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Entrepreneurship Lessons From Groupon
What you might Learn from the FASTEST growing company EVER.
When thinking about the lessons Groupon's success will offer entrepreneurs, I thought of something my grandfather informed me:"If you want to be successful at anything, follow somebody who is successful!". In my grandfather's day you had to find out directly from the person or company you were following. In the modern day realm of the internet, following within the footsteps of successful entrepreneurs much less expensive complicated.
eric lefkofsky chicago entrepreneur
Groupon's success is founded on, knowingly or unknowingly, following principles organized by Napoleon Hill. He explained: "It is literally true that you are able to 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 companies could not readily afford. By sharing the proceeds with 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 can also help the consumer and the economy.
eric lefkofsky groupon ceo
Our economy has seen a vicious unpredictable manner. Widespread job losses keep individuals from spending money, local businesses fail, more jobs are lost, and less cash is spent. Groupon has taken one step toward defeating this model. By giving group discounts, they may be encouraging consumer spending, which increases local company revenues, and helps us keep our local jobs.
Groupon is a combination of two words, Group and Coupon. Business people have long known the power of coupons and group discounts. People who receive discounts often spend more money. If they spend more than they originally planned, they do not mind.
eric lefkofsky groupon co founder
Groupon offers a daily deal with their subscribers. There is a timer about the right, letting you know the time is left to purchase the daily deal. The absolute minimum number of deals must be sold before "the deal is on", and also this number is also displayed. Groupon collects from 30% to 50% from the deal price and 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 means to entrepreneurs: If you find a method to help people, you too can 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 less strenuous 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 around half the price.
The last part of this equation is rarely disappointing your customer. The big mistake many entrepreneurs make is forgetting what built them into succeed in the first place. You're only as good as you customer satisfaction ratio. Remember you might be only successful from your customers or clients, don't let them down!
