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Entrepreneurship Lessons From Groupon
What you might Learn from the FASTEST growing company EVER.
When with 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!". Within my grandfather's day you had to learn directly from the person or company you're following. In the modern day arena of the internet, following inside the footsteps of successful entrepreneurs is much less complicated.
chicago businessman eric lefkofsky
Groupon's success is founded on, knowingly or unknowingly, following principles organized 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 small businesses to offer group discounts, Groupon is providing targeted advertising these companies could not readily afford. By sharing the proceeds of the offer, the consumer is really paying both the someone's place of business, and Groupon. The best part of this business model is that it can also help the consumer and the economy.
eric lefkofsky groupon ceo
Our economy has witnessed a vicious downward spiral. Widespread job losses keep people from spending money, local businesses fail, more tasks are lost, and less money is spent. Groupon has taken one step toward defeating this model. By providing group discounts, they are encouraging consumer spending, which increases someone's place of 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. People who receive discounts often waste more money. If they spend more compared to what they originally planned, they don't really mind.
chicago entrepreneur eric lefkofsky
Groupon offers a daily deal with their subscribers. There is a timer around the right, letting you know how much 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 the local business collects the remainder. The deal that you buy posseses 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 too can become successful. Look at other entrepreneurs who have become wildly successful, and you may see that they started off by creating value. Google gave us a simpler way to find what we're looking for. Cable gave us in home based entertainment. Groupon gives us the ability to try high end services for about half the price.
The final part of this equation is never disappointing your customer. The big mistake many entrepreneurs make is forgetting what made them succeed in the first place. You're only as good as you client satisfaction ratio. Remember you might be only successful through your customers or clients, don't let them down!
