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Entrepreneurship Lessons From Groupon
What you might Learn from the FASTEST growing company EVER.
When with the lessons Groupon's success can provide entrepreneurs, I thought of something my grandfather told me:"If you want to be successful at anything, follow someone who is successful!". In my grandfather's day you had to understand directly from the person or company you're following. In the modern day world of the internet, following inside the footsteps of successful entrepreneurs much less expensive complicated.
eric lefkofsky groupon ceo
Groupon's success is based on, knowingly or unknowingly, following principles organized by Napoleon Hill. He explained: "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 is providing targeted advertising these business people could not readily afford. By sharing the proceeds with the offer, the consumer is really paying both the local business, and Groupon. The best part of this business model is that it can also help the consumer and the economy.
groupon co founder eric lefkofsky
Our economy has witnessed a vicious downward spiral. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less cash is spent. Groupon has taken one step toward defeating this model. By offering group discounts, they're encouraging consumer spending, which increases local company revenues, and helps us keep our local jobs.
Groupon can be a combination of two words, Group and Coupon. Business owners have long known the power of coupons and group discounts. People who receive discounts often waste your money. If they spend more compared to what they originally planned, they don't really mind.
chicago businessman eric lefkofsky
Groupon offers a daily deal with their subscribers. There is a timer around 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", and also this 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 has an expiration date attached, so don't forget to use your discount!
What Groupon's success means 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 started out by creating value. Google gave us a less strenuous way to find what we're looking for. Cable gave us in home entertainment. Groupon gives us the opportunity to try high end services for approximately half the price.
The final part of this equation is never disappointing your customer. The big mistake many entrepreneurs make is forgetting what made them succeed in the first place. You are only as good as you customer satisfaction ratio. Remember you might be only successful through your customers or clients, don't let them down!
