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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 can offer entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow somebody that is successful!". Within my grandfather's day you had to understand 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 far less complicated.
groupon ceo eric lefkofsky
Groupon's success is dependant on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He was quoted saying: "It is literally true that you can succeed best and quickest by helping others succeed." This is the essence of Groupon's success. By helping small enterprises to offer group discounts, Groupon offers targeted advertising these companies could not readily afford. By sharing the proceeds from the offer, the consumer is actually paying both the local business, and Groupon. The best part with this business model is that it also helps the consumer and the economy.
eric lefkofsky chicago entrepreneur
Our economy has seen a vicious volitile manner. Widespread job losses keep individuals from spending money, local businesses fail, more jobs are lost, and less cash is spent. Groupon has taken a stride toward defeating this model. By providing group discounts, they are 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. Business people have long known the strength of coupons and group discounts. Those who receive discounts often waste your money. If they spend more than they originally planned, they don't really mind.
chicago entrepreneur eric lefkofsky
Groupon offers a daily deal for their subscribers. There is a timer on the right, letting you know the 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 and also the local business collects the remaining. The deal that you buy has an expiration date attached, so be sure to use your discount!
What Groupon's success methods to entrepreneurs: If you find a means 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 looking for. Cable gave us home based entertainment. Groupon gives us the opportunity to try high end services for around half the price.
The last part of this equation is rarely disappointing your customer. The important mistake many entrepreneurs make is forgetting what made them succeed in the first place. You might be only as good as you customer satisfaction ratio. Remember you are only successful because of your customers or clients, don't let them down!
