Eric779

De BISAWiki

Entrepreneurship Lessons From Groupon

What you could 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 informed me:"If you want to be successful at anything, follow somebody who is successful!". In my grandfather's day you had to find out directly from the person or company you were following. In the modern day realm of the internet, following in the footsteps of successful entrepreneurs much less expensive complicated.

eric lefkofsky groupon ceo

Groupon's success is based on, knowingly or unknowingly, following principles laid out 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 provides targeted advertising these companies could not readily afford. By sharing the proceeds from the offer, the consumer is actually paying both the local company, and Groupon. The best part with this business model is that it also helps the consumer and the economy.

groupon ceo eric lefkofsky

Our economy has seen a vicious volitile manner. Widespread job losses keep people from spending money, local businesses fail, more effort is lost, and less funds are spent. Groupon has taken a 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 power of coupons and group discounts. People who receive discounts often waste more money. If they spend more than they originally planned, they don't mind.

eric lefkofsky chicago businessman

Groupon offers a daily deal to their subscribers. There is a timer about the right, letting you know the length of time is left to purchase the daily deal. The absolute minimum number of deals must 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 be sure to use your discount!

What Groupon's success way to entrepreneurs: If you find a means to help people, you can also become successful. Look at other entrepreneurs that have become wildly successful, and you may see that they began by creating value. Google gave us an easier way to find what we're trying to find. Cable gave us in home based entertainment. Groupon gives us the opportunity to try high end services for about half the price.

The last part of this equation is rarely disappointing your customer. The large mistake many entrepreneurs make is forgetting what caused them to be succeed in the first place. You might be only as good as you customer satisfaction ratio. Remember you're only successful because of your customers or clients, don't let them down!