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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 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 learn directly from the person or company you had been following. In the modern day realm of the internet, following within the footsteps of successful entrepreneurs much less expensive complicated.

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Groupon's success is dependant on, knowingly or unknowingly, following principles organized by Napoleon Hill. He explained: "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 businesses to offer group discounts, Groupon offers targeted advertising these business owners 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.

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Our economy has witnessed a vicious unpredictable manner. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less cash is spent. Groupon has taken a stride toward defeating this model. By providing group discounts, they're 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. Individuals who receive discounts often spend more money. If they spend more compared to what they originally planned, they don't really mind.

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Groupon offers a daily deal with their subscribers. There is a timer on the right, letting you know how much time is left to purchase the daily deal. A minimum number of deals should be sold before "the deal is on", and this number is also displayed. Groupon collects from 30% to 50% from the deal price as well as the local business collects the remainder. The deal that you buy posseses an expiration date attached, so don't forget 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 who've become wildly successful, and you'll see that they began by creating value. Google gave us a simpler way to find what we're trying to find. Cable gave us in home entertainment. Groupon gives us the opportunity to try high end services for approximately half the price.

The last part of this equation is never 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 client satisfaction ratio. Remember you're only successful through your customers or clients, don't let them down!