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Entrepreneurship Lessons From Groupon
What you could 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 told me:"If you want to be successful at anything, follow somebody that is successful!". Within my grandfather's day you had to find out directly from the person or company you're following. In the modern day world 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 presented by Napoleon Hill. He was quoted saying: "It is literally true that you can 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 business owners could not readily afford. By sharing the proceeds with the offer, the consumer is in fact paying both the someone's place of business, and Groupon. The best part of this business model is that it likewise helps the consumer and the economy.
groupon ceo eric lefkofsky
Our economy has witnessed a vicious unpredictable manner. Widespread job losses keep people from spending money, local businesses fail, more jobs are lost, and less funds are spent. Groupon has taken a stride toward defeating this model. By offering group discounts, they're 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 owners have long known the power of coupons and group discounts. People who receive discounts often waste your money. If they spend more compared to they originally planned, they do not mind.
chicago businessman eric lefkofsky
Groupon offers a daily deal to their subscribers. There is a timer on the right, letting you know the length of 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% of the deal price and also the local business collects the remainder. The deal that you buy comes with an expiration date attached, so be sure to use your discount!
What Groupon's success means to entrepreneurs: If you find a way 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 an easier way to find what we're searching for. Cable gave us in home based entertainment. Groupon gives us the ability to try high end services for about half the price.
The ultimate 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 customer happiness ratio. Remember you're only successful through your customers or clients, don't let them down!
