDORQHLQP\KHDYHQ,QP\ORYHLQP\VRQJ

  • 'D\)LQG
  • /HDUQDYRFDOVW\OHWKDWLVDWWKHSHULSKHU\RI:HVWHUQDUWPXVLF)DGR/DGLQR3HUVLDQDQG
  •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
  • 0RUHWKRXJKWVRQLQLWLDOOHDUQLQJ

    /LVWHQWRUHFRUGLQJVRIWKHZRUNEHIRUHSOD\LQJLW1RWMXVWRQHEXWVHYHUDOSHUIRUPDQFHVDUHEHVWWRKHDULQRUGHUWRQRWLPLWDWHVW\OHVDQGPDQQHULVPVRIFHUWDLQSHUIRUPHUV

    :DWFKSHUIRUPDQFHVRQ

  •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

    2QHILQDOWKRXJKWZKDWNHHSVSHRSOHFRPLQJEDFNWRWKHMR\VDQGWULEXODWLRQVRISUDFWLFH\HDUDIWHU\HDULVWKDW$KDPRPHQWZKHUHRXUXQGHUVWDQGLQJRIRXULQVWUXPHQWRXUERG\RUWKHPXVLFVXGGHQO\VSULQJVLQWRIRFXVDQGZHJHWWKDWLQQHUIHHGEDFNWKDWPRYHVXVRQZDUGWRWKHQH[WFKDOOHQJH6ORZSUDFWLFHLVRQHRIWKHWRROV

  • WKDWFDQJHW\RXWKHUH

  •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
  •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
  • 'D\7DNH
  •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

  •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

  • 'D\0HPRUL]DWLRQDVDQ(PRWLRQDO3ODFH-RVKXD)RHUV6HFUHWVRID0LQG*DPHULQWKH1HZ
  • :KDW,ILQGPLVVLQJLQWKHWUDGLWLRQDOPRGDOLW\PHWKRGRIPXVLFDOPHPRU\LVDQ\VRUWRIHPRWLRQDOFRPSRQHQW3HUKDSVWKLQNLQJWKURXJKPRUHDFWRUUHODWHGFRQFHSWVRIPHPRU\FDQKHOSXVFRQVWUXFWDPRUHHPRWLRQDOO\HQJDJHGSDWKZD\WKURXJKDZRUN :KHUHGRHVWKHZRUNVWDUWHPRWLRQDOO\" 'RHVLWKDYHDSK\VLFDOSODFH" ,VWKHUHDSURWDJRQLVW" :KDWGRWKH\GRWKURXJKWKHZRUN" +RZGRWKH\FKDQJHWKURXJKWKHZRUN" :KDWLVWKHZRUNVHPRWLRQDOMRXUQH\" :KHUHGRHVLWHQG" :KDWDUH\RXUIDYRULWHSDUWV" :KDWLVWKHHPRWLRQDOKLJKSRLQWRIWKHZRUN"7KHVHTXHVWLRQVPLJKWEHIDPLOLDUWRWKRVHZKRKDYHWDNHQDFWLQJFRXUVHVRUKDYHZRUNHGZLWKDWKHDWHUGLUHFWRUWDNHDORRNDW5HQD6KDURQVEDVLFVRQJLQWHUSUHWDWLRQTXHVWLRQVIHDWXUHGLQWKHSRVW6RPH,GHDVRQ+RZWR/HDUQD6RQJRU$ULDPDQ\VLQJHUVDQGSLDQLVWVXVHOLVWVVXFKDVWKHVHZKHQOHDUQLQJYRFDOPXVLF,IZHKDYHDQHPRWLRQDOSDWKZD\WKURXJKDZRUNRIPXVLFRXUURXWHFDQEHRQHRIWKHPRGDOLWLHVWKDWZHPHPRUL]H(PRWLRQVEHWKH\SOHDVDQWRUSDLQIXOWHQGWRUHVLGHLQWKHERG\,IWKHVHHPRWLRQVDUHPDSSHGRXWWKURXJKWKHOHDUQLQJSURFHVVWKH\FDQEHUHFDOOHGMXVWOLNHDQ\RWKHUVHQVHUHODWHGPRGDOLW\PXFKOLNHUHWUDFLQJVWHSVWKURXJKDIDPLOLDUEXLOGLQJ)XUWKHUPRUHWKLVW\SHRIPHPRUL]DWLRQFDQEHYDOLGIRUDQ\LQVWUXPHQWDQGDWDQ\OHYHO$UHWKHUHDQ\SDUWLFXODUWHFKQLTXHV\RXXVHZKHQPHPRUL]LQJPXVLF"+RZGR\RXWHDFKPHPRUL]DWLRQLQ\RXUVWXGLR"

