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What if Nike stopped selling shoes tomorrow? Would the brand disappear or would the business be much bigger than footwear? In this episode of The Business Behind Everything, we take a deep dive into the Nike business model and explore how a company that began by importing Japanese running shoes became one of the world's most powerful consumer brands. Nike's story is not simply about shoes. It's about innovation, athletes, storytelling, identity, culture, community, and brand strategy. We go back to 1964, when Phil Knight and Bill Bowerman co-founded Blue Ribbon Sports, and follow the evolution that eventually created Nike. From Bill Bowerman's waffle sole experiment to the creation of the Swoosh and the transformative partnership with Michael Jordan, we examine how product innovation became the foundation for a global brand. You'll discover how Nike uses athlete endorsements, sports marketing, product launches, technology, scarcity, digital experiences, wholesale distribution, and direct-to-consumer channels to create demand and maintain customer relationships. We also break down Nike's portfolio across NIKE Brand, Jordan, and Converse, and examine how footwear, apparel, equipment, and consumer experiences work together. The episode also explores the numbers behind the business. In fiscal 2026, Nike reported $46.398 billion in total revenue, including approximately $29.525 billion from footwear, $13.449 billion from apparel, and $2.199 billion from equipment. Jordan generated approximately $7.034 billion, while Converse generated $1.174 billion. But the biggest business lesson goes beyond revenue. Nike demonstrates how companies can turn a physical product into something customers associate with performance, aspiration, status, lifestyle, and identity. We examine why a powerful brand cannot rely on marketing alone, why innovation still matters, and why Nike's competitive advantage comes from decades of products, athletes, technology, intellectual property, cultural relevance, and consumer trust. If you're interested in business strategy, entrepreneurship, company case studies, brand stories, marketing strategy, business growth, successful businesses, business innovation, or how companies make money, this episode offers a detailed business deep dive into one of the most recognizable brands in modern consumer history.

What really makes a billion-dollar startup collapse? A company can raise hundreds of millions or even billions of dollars, attract famous investors, dominate headlines, and reach a massive valuation… and still run out of money, lose its customers, or collapse entirely. In this deep-dive business podcast episode of The Business Behind Everything, Daniel Carter examines the real business failures behind some of the most famous startup collapses in recent history, including WeWork, Theranos, Quibi, Katerra, FTX, and Juicero. The episode explores why a billion-dollar valuation is not the same thing as cash, revenue, profit, or a sustainable business model. It breaks down how venture capital can encourage aggressive growth, why growth can hide broken economics, and why running out of money is often the final symptom rather than the original cause of startup failure. Through detailed company case studies, the episode examines WeWork's long-term real-estate obligations and governance problems, Theranos and the SEC's allegations of misleading investors about its technology and financial performance, Quibi's product-market fit and timing challenges, Katerra's scaling and operational difficulties, and FTX's alleged governance failures and misuse of customer funds. You'll also learn about startup valuation, runway, cash burn, gross margin, unit economics, LTV vs. CAC, customer retention, product-market fit, capital dependence, down rounds, debt, competition, network effects, founder risk, corporate governance, internal controls, and the dangers of scaling before a business model is proven. Most importantly, this business analysis explains the warning signs entrepreneurs, investors, and business leaders should watch before a promising company becomes a financial crisis. If you're interested in entrepreneurship, startup stories, business strategy, company case studies, business failure stories, how businesses make money, business models, corporate strategy, business leadership, and the real lessons behind successful businesses and failed startups, this episode offers a practical business deep dive into one of the most important questions in entrepreneurship: Why can a company look incredibly valuable and still be fundamentally fragile?

What if Amazon Prime was never really about free shipping? When Amazon launched Prime in 2005 for $79 a year, the company knew the program would be expensive in the short term. But Amazon was playing a much bigger business game: changing how customers shop, how often they buy, and how deeply they engage with the Amazon ecosystem. In this business deep dive, we break down the Amazon Prime business model and explore how a simple shipping benefit evolved into one of the most powerful customer-retention and marketplace strategies in modern commerce. We examine how Prime removes friction from online shopping, increases purchasing frequency, strengthens customer lifetime value, and turns convenience into a competitive advantage. We also explore the Amazon flywheel connecting Prime members, third-party sellers, product selection, fulfillment, logistics, advertising, and digital content. The episode explains why Prime is much more than a subscription. It is connected to Fulfillment by Amazon (FBA), third-party seller services, Prime Video, Prime Day, digital subscriptions, advertising, and Amazon's massive logistics infrastructure. We also take a closer look at Amazon's financial numbers, including its $49.619 billion Subscription Services revenue in 2025, while explaining why that figure should not be treated as Prime-only revenue. Amazon's 2025 total net sales reached $716.924 billion, while third-party seller services generated $172.162 billion and advertising services generated $68.635 billion. This episode is a business case study in subscriptions, customer retention, bundling, network effects, logistics, marketplace economics, and long-term business strategy. If you enjoy business podcasts, entrepreneurship podcasts, company case studies, business analysis, business models, business strategy, successful businesses, and deep dives into how companies make money, this episode offers a detailed look at one of the most influential business models in modern commerce. The biggest lesson? Amazon Prime isn't really selling free shipping. It is building an ongoing customer relationship and using that relationship to strengthen an entire business ecosystem.

How does Uber make money without owning the cars that provide most of its rides? That question sits at the center of one of the most important business stories of the modern platform economy. What began with an early test involving just three cars eventually became a global technology-enabled marketplace generating approximately $193.5 billion in Gross Bookings, $52.0 billion in revenue, and $9.8 billion in free cash flow in 2025. In this business deep dive, we break down the Uber business model and examine how the company transformed transportation by connecting riders with independent drivers through technology. Instead of building and owning a massive vehicle fleet, Uber built the coordination layer: matching, routing, pricing, payments, trust, data, and customer relationships. We explore how Uber solved the difficult two-sided marketplace problem, why marketplace liquidity and local network density matter, how dynamic pricing balances rider demand with driver supply, and why scale creates a powerful network effect. But this isn't simply a business success story. Uber's journey also reveals the challenges behind platform businesses, including regulatory friction, driver classification, insurance costs, competition, incentives, and the constant tension between growth and profitability. You'll also learn how Uber expanded beyond rides into Uber Eats, Delivery, Freight, Uber One memberships, advertising, and autonomous vehicle partnerships reusing its existing technology, customers, payments infrastructure, and marketplace capabilities to build a broader platform. We examine the difference between Gross Bookings and revenue, why asset-light doesn't mean risk-free, and how Uber evolved from a ride-hailing startup into a global marketplace platform. This episode is a detailed business case study, company analysis, and business strategy breakdown for entrepreneurs, investors, founders, and anyone interested in how businesses make money. If you enjoy business podcasts, entrepreneurship, startup stories, company business models, business insights, and deep dives into successful businesses, this episode explores the business behind Uber and the lessons its evolution offers about marketplaces, scale, technology, and platform economics.

WeWork became one of the most celebrated startups in the world by promising to reinvent the workplace. Its idea was simple: turn office space into a flexible, subscription-like service where freelancers, startups, and companies could access desks, private offices, meeting rooms, technology, and community without committing to traditional long-term leases. The idea was real. The customers were real. And the growth was extraordinary. In 2018, WeWork generated approximately $1.82 billion in revenue. By 2019, revenue had reached approximately $3.46 billion, while memberships grew from roughly 401,000 to 662,000. Yet the company was also losing billions and in January 2019, a SoftBank investment valued WeWork at approximately $47 billion. So how did a company with hundreds of thousands of memberships, rapid revenue growth, and enormous investor backing eventually file for Chapter 11 bankruptcy? In this business deep dive, we break down the WeWork business model and examine the financial structure behind its rise and fall. We explore the critical mismatch between long-term real-estate lease obligations and shorter-term customer memberships, the importance of occupancy and unit economics, the risks of aggressive expansion, and why physical businesses cannot necessarily scale like software companies. We also examine WeWork's failed 2019 IPO, the governance questions surrounding Adam Neumann, the role of SoftBank, the impact of the COVID-19 shock, the company's massive lease obligations, and its eventual restructuring. Most importantly, this business case study explores the lessons entrepreneurs, investors, founders, and business owners can take from WeWork's collapse: why revenue growth isn't the same as business quality, why fixed costs matter, why capital can hide structural problems, why growth should follow economics, and why a company's valuation is not the same thing as its business model. This is more than a startup failure story. It's a business breakdown of what happens when a great product meets an unsustainable financial structure and when vision finally meets financial reality.

How does a bank make money when you use a credit card even if you pay your balance in full and never pay purchase interest? A $5 coffee may look like a simple transaction, but behind that tap is a massive financial ecosystem involving the card issuer, payment network, merchant, acquirer, processor, and customer. In this episode of The Business Behind Everything, Daniel Carter breaks down the business model behind credit cards and explains how money actually moves when you swipe or tap. We explore the major revenue streams behind the credit-card business: interest, interchange, annual fees, other fees, partnerships, and customer relationships. You’ll learn why interchange is revenue rather than pure profit, why rewards programs can make economic sense for banks, and why a customer who pays every bill in full can still be highly valuable. The episode also explains how Visa makes money differently from a traditional issuing bank, using its enormous payment network and transaction volume rather than relying on consumer credit-card interest. The discussion examines Visa’s fiscal 2025 scale, including 257.5 billion transactions, approximately $14.2 trillion in payments volume, and $40 billion in net revenue. You’ll also discover how banks think about customer lifetime value, top-of-wallet behavior, rewards, credit risk, underwriting, portfolio economics, co-branded cards, retail cards, fraud, digital wallets, tokenization, and the future of invisible payments. This business deep dive goes beyond the obvious answer that “banks make money from interest.” It explains how multiple companies can earn revenue from the same transaction and why scale, network effects, customer relationships, and financial infrastructure are at the heart of the modern payment system. If you enjoy business podcasts, business models, company analysis, business case studies, economics, money and business, business strategy, and business explained, this episode offers a practical look at one of the most familiar and misunderstood businesses in everyday life. The next time you hear “just put it on the card,” you’ll understand the business model behind those four words.

How did a company that started with a four-page contract and animated cartoons become a $94 billion global entertainment empire? In this episode of The Business Behind Everything, we take a deep dive into Disney’s business model and uncover the strategy behind one of the world’s most powerful entertainment ecosystems. Disney didn’t simply create movies. It learned how to turn stories, characters, brands, and intellectual property into multiple businesses that reinforce one another. From Mickey Mouse and Snow White to Disneyland, Pixar, Marvel, Star Wars, Disney+, ESPN, cruises, resorts, and consumer products, this business documentary explores how Disney built a system where one successful story can generate value across movies, streaming, licensing, merchandise, theme parks, hotels, and experiences. We examine Disney’s brand strategy, acquisition strategy, distribution advantage, and the powerful flywheel connecting content, characters, franchises, and experiences. You’ll also learn why acquisitions such as Pixar, Marvel, Lucasfilm, and 21st Century Fox were strategically important and how Disney used those assets to expand its global reach. The episode also breaks down the economics behind Disney’s modern business. In fiscal 2025, Disney generated approximately $94.4 billion in revenue, while its Experiences segment generated approximately $36.2 billion and nearly $10 billion in operating income. We explore what those numbers reveal about Disney’s diversified business models and why theme parks, resorts, cruises, licensing, sports, and streaming are so important to the company. From streaming profitability and Disney+ to intellectual property and multi-generational brand loyalty, this business deep dive explains how Disney transformed entertainment into an interconnected economic system. If you enjoy business podcasts, company case studies, business strategy, entrepreneurship, brand stories, business analysis, business education, successful businesses, business insights, and business lessons, this episode offers a fascinating look at how a century-old company continues to reinvent itself. The biggest lesson? Don’t ask only, “How much can this product make?” Ask: “What can this asset become?”

