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Entrepreneurship Lessons From Groupon
What YOU Can 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 somebody that is successful!". During my grandfather's day you had to understand directly from the person or company you were following. In the modern day realm of the internet, following inside the footsteps of successful entrepreneurs far less complicated.
chicago entrepreneur eric lefkofsky
Groupon's success is founded on, knowingly or unknowingly, following principles organized by Napoleon Hill. He explained: "It is literally true that it is possible 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 offers targeted advertising these companies could not readily afford. By sharing the proceeds from the offer, the consumer is really paying both the someone's place of business, and Groupon. The best part of the business model is that it also helps the consumer and the economy.
chicago entrepreneur eric lefkofsky
Our economy has seen a vicious unpredictable manner. Widespread job losses keep individuals from spending money, local businesses fail, more effort is 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 can be a combination of two words, Group and Coupon. Business people have long known the power of coupons and group discounts. Individuals who receive discounts often waste your money. If they spend more than they originally planned, they don't mind.
chicago businessman eric lefkofsky
Groupon offers a daily deal for their subscribers. There is a timer around 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 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 way to entrepreneurs: If you find a means to help people, you too can become successful. Look at other entrepreneurs that have become wildly successful, and you may see that they started off by creating value. Google gave us a less strenuous way to find what we're searching for. Cable gave us in home based entertainment. Groupon gives us the chance to try high end services for approximately 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 from your customers or clients, don't let them down!