  • 'D\:D\VWR+HOS
  •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

  •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

  •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

  • 'D\,QWHUOXGHV6RPH7KRXJKWVRQ7HDFKLQJDQG/HDUQLQJ$WHDFKHULVQRWDPLUDFOHZRUNHU:HOOVRPHWLPHVWKH\FDQEHEXWIRUWKHPRVWSDUWWKHJUHDWHUUHVSRQVLELOLW\IRUGHYHORSPHQWOLHVZLWKWKHVWXGHQWDQGWKHLUUHVSRQVLELOLW\WRUHWXUQWRWKHLULQVWUXPHQWGD\DIWHUGD\WRJLYHLQWRWKHIXQRIWKHSURFHVVLQRUGHUWRKDYHDJRRGHQRXJKPXVLFDOSURGXFWWKDWWKHWHDFKHUFDQLQGHHGZRUNWKHLUPDJLFRQ7KHLPSRUWDQWWKLQJIRUWKHWHDFKHUWRGRLVPDNHWKHSUDFWLFLQJDVIXQDVLWFDQEH

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

    (YHU\VWXGHQWVHHPVWRQHHGDVOLJKWO\GLIIHUHQWSHUVRQDOLW\IURPPHLQWKHLUOHVVRQV6RPHQHHGDJXLGHRWKHUVDFKHHUOHDGHU2QHQHHGVDVRIWVSRNHQWHDFKHUDQRWKHUDORXGPRXWK2OGHUVWXGHQWVRIWHQQHHGWRFRQQHFWZLWKDWHDFKHUEHIRUHWKH\OHDUQ2WKHUVWXGHQWVUHTXLUHDQHPRWLRQDOGLVWDQFHIURPWKHLUWHDFKHU6RPHQHHGDFKDPSLRQRWKHUVDQRSSRQHQW7KHLPSRUWDQWWKLQJLVWRVWULYHWRUHDOO\NQRZHDFKVWXGHQWVRWKDWWKH\FDQUHVSRQGWRWKHDSSURSULDWHSHUVRQD\RXSURMHFWLQWKHVWXGLR

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

    7KHUHLVFRQVWDQWJURZWKDQGGHYHORSPHQWLQP\VWXGLRDQGLWUHTXLUHVPHWRILQGQHZ

  • DQGLQWHUHVWLQJZD\VWRSURSHOP\VWXGHQWVIRUZDUG,WLVIDVFLQDWLQJWRVHHWKHLUPXVLFDOLQWHOOHFWXDODQGSHUVRQDOJURZWKRYHUWKHFRXUVHRIPRQWKVDQG\HDUV

    7KHPRVWLPSRUWDQWWKLQJ,YHOHDUQHGVLQFH,VWDUWHGWHDFKLQJLQLVWKDWHYHU\VLQJOHVWXGHQWLVXQLTXHZLWKWKHLURZQVWUHQJWKVZHDNQHVVHVFRQWULEXWLRQVDQGSURPLVH7KHUHIRUH,QHHGWRDGMXVWP\DWWLWXGHVSULRULWLHVDQGPHWKRGVYHU\VOLJKWO\RUVRPHWLPHVUDGLFDOO\IRUHYHU\VWXGHQW

  •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

  • 'D\%XLOG6LJKW5HDGLQJ,QWR
  • FRQILGHQFHDQGJUDFH5HDGWKURXJKDSLOHRIPXVLFWKDWUHDOO\LQWHUHVWV\RX,I\RXOLNHRQHRUWZRSLHFHVLQDFHUWDLQJHQUHRUE\DFHUWDLQFRPSRVHUJHWDERRNRIZRUNVDQGUHDGWKURXJKWKHHQWLUHWKLQJ7KHUHLVQREHWWHUZD\WRLQGXOJH\RXUIDVFLQDWLRQZLWK\RXUIDYRULWHFRUQHUVRIWKHUHSHUWRLUHDQGOHDUQUHDGLQJVNLOOVFRQFXUUHQWO\5HDGWKURXJKVRQJVDQGDULDVZLWKDVLQJHUVRQDWDVZLWKDQLQVWUXPHQWDOLVWRUGXHWVZLWKDQRWKHUSLDQLVW6LJKWUHDGLQJLVQWMXVWIRUFHGODERU7KHSURFHVVRIUHDGLQJWKURXJKUHSHUWRLUHZLWKDVLQJHULQVWUXPHQWDOLVWFDQEHH[WUHPHO\VDWLVI\LQJGHHSHQWKHOHYHORISDUWQHUVKLSKHOSWREXLOGVNLOOVDQGEHIXQ:RUNDVDSLDQLVWLQWKHVWXGLRRIDYRLFHWHDFKHU$YRLFHWHDFKHUFDQSXW\RXWRZRUNOHDUQLQJDZLGHYDULHW\RIPXVLFIURPWKHDUWVRQJRSHUDRUDWRULRDQGPXVLFWKHDWUHJHQUHVZLWKRXWDORWRIOHDGWLPHWROHDUQPXVLFSURSHUO\7KHPRUH\RXGRWKHEURDGHU\RXUNQRZOHGJHDQGVNLOOVZLOOEHDQGWKHEHWWHU\RXZLOOJHW5HDGDERXW&KXQNLQJ7KHRU\>ZLNL@DQGWU\WRILJXUHRXWKRZ\RXFDQJURXSPXVLFDOHOHPHQWVLQWRSHUFHSWXDOJURXSV5HDGLQJPXVLFOLNHUHDGLQJWH[WLVDSURFHVVRIILQGLQJSHUFHSWXDOJURXSV:KHQ\RXUHDGIURPDERRN\RXSHUFHLYHQRWMXVWOHWWHUVEXWZRUGVSKUDVHVDQGFODXVHV0XVLFLVQRGLIIHUHQW,PSURYLVHLQWKHVW\OHRIDSDUWLFXODUFRPSRVHURUJHQUH,WVQRWMXVWDERXWQRWHVDQGUK\WKPVEXWWKHWRWDOLW\RIPXVLFDOHOHPHQWVLQFOXGLQJVW\OH7KHPRUH\RXDUHDEOHWRUHFUHDWHWKHVW\OHRIDSDUWLFXODUWLPHDQGSODFHLQPXVLFDOKLVWRU\WKHPRUH\RXUVLJKWUHDGLQJZLOOVRXQGOLNHWKHUHDOWKLQJ3OD\DWWKHVDPHOHYHOVLJKWUHDGLQJDV\RXZRXOGLQDZHOOSUHSDUHGUHFLWDO2ND\WKLVLVLPSRVVLEOHEXWKDYLQJLWDVDJRDOZLOOSURSHO\RXWRWKHQH[WOHYHO

  •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

    EUHDNZLWKLW" $UHWKHUHDQ\SDUWLFXODUO\GLIILFXOWWHFKQLFDOGHPDQGVRQWKHSHUIRUPHUDWWKHHQG

    RIWKHZRUN"2IWHQFRPSRVHUVZLOOSXWWKHLUQDVWLHVWWHFKQLFDOZULWLQJMXVWEHIRUHWKHHQGLQJVRWKHZRUNFDQHQGZLWKDEDQJ

    ,VWKHUHDSDUWLFXODUFKRUHRJUDSK\WRWKHHQGLQJWKDWZLOOPDNHLWPRUHHIIHFWLYH"&RXOG\RXEHQHILWIURPIOXRULVKHVDQGVKRZPDQVKLSRUHFRQRP\RIPRYHPHQWDQGVWLOOQHVV"

    6LQJHUV,VWKHUHDSRVWOXGHIROORZLQJWKHODVWYRFDOOLQH"+RZGRHVLWUHODWHWRWKHHQGRIWKHZRUN",IWKHUHLVDSRVWOXGHIROORZLQJWKHHQGRI\RXUVLQJLQJGRQWIRUJHWWRUHPDLQIDFLDOO\HQJDJHGDVWKHDXGLHQFHLVVWLOOORRNLQJDW\RX7KHUHIRUH\RXPXVWVWLOOORRNFRQQHFWHGWRWKHVRQJZKLOHWKHSLDQRRURUFKHVWUDSOD\VWKHSRVWOXGH

    7KHHQGLQJRIDZRUNVKRXOGQWDOZD\VEHWKHODVWSDUWRIWKHSLHFH\RXOHDUQ3XWWLQJWKHHQGLQJIXUWKHUDKHDGLQWKHRUGHURIEDWWOHIRUPXVLFOHDUQLQJZLOOHQVXUHWKDWLWLVDSULRULW\DQGQRWDQDIWHUWKRXJKW

