Ashanti121
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Entrepreneurship Lessons From Groupon
What YOU Can Learn from the FASTEST growing company EVER.
When with the lessons Groupon's success can provide entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow somebody who is successful!". Within my grandfather's day you had to understand directly from the person or company you had been following. In the modern day world of the internet, following in the footsteps of successful entrepreneurs far less complicated.
eric lefkofsky groupon ceo
Groupon's success is dependant on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He explained: "It is literally true that you are able to succeed best and quickest by helping others succeed." This is actually the essence of Groupon's success. By helping small businesses to offer group discounts, Groupon is providing targeted advertising these companies could not readily afford. By sharing the proceeds from the offer, the consumer is in fact paying both the someone's place of business, and Groupon. The best part of the business model is that it likewise helps the consumer and the economy.
eric lefkofsky groupon co founder
Our economy has witnessed a vicious downward spiral. Widespread job losses keep individuals from spending money, local businesses fail, more effort is lost, and less funds are spent. Groupon has taken a stride toward defeating this model. By giving group discounts, they may be encouraging consumer spending, which increases someone's place of business revenues, and helps us keep our local jobs.
Groupon can be a combination of two words, Group and Coupon. Companies have long known the power of coupons and group discounts. Those who receive discounts often waste your money. If they spend more than they originally planned, they don't mind.
eric lefkofsky
Groupon offers a daily deal for their subscribers. There is a timer on the right, letting you know the length of time is left to purchase the daily deal. The very least number of deals has to be sold before "the deal is on", which number is also displayed. Groupon collects from 30% to 50% from the deal price and also the local business collects the remainder. The deal that you buy posseses an expiration date attached, so don't forget to use your discount!
What Groupon's success way to entrepreneurs: If you find a means to help people, you too can become successful. Look at other entrepreneurs who've become wildly successful, and you will see that they began by creating value. Google gave us an easier way to find what we're looking for. Cable gave us in home based entertainment. Groupon gives us the opportunity to try high end services for around half the price.
The ultimate part of this equation is never disappointing your customer. The important mistake many entrepreneurs make is forgetting what caused them to be succeed in the first place. You're only as good as you customer happiness ratio. Remember you're only successful because of your customers or clients, don't let them down!
