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Entrepreneurship Lessons From Groupon

What you might Learn from the FASTEST growing company EVER.

When taking into consideration the lessons Groupon's success will offer entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow someone who is successful!". Within my grandfather's day you had to understand directly from the person or company you're following. In the modern day realm of the internet, following inside the footsteps of successful entrepreneurs much less expensive complicated.

chicago entrepreneur eric lefkofsky

Groupon's success is dependant on, knowingly or unknowingly, following principles organized by Napoleon Hill. He was quoted saying: "It is literally true that you can succeed best and quickest by helping others succeed." This is the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon provides targeted advertising these companies could not readily afford. By sharing the proceeds of the offer, the consumer is really paying both the local company, and Groupon. The best part of the business model is that it can also help the consumer and the economy.

eric lefkofsky

Our economy has witnessed a vicious downward spiral. Widespread job losses keep people from spending money, local businesses fail, more jobs are lost, and less money is spent. Groupon has taken a stride toward defeating this model. By giving group discounts, they are encouraging consumer spending, which increases someone's place of business revenues, and helps us keep our local jobs.

Groupon is really a combination of two words, Group and Coupon. Business owners have long known the effectiveness of coupons and group discounts. People who receive discounts often spend more money. If they spend more compared to what they originally planned, they don't mind.

eric lefkofsky groupon ceo

Groupon offers a daily deal with their subscribers. There is a timer about the right, letting you know the length of time is left to purchase the daily deal. The very least number of deals must be sold before "the deal is on", which number is also displayed. Groupon collects from 30% to 50% with the deal price and the local business collects the rest. The deal that you buy posseses an expiration date attached, so make sure you use your discount!

What Groupon's success way to entrepreneurs: If you find a way to help people, you too can become successful. Look at other entrepreneurs that have become wildly successful, and you'll see that they started out by creating value. Google gave us a simpler way to find what we're searching for. Cable gave us home based entertainment. Groupon gives us the chance to try high end services for about half the price.

The last part of this equation isn't disappointing your customer. The important mistake many entrepreneurs make is forgetting what built them into succeed in the first place. You might be only as good as you customer happiness ratio. Remember you're only successful through your customers or clients, don't let them down!