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Entrepreneurship Lessons From Groupon

What YOU Can Learn from the FASTEST growing company EVER.

When with the lessons Groupon's success can provide entrepreneurs, I thought of something my grandfather informed me:"If you want to be successful at anything, follow somebody that is successful!". During my grandfather's day you had to learn directly from the person or company you're following. In the modern day world of the internet, following inside the footsteps of successful entrepreneurs far less complicated.

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Groupon's success is based on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He was quoted saying: "It is literally true that you can 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 provides targeted advertising these companies could not readily afford. By sharing the proceeds with 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 also helps the consumer and the economy.

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Our economy has witnessed 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 step toward defeating this model. By providing group discounts, they're encouraging consumer spending, which increases local company revenues, and helps us keep our local jobs.

Groupon is a combination of two words, Group and Coupon. Business people have long known the effectiveness of coupons and group discounts. Those 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 for their subscribers. There is a timer about 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", and also this number is also displayed. Groupon collects from 30% to 50% from the deal price and 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 methods to entrepreneurs: If you find a way to help people, you too can become successful. Look at other entrepreneurs who have become wildly successful, and you may see that they started off by creating value. Google gave us a simpler 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 isn't disappointing your customer. The large mistake many entrepreneurs make is forgetting what caused them to be succeed in the first place. You're only as good as you customer happiness ratio. Remember you might be only successful because of your customers or clients, don't let them down!