How did Nokia go from dominating the mobile-phone industry to selling its Devices & Services business to Microsoft for €5.44 billion? The easy answer is: the iPhone. But the real story is much more complicated. In this episode of The Business Behind Everything, Daniel Carter takes a deep dive into Nokia's decline and the business strategy decisions that shaped one of the most important transformations in technology business history. Before the smartphone era, Nokia had enormous advantages: a globally recognized brand, massive distribution, manufacturing expertise, operator relationships, and a huge installed base. But Apple’s iPhone and Google-backed Android changed the basis of competition. The mobile phone was no longer simply hardware. It was becoming an operating system, app platform, developer ecosystem, cloud service, and digital ecosystem. This business breakdown examines Nokia's struggles with Symbian, its MeeGo strategy, and the controversial 2011 decision to make Microsoft's Windows Phone its primary smartphone platform. We explore the ecosystem problem, developer network effects, the app gap, platform dependency, the transition away from Symbian, and why Lumia smartphones despite reaching 7.4 million units in Q2 2013 couldn't build enough ecosystem scale to catch Apple and Android. You'll also discover why Nokia's historic strengths in hardware, distribution, and brand were no longer enough; how the company's strategic transition weakened its existing business; why Nokia chose Microsoft rather than Android; and how the €5.44 billion sale ultimately ended Nokia's handset era. This isn't simply a company failure story. It's a powerful business case study about disruption, platform competition, business model transformation, ecosystem strategy, corporate strategy, and the dangers of winning yesterday's game while the market is changing. For entrepreneurs, founders, executives, and anyone interested in how companies succeed, fail, adapt, and make strategic decisions, Nokia's story offers enduring business lessons. Because Nokia didn't forget how to make phones. The definition of a winning phone changed.

Why would Facebook pay approximately $19 billion for WhatsApp when the messaging company was generating only about $10.2 million in revenue in 2013 and was still reporting significant losses? The answer reveals one of the most fascinating business stories and company case studies in technology history. In this episode of The Business Behind Everything, Daniel Carter takes a deep dive into Facebook’s 2014 acquisition of WhatsApp and explains the business strategy, business model, and strategic thinking behind one of the biggest technology acquisitions of its time. When Facebook announced the deal in February 2014, WhatsApp had more than 450 million monthly users, was adding more than one million registered users per day, and was rapidly becoming a global mobile communication platform. Facebook wasn't simply buying an app or its existing revenue. It was buying something much harder to build: a massive network of people communicating with each other every day. This business deep dive explores network effects, user growth, mobile messaging, platform economics, strategic acquisitions, build-versus-buy decisions, and the hidden value of users. We also examine why WhatsApp's limited advertising model didn't make the company less valuable, how Facebook structured the acquisition using cash, stock, and employee equity, and why the final transaction value rose to approximately $21.8 billion by the time the deal closed. The episode also follows WhatsApp's transformation after the acquisition from a simple messaging service into a major global communication platform supporting business messaging, customer conversations, AI tools, channels, and conversational commerce. If you're interested in how companies make money, business models, company analysis, startup stories, founder stories, business lessons, successful businesses, billion-dollar companies, business innovation, corporate strategy, or technology business history, this episode offers a detailed look at how strategic value can extend far beyond today's revenue. This is a business podcast for entrepreneurs who want to understand how major companies make business decisions, evaluate acquisitions, build network effects, and create long-term business growth. The headline was: “Facebook buys WhatsApp for $19 billion.” But the real business story was much bigger.

What if Starbucks never really became a coffee company? In this episode of The Business Behind Everything, we take a deep dive into how Starbucks turned an ordinary product into a globally scalable business and why the coffee itself is only one part of the story. Starbucks began in 1971 as a small Seattle coffee retailer focused on whole-bean coffee, tea, and spices. But Howard Schultz saw a bigger opportunity: coffee could become an experience, a ritual, and a place people wanted to return to. That idea helped shape the Starbucks business model we know today. This business breakdown explores how Starbucks built its competitive advantage through brand strategy, customer experience, location strategy, repeat purchasing, supply chain control, technology, loyalty, and global expansion. We examine the difference between company-operated and licensed stores, why licensing can help Starbucks scale, and how the combination of ownership and partnerships creates a more flexible growth strategy. The episode also explores Starbucks' “third place” concept, the economics of customer habit, mobile ordering and loyalty, customization, product expansion, roasting and distribution, and the challenge of balancing global consistency with local preferences. By September 2025, Starbucks had 40,990 stores worldwide, while fiscal 2025 revenue reached $37.18 billion. But scale alone does not guarantee corporate success. The episode also examines Starbucks' operational pressures, declining North America comparable-store sales, and the closure of 627 stores as part of its “Back to Starbucks” restructuring plan. This is more than a Starbucks company story. It is a business case study about how businesses make money, how successful businesses scale, and how a simple product can become part of a customer's everyday routine. If you're interested in business strategy, entrepreneurship, company case studies, brand stories, business growth, retail strategy, and the business models behind successful companies, this episode offers a detailed look at the system behind one of the world's most recognizable brands. The coffee is what customers taste. The business is everything behind it.

