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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 explained:"If you want to be successful at anything, follow somebody who is successful!". Within my grandfather's day you had to learn directly from the person or company you had been following. In the modern day world of the internet, following within the footsteps of successful entrepreneurs much less expensive complicated.
eric lefkofsky chicago businessman
Groupon's success is based on, knowingly or unknowingly, following principles presented 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 small enterprises to offer group discounts, Groupon provides targeted advertising these business people could not readily afford. By sharing the proceeds of the offer, the consumer is in fact paying both the local company, and Groupon. The best part of this business model is that it likewise helps the consumer and the economy.
eric lefkofsky groupon ceo
Our economy has witnessed a vicious volitile manner. Widespread job losses keep individuals from spending money, local businesses fail, more effort is 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 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 strength of coupons and group discounts. People who receive discounts often waste more money. If they spend more compared to they originally planned, they don't mind.
groupon co founder eric lefkofsky
Groupon offers a daily deal with their subscribers. There is a timer about the right, letting you know the time is left to purchase the daily deal. The very least number of deals should be sold before "the deal is on", and this number is also displayed. Groupon collects from 30% to 50% from the deal price and the local business collects the remainder. The deal that you buy comes with an expiration date attached, so don't forget to use your discount!
What Groupon's success means to entrepreneurs: If you find a way to help people, you too can become successful. Look at other entrepreneurs who have become wildly successful, and you may see that they began by creating value. Google gave us a less strenuous way to find what we're searching for. Cable gave us in home based entertainment. Groupon gives us the chance to try high end services for around half the price.
The final part of this equation isn't disappointing your customer. The large mistake many entrepreneurs make is forgetting what built them into succeed in the first place. You might be only as good as you customer satisfaction ratio. Remember you are only successful through your customers or clients, don't let them down!
