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Entrepreneurship Lessons From Groupon

What YOU Can 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 learn directly from the person or company you had been following. In the modern day arena of the internet, following in 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." Here is the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon provides targeted advertising these business people could not readily afford. By sharing the proceeds of the offer, the consumer is actually paying both the local company, and Groupon. The best part of the business model is that it can also help 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 funds are spent. Groupon has taken a step toward defeating this model. By giving group discounts, they're 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 power of coupons and group discounts. People who receive discounts often waