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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 told me:"If you want to be successful at anything, follow somebody who 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 world of the internet, following within the footsteps of successful entrepreneurs is much less complicated.

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Groupon's success is founded on, knowingly or unknowingly, following principles presented by Napoleon Hill. He explained: "It is literally true that you are able to succeed best and quickest by helping others succeed." Here is the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon is providing targeted advertising these companies could not readily afford. By sharing the proceeds of the offer, the consumer is in fact paying both the local business, and Groupon. The best part of this business model is that it likewise helps the consumer and the economy.

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Our economy has seen a vicious unpredictable manner. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less money is spent. Groupon has taken a step toward defeating this model. By offering group discounts, they may be encouraging consumer spending, which increases local business revenues, and helps us keep our local jobs.

Groupon is really a combination of two words, Group and Coupon. Companies have long known the effectiveness of coupons and group discounts. Individuals who receive discounts often spend more money. If they spend more than they originally planned, they don't really mind.

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Groupon offers a daily deal for 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 should be sold before "the deal is on", which number is also displayed. Groupon collects from 30% to 50% from the deal price as well as the local business collects the remaining. The deal that you buy comes with an expiration date attached, so don't forget 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've become wildly successful, and you'll see that they started out by creating value. Google gave us a simpler way to find what we're trying to find. Cable gave us home based entertainment. Groupon gives us the chance to try high end services for about half the price.

The last part of this equation is rarely disappointing your customer. The big mistake many entrepreneurs make is forgetting what made them succeed in the first place. You might be only as good as you client satisfaction ratio. Remember you're only successful from your customers or clients, don't let them down!