Jerilyn724
De BISAWiki
Entrepreneurship Lessons From Groupon
What YOU Can Learn from the FASTEST growing company EVER.
When taking into consideration the lessons Groupon's success can offer entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow somebody that is successful!". During 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 is much less complicated.
chicago businessman eric lefkofsky
Groupon's success is based on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He was quoted saying: "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 provides targeted advertising these companies could not readily afford. By sharing the proceeds of 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 entrepreneur eric lefkofsky
Our economy has seen 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 step toward defeating this model. By giving group discounts, they're encouraging consumer spending, which increases local company revenues, and helps us keep our local jobs.
Groupon is really a combination of two words, Group and Coupon. Companies have long known the effectiveness of coupons and group discounts. People who receive discounts often waste more money. If they spend more than they originally planned, they do not mind.
eric lefkofsky groupon ceo
Groupon offers a daily deal with their subscribers. There is a timer on the right, letting you know how much 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% with the deal price and the local business collects the remaining. The deal that you buy posseses an expiration date attached, so be sure to use your discount!
What Groupon's success means to entrepreneurs: If you find a method to help people, you can also become successful. Look at other entrepreneurs who've become wildly successful, and you'll see that they began by creating value. Google gave us a less strenuous way to find what we're trying to find. Cable gave us in home entertainment. Groupon gives us the chance to try high end services for around half the price.
The ultimate 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're only as good as you customer satisfaction ratio. Remember you are only successful through your customers or clients, don't let them down!
