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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 informed me:"If you want to be successful at anything, follow somebody who 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 far less complicated.

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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 can succeed best and quickest by helping others succeed." This is the essence of Groupon's success. By helping small 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 company, and Groupon. The best part with this business model is that it also helps the consumer and the economy.

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Our economy has seen a vicious unpredictable manner. Widespread job losses keep people 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 offering group discounts, they may be 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. Companies have long known the effectiveness of coupons and group discounts. Individuals who receive discounts often waste your money. If they spend more than they originally planned, they don't really mind.

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

What Groupon's success methods to entrepreneurs: If you find a way to help people, you can also become successful. Look at other entrepreneurs who've become wildly successful, and you will see that they began by creating value. Google gave us an easier way to find what we're looking 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 caused them to be succeed in the first place. You are only as good as you client satisfaction ratio. Remember you're only successful from your customers or clients, don't let them down!