Why would an airline sell more reservations than there are seats on the aircraft? It sounds like a mistake but overbooking is actually a calculated business strategy built around one of aviation's biggest economic problems: an airline seat is a perishable product. In this episode of The Business Behind Everything, we take a deep dive into why airlines overbook flights and how airline revenue management turns uncertainty, pricing, forecasting, and limited capacity into a sophisticated business model. Once a flight departs, an empty seat can never be sold again. But some passengers with confirmed reservations may cancel or simply not show up. Airlines therefore use historical data, forecasting, inventory management, fare classes, passenger behavior, and demand patterns to estimate how many reservations they can accept without creating too many empty seats or too many passengers. We break down how airlines decide how many seats to sell, when to sell them, and at what price. You'll learn how dynamic pricing works, why the same physical seat can have dramatically different economic value depending on demand and timing, and how airlines balance high-paying passengers against the risk of flying with empty capacity. The episode also explores the economics of overbooking, denied boarding, involuntary bumping, compensation, load factor, passenger value, ancillary revenue, and expected value. We examine why airlines may ask for volunteers when a flight is oversold, how compensation can become part of the economic calculation, and why revenue optimization always involves trade-offs between profitability, reliability, risk, and customer trust. Beyond aviation, this business analysis reveals a broader lesson for entrepreneurs and business leaders: when inventory is time-sensitive and cannot be stored, forecasting becomes a competitive advantage. If you enjoy business podcasts, business strategy, company business models, economics, business education, business breakdowns, business case studies, and deep dives into how companies make money, this episode offers a fascinating look at the hidden mathematics behind one of the world's most recognizable business practices.

What if the most valuable thing Google gives you for free is actually the foundation of a $400 billion business? Every day, billions of people use Google Search without paying a subscription, entrance fee, or per-search charge. Yet behind that simple search box is a massive business built on advertising, commercial intent, technology, infrastructure, and an enormous global ecosystem. In this episode of The Business Behind Everything, we take a deep dive into how Google makes money from free search and why the search engine itself isn't the real product. Google gives users information for free, then monetizes the commercial intent surrounding what people search for. When someone searches for “car insurance,” “best running shoes,” or “New York hotel,” businesses have a reason to pay for access to that demand. We break down Google's business model, including search advertising, ad auctions, paid clicks, cost-per-click, advertiser demand, traffic acquisition costs, and the economics of a two-sided marketplace connecting users and businesses. The episode also explores Google's evolution from Larry Page and Sergey Brin's Stanford-era BackRub project and PageRank technology into a global technology platform. You'll learn how Search became the financial engine supporting businesses such as YouTube, Android, Google Cloud, subscriptions, and AI. This business deep dive examines Google's competitive advantages, network effects, distribution strategy, advertising infrastructure, and the importance of maintaining search quality and user trust. We also explore the growing challenge of artificial intelligence and how AI-powered answers could change the future of search advertising. With Alphabet reporting $402.8 billion in 2025 revenue, including $224.5 billion from Google Search & other and approximately $294.7 billion in total Google advertising revenue, Google's story is one of the most fascinating business case studies in modern technology. If you're interested in how companies make money, business strategy, company analysis, successful businesses, business innovation, entrepreneurship, economics, marketing strategy, and the business models behind billion-dollar companies, this episode offers a clear look at the economics behind one of the world's most powerful digital platforms.

