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Entrepreneurship Lessons From Groupon
What YOU Can Learn from the FASTEST growing company EVER.
When thinking about 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 someone who is successful!". Within my grandfather's day you had to learn directly from the person or company you're following. In the modern day world of the internet, following in the footsteps of successful entrepreneurs much less expensive complicated.
eric lefkofsky
Groupon's success is based on, knowingly or unknowingly, following principles organized by Napoleon Hill. He was quoted saying: "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 small businesses to offer group discounts, Groupon offers targeted advertising these business people could not readily afford. By sharing the proceeds of the offer, the consumer is in fact paying both the local company, and Groupon. The best part of the 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 people from spending money, local businesses fail, more tasks are lost, and less money is spent. Groupon has taken a stride toward defeating this model. By providing 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. Companies have long known the strength of coupons and group discounts. Individuals who receive discounts often spend more money. If they spend more compared to what they originally planned, they do not mind.
eric lefkofsky chicago entrepreneur
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 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% of the deal price as well as the local business collects the remainder. The deal that you buy has 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 can also become successful. Look at other entrepreneurs who have become wildly successful, and you'll see that they started off by creating value. Google gave us a simpler way to find what we're trying to find. Cable gave us home based entertainment. Groupon gives us the ability to try high end services for about half the price.
The ultimate part of this equation is rarely disappointing your customer. The important mistake many entrepreneurs make is forgetting what caused them to be succeed in the first place. You are only as good as you client satisfaction ratio. Remember you're only successful because of your customers or clients, don't let them down!