  • 'D\2UJDQL]H
  •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

  •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
  •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

  • 'D\5HFRUG
  • 'D\$GG7R
  • 'D\:D\VWR$GG/HQJWK7R
  • UHZDUGLQJ(QJDJHLQWKHVHW\SHVRISUDFWLFHWHFKQLTXHVDQG\RXOOILQGWKDWWLPHZLOOIO\E\5HPHPEHUWRWDNHEUHDNVDVLWZLOOERWKUHIUHVK\RXUPLQGDQGKHOSWRSUHYHQWUHSHWLWLYHVWUHVVLQMXU\0DQ\SHRSOHKDYHWURXEOHFRQFHQWUDWLQJIRUH[WUHPHO\ORQJSHULRGVRIWLPHDQGWKDWVRND\$JRRGUXOHRIWKXPELVWKDWIRUHYHU\KRXURISOD\LQJ\RXVKRXOGWDNHDWOHDVWDPLQXWHEUHDNWRUHVWERWKDUPVDQGPLQG6RPHSHRSOHVXFKDVP\VHOIQHHGEUHDNVHYHU\KDOIKRXU7DNHDVKRUWEUHDNDQG\RXOOILQG\RXUVHOIFRPLQJEDFNWRWKHSUDFWLFHURRPHQHUJL]HGDQGUHDG\WRZRUNDJDLQ

  • 'D\:D\VWR$GG0LQXWH3UDFWLFH%ORFNV7R
  •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

  • $IHZFDYHDWV:KLOH,GRQWUHFRPPHQGSUDFWLFLQJIRURQO\PLQXWHVDGD\RUIRUWKDWPDWWHULQFKXQNVRIRQO\PLQXWHVWKHVHW\SHVRISRZHUSUDFWLFHEORFNVFDQEHYHU\XVHIXOZKHQXVHGLQFRQMXQFWLRQZLWKODUJHUXQLWVLHPLQXWHVKRXUPLQXWHVPLQXWHV$QGGRQRWXQGHUDQ\FLUFXPVWDQFHVXVHWKHDEVROXWHZRUVWSUDFWLFHV\VWHPHYHULQZKLFKSUDFWLFHLVRQO\DFFRPSOLVKHGGXULQJWKHFRPPHUFLDOVRIDKRFNH\JDPH

  •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

  •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
  • 'D\$GG&ROODERUDWLRQ7R
  • 3LDQRGXRV 3OD\LQJZLWKLQVWUXPHQWDOLVWV 3OD\LQJZLWKVLQJHUV 3OD\LQJIRUFKRLUV %HFRPLQJDGDQFHUHSHWLWHXU %HFRPLQJDQRSHUDUHSHWLWHXU 3OD\LQJIRUPXVLFWKHDWUHSURGXFWLRQV 0XVLFWKHUDS\ 3OD\LQJMD]]PXFKPRUHJURXSRULHQWHGWKDQFODVVLFDO 3LDQLVWNH\ERDUGLVWLQDEDQG &RPSRVLQJIRUHQVHPEOHV %HFRPLQJDFRQGXFWRU

    &ROODERUDWLYHSOD\LQJFDQEHLQWURGXFHGDWDQHDUO\VWDJHWKURXJKGXHWVZRUNLQJZLWKVLQJHUVRIWKHVDPHDJHFKRUDODFFRPSDQ\LQJDQGFKDPEHUPXVLFIRUWKHLQWHUPHGLDWHSLDQLVW7KHUHDUHQXPHURXVFROOHFWLRQVRIZRUNVIRUWKLVSXUSRVHDQGWKHOLVWLVJURZLQJUHJXODUO\,QDGGLWLRQWRLQWURGXFLQJFROODERUDWLRQWRDSLDQLVWVPXVLFDOGLHW\RXDUHLQWURGXFLQJDVRFLDOHQHUJ\WRWKHLUSOD\LQJWKDWFDQFRPSOHWHO\UHLQVSLUHSLDQLVWVWRUHGRXEOHWKHLUSUDFWLFHHIIRUWV

  • 'D\7DNLQJ6WRFNRI
  • :KDWDUHVRPHRI\RXUJUHDWHVWDFFRPSOLVKPHQWVLQ\RXUSOD\LQJRUVLQJLQJODWHO\"

  • 'D\)LQG
  • $ERYHDOOEHWUXHWR\RXUVHOI
  •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