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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!". During 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 inside the footsteps of successful entrepreneurs much less expensive complicated.

groupon ceo eric lefkofsky

Groupon's success is dependant on, knowingly or unknowingly, following principles presented by Napoleon Hill. He said: "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 provides targeted advertising these companies could not readily afford. By sharing the proceeds from the offer, the consumer is actually paying both the someone's place of business, and Groupon. The best part of the business model is that it likewise helps the consumer and the economy.

groupon ceo eric lefkofsky

Our economy has witnessed a vicious volitile manner. Widespread job losses keep people from spending money, local businesses fail, more tasks are lost, and less money is spent. Groupon has taken a stride toward defeating this model. By giving group discounts, they may be encouraging consumer spending, which increases local company revenues, and helps us keep our local jobs.

Groupon is really a combination of two words, Group and Coupon. Business owners 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.

eric lefkofsky groupon ceo

Groupon offers a daily deal for their subscribers. There is a timer around the right, letting you know the length of time is left to purchase the daily deal. The absolute minimum number of deals must be sold before "the deal is on", which number is also displayed. Groupon collects from 30% to 50% with the deal price as well as the local business collects the rest. The deal that you buy has an expiration date attached, so be sure to use your discount!

What Groupon's success means 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 searching for. Cable gave us home based entertainment. Groupon gives us the opportunity to try high end services for around half the price.

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