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Entrepreneurship Lessons From Groupon
What you could Learn from the FASTEST growing company EVER.
When taking into consideration the lessons Groupon's success can provide entrepreneurs, I thought of something my grandfather informed me:"If you want to be successful at anything, follow somebody that is successful!". In my grandfather's day you had to learn directly from the person or company you were following. In the modern day world of the internet, following in the footsteps of successful entrepreneurs far less complicated.
eric lefkofsky groupon co founder
Groupon's success is dependant on, knowingly or unknowingly, following principles organized by Napoleon Hill. He explained: "It is literally true that you are able to 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 offers targeted advertising these companies could not readily afford. By sharing the proceeds with the offer, the consumer is in fact paying both the someone's place of business, and Groupon. The best part with this business model is that it can also help the consumer and the economy.
chicago businessman eric lefkofsky
Our economy has witnessed a vicious unpredictable manner. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less funds are spent. Groupon has taken a step toward defeating this model. By offering group discounts, they may be encouraging consumer spending, which increases local business revenues, and helps us keep our local jobs.
Groupon is a combination of two words, Group and Coupon. Business people have long known the strength of coupons and group discounts. Individuals who receive discounts often waste your money. If they spend more compared to what they originally planned, they don't mind.
chicago entrepreneur 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. A minimum number of deals has to be sold before "the deal is on", which number is also displayed. Groupon collects from 30% to 50% of the deal price and also the local business collects the remainder. The deal that you buy comes with an expiration date attached, so be sure to use your discount!
What Groupon's success methods to entrepreneurs: If you find a way to help people, you can also become successful. Look at other entrepreneurs that have become wildly successful, and you may see that they started out by creating value. Google gave us an easier way to find what we're trying to find. Cable gave us in home entertainment. Groupon gives us the ability to try high end services for about half the price.
The final part of this equation is rarely disappointing your customer. The large mistake many entrepreneurs make is forgetting what made them succeed in the first place. You might be only as good as you customer satisfaction ratio. Remember you're only successful from your customers or clients, don't let them down!
