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How to setup widgets?

You can setup all widgets at Appearance > Widgets partition in admin panel. In this section you can drag'n'drop widget you want from "Available Widgets" section to "Sidebar" area and setup it after or click by widget in "Available Widgets" and "Add widget" button.

There are a lot of standard WP widgets you can use; also there are 3 custom widgets of Venice theme - "About me", "Latests Posts", "Social Icons". Example of using these widgets you can see at http://thevenusdesign.com