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Entrepreneurship Lessons From Groupon
What you might 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 explained:"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 arena of the internet, following inside the footsteps of successful entrepreneurs is much less complicated.
chicago entrepreneur eric lefkofsky
Groupon's success is dependant on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He said: "It is literally true that you can succeed best and quickest by helping others succeed." Here is the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon offers targeted advertising these business owners could not readily afford. By sharing the proceeds from the offer, the consumer is really paying both the local business, and Groupon. The best part of the business model is that it can also help the consumer and the economy.
groupon ceo eric lefkofsky
Our economy has witnessed a vicious unpredictable manner. Widespread job losses keep people 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 giving group discounts, they are 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. Companies have long known the strength of coupons and group discounts. People who receive discounts often waste your money. If they spend more compared to they originally planned, they don't mind.
eric lefkofsky
Groupon offers a daily deal for their subscribers. There is a timer on the right, letting you know the length of time is left to purchase the daily deal. A minimum number of deals has to be sold before "the deal is on", and also this 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 has an expiration date attached, so make sure you use your discount!
What Groupon's success way 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 began by creating value. Google gave us an easier way to find what we're searching for. Cable gave us in home entertainment. Groupon gives us the ability to try high end services for about half the price.
The ultimate part of this equation is never 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 happiness ratio. Remember you might be only successful through your customers or clients, don't let them down!