How can Costco keep prices surprisingly low, operate with an 11.12% merchandise gross margin, and still generate billions in profit? The answer isn't simply bulk buying or membership fees. It's a carefully designed business model built around scale, purchasing power, limited product selection, rapid inventory turnover, warehouse efficiency, customer loyalty, and recurring membership revenue. In this episode of The Business Behind Everything, we take a deep dive into the Costco business model and explore how one of the world's largest warehouse retailers turns low prices into a competitive advantage. Costco reported approximately $269.9 billion in net sales, $8.1 billion in net income, 81 million paid members, 145.2 million cardholders, and 914 warehouses in fiscal 2025. Its U.S. and Canada renewal rate reached 92.3%, showing how important membership and customer retention are to the company's economics. This business podcast breaks down how Costco makes money through merchandise sales and membership fees while deliberately keeping merchandise margins low. We explore Costco's limited-SKU strategy, volume purchasing, supplier negotiating power, rapid inventory turnover, no-frills warehouse design, Kirkland Signature private label, Executive membership, gasoline sales, and the company's famous treasure-hunt shopping experience. You'll also discover why Costco doesn't need enormous margins on individual products. Instead, its strategy focuses on moving enormous volumes through an efficient system and using scale to support lower prices. At the center of the model is a powerful flywheel: Membership → loyalty → demand → volume → purchasing power → low prices → member value → renewals → recurring revenue. This business deep dive explores retail strategy, company business models, business growth, customer loyalty, pricing strategy, operational efficiency, inventory management, private-label strategy, and the economics of scale. Whether you're interested in entrepreneurship, business strategy, company case studies, business analysis, successful businesses, business lessons, or how companies make money, this Costco case study shows how a low-price strategy can become a multi-billion-dollar business. The key lesson? Costco doesn't win by charging the most. It wins by making customers believe they're getting exceptional value.

Why would anyone pay $5,000 for a handbag that performs the same basic function as a $100 bag? Why spend thousands on a luxury watch when a much cheaper watch can tell the same time? The answer reveals one of the most fascinating business models in the world. In this episode of The Business Behind Everything, we take a deep dive into the luxury business model and explore how brands turn ordinary products into highly desirable symbols of craftsmanship, heritage, identity, status, exclusivity, and experience. This business podcast examines why luxury brands don't always follow the traditional rules of volume, distribution, and price competition. Instead, companies can deliberately control distribution, protect scarcity, invest heavily in brand experiences, and build pricing power around perceived value. Using LVMH and examples such as Louis Vuitton and Hermès, we explore how luxury brands make money, why distribution control matters, how scarcity can amplify desirability, and why a premium price can sometimes become part of a product's positioning. We also examine the economic concept of the Veblen effect, while separating established evidence from the common myths surrounding luxury pricing. You'll learn how craftsmanship and real production value interact with symbolic value, why brand heritage can become a competitive asset, how luxury companies balance growth against exclusivity, and why uncontrolled expansion can weaken the very desirability that supports premium pricing. This business deep dive also explores pricing power, brand strategy, customer experience, selective distribution, cultural relevance, inventory management, and the economics of perceived value. Whether you're interested in entrepreneurship, business strategy, brand strategy, business models, company case studies, business analysis, business education, or successful businesses, this episode offers a practical look at one of the world's most unusual industries. The central lesson? Luxury isn't simply about making an expensive product. It's about creating enough desire that customers stop comparing products purely on price and specifications. Because in luxury, the question isn't always “How much does it cost?” Sometimes, the more powerful question is: “How much do I want it?”

What happens when you download an app for free? Who actually pays for it and how does a company turn a $0 download into a real business? In this episode of The Business Behind Everything, we take a deep dive into how free apps make money and uncover the business models hiding behind the word “free.” A free app may generate revenue through advertising, subscriptions, freemium features, in-app purchases, physical goods and services, transactions, or by supporting a larger ecosystem. Sometimes the app itself isn't the main product at all, it is the distribution system that brings customers into a much bigger business. We break down the economics of free apps, freemium business models, mobile advertising, subscription revenue, in-app purchases, app stores, customer acquisition, lifetime value, retention, churn, engagement, and network effects. You'll also learn why millions of downloads don't necessarily mean a successful business and why revenue, profit, unit economics, and customer value matter far more than download numbers alone. The episode explores how developers use a free product to reduce price friction, acquire users, build engagement, and eventually monetize a percentage of that audience. We also examine how Apple and Google operate app-store marketplaces, how developers and platforms share economic value, and why a free app can function as a storefront for businesses selling food, transportation, clothing, tickets, financial services, and other products. We also tackle one of the most misunderstood questions in the digital economy: Are free apps making money from your data? Rather than making assumptions, we examine the different ways data can support advertising, personalization, analytics, fraud prevention, and product development. From business strategy and company business models to technology, entrepreneurship, marketing strategy, and digital economics, this business deep dive reveals what is really happening underneath a free download. If you enjoy business podcasts, entrepreneurship podcasts, business case studies, company analysis, business education, and stories about how businesses make money, this episode offers a practical framework for understanding one of the most powerful pricing strategies in the digital economy. Because “free” is not necessarily the business model. It may simply be the beginning of one.