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Entrepreneurship Lessons From Groupon
What you could Learn from the FASTEST growing company EVER.
When with the lessons Groupon's success will offer entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow somebody that is successful!". During my grandfather's day you had to find out directly from the person or company you're following. In the modern day arena of the internet, following within the footsteps of successful entrepreneurs far less complicated.
groupon co founder eric lefkofsky
Groupon's success is dependant on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He explained: "It is literally true that you can succeed best and quickest by helping others succeed." This is actually 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 local company, 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 seen a vicious volitile manner. Widespread job losses keep individuals from spending money, local businesses fail, more effort is lost, and less funds are spent. Groupon has taken a step toward defeating this model. By offering group discounts, they are encouraging consumer spending, which increases local company revenues, and helps us keep our local jobs.
Groupon can be a combination of two words, Group and Coupon. Business owners have long known the strength of coupons and group discounts. Those who receive discounts often waste more money. If they spend more compared to what they originally planned, they do not mind.
eric lefkofsky groupon co founder
Groupon offers a daily deal for their subscribers. There is a timer around the right, letting you know the time is left to purchase the daily deal. The very least number of deals must be sold before "the deal is on", and 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 posseses an expiration date attached, so don't forget to use your discount!
What Groupon's success way to entrepreneurs: If you find a method to help people, you can also 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 searching for. Cable gave us home based entertainment. Groupon gives us the chance to try high end services for around half the price.
The ultimate 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 are only as good as you client satisfaction ratio. Remember you might be only successful because of your customers or clients, don't let them down!
