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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 told me:"If you want to be successful at anything, follow someone who is successful!". In my grandfather's day you had to understand directly from the person or company you were following. In the modern day realm of the internet, following inside the footsteps of successful entrepreneurs far less complicated.
groupon ceo eric lefkofsky
Groupon's success is founded on, knowingly or unknowingly, following principles organized by Napoleon Hill. He was quoted saying: "It is literally true that you are able to succeed best and quickest by helping others succeed." This is the essence of Groupon's success. By helping small enterprises to offer group discounts, Groupon is providing targeted advertising these companies could not readily afford. By sharing the proceeds from the offer, the consumer is really paying both the local business, and Groupon. The best part of the business model is that it can also help the consumer and the economy.
chicago entrepreneur eric lefkofsky
Our economy has seen a vicious volitile manner. Widespread job losses keep individuals from spending money, local businesses fail, more jobs are lost, and less cash is spent. Groupon has taken a stride toward defeating this model. By giving group discounts, they are encouraging consumer spending, which increases someone's place of business revenues, and helps us keep our local jobs.
Groupon is a combination of two words, Group and Coupon. Companies have long known the power of coupons and group discounts. Individuals who receive discounts often waste your money. If they spend more compared to they originally planned, they don't really mind.
chicago businessman eric lefkofsky
Groupon offers a daily deal with their subscribers. There is a timer about the right, letting you know how much time is left to purchase the daily deal. The absolute minimum number of deals should be sold before "the deal is on", and this number is also displayed. Groupon collects from 30% to 50% of the deal price and the local business collects the remainder. The deal that you buy has an expiration date attached, so be sure to use your discount!
What Groupon's success methods to entrepreneurs: If you find a means to help people, you too can become successful. Look at other entrepreneurs who have become wildly successful, and you may see that they started out by creating value. Google gave us a less strenuous way to find what we're searching for. Cable gave us in home entertainment. Groupon gives us the opportunity to try high end services for around half the price.
The final part of this equation isn't disappointing your customer. The important mistake many entrepreneurs make is forgetting what built them into succeed in the first place. You are only as good as you client satisfaction ratio. Remember you might be only successful from your customers or clients, don't let them down!
