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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 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 were following. In the modern day realm of the internet, following inside the footsteps of successful entrepreneurs far less complicated.

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Groupon's success is founded on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He was quoted saying: "It is literally true that it is possible to succeed best and quickest by helping others succeed." This is actually the essence of Groupon's success. By helping small businesses to offer group discounts, Groupon offers targeted advertising these business owners could not readily afford. By sharing the proceeds of the offer, the consumer is really paying both the local company, and Groupon. The best part with 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 jobs are lost, and less money is spent. Groupon has taken a stride toward defeating this model. By providing 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. Those who receive discounts often waste your money. If they spend more compared to what they originally planned, they don't really mind.

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Groupon offers a daily deal with their subscribers. There is a timer around the right, letting you know how much time is left to purchase the daily deal. A minimum number of deals has to be sold before "the deal is on", and also this number is also displayed. Groupon collects from 30% to 50% of the deal price as well as the local business collects the rest. 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 means to help people, you too can become successful. Look at other entrepreneurs who have become wildly successful, and you'll 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 home based entertainment. Groupon gives us the chance to try high end services for approximately half the price.

The ultimate part of this equation is never 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 customer satisfaction ratio. Remember you are only successful from your customers or clients, don't let them down!