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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 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 find out directly from the person or company you had been following. In the modern day world of the internet, following in the footsteps of successful entrepreneurs far less complicated.
eric lefkofsky
Groupon's success is based on, knowingly or unknowingly, following principles organized by Napoleon Hill. He explained: "It is literally true that it is possible to succeed best and quickest by helping others succeed." Here is the essence of Groupon's success. By helping small enterprises to offer group discounts, Groupon provides targeted advertising these business people could not readily afford. By sharing the proceeds from the offer, the consumer is in fact paying both the local company, and Groupon. The best part of the business model is that it also helps the consumer and the economy.
eric lefkofsky chicago entrepreneur
Our economy has witnessed a vicious downward spiral. Widespread job losses keep people from spending money, local businesses fail, more jobs are lost, and less funds are spent. Groupon has taken one step toward defeating this model. By offering 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 owners 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 don't really mind.
groupon co founder eric lefkofsky
Groupon offers a daily deal to their subscribers. There is a timer on the right, letting you know the time is left to purchase the daily deal. A 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% with the deal price and the local business collects the remaining. The deal that you buy has an expiration date attached, so make sure you use your discount!
What Groupon's success way to entrepreneurs: If you find a way to help people, you too can become successful. Look at other entrepreneurs who've become wildly successful, and you may 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 entertainment. Groupon gives us the opportunity to try high end services for around half the price.
The last part of this equation is never 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 happiness ratio. Remember you are only successful from your customers or clients, don't let them down!
