Margaretta251
De BISAWiki
Entrepreneurship Lessons From Groupon
What you could Learn from the FASTEST growing company EVER.
When thinking about the lessons Groupon's success can provide entrepreneurs, I thought of something my grandfather told me:"If you want to be successful at anything, follow someone who is successful!". In my grandfather's day you had to learn directly from the person or company you had been following. In the modern day realm of the internet, following in the footsteps of successful entrepreneurs much less expensive complicated.
eric lefkofsky groupon co founder
Groupon's success is based on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He said: "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 businesses to offer group discounts, Groupon is providing targeted advertising these business people 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 likewise helps the consumer and the economy.
groupon co founder eric lefkofsky
Our economy has witnessed a vicious volitile manner. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less funds are spent. Groupon has taken one 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 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 than they originally planned, they do not mind.
chicago entrepreneur eric lefkofsky
Groupon offers a daily deal for 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 don't forget to use your discount!
What Groupon's success means to entrepreneurs: If you find a method to help people, you too can become successful. Look at other entrepreneurs who've 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 entertainment. Groupon gives us the opportunity to try high end services for approximately half the price.
The last part of this equation is never disappointing your customer. The important mistake many entrepreneurs make is forgetting what built them into succeed in the first place. You're only as good as you customer happiness ratio. Remember you are only successful because of your customers or clients, don't let them down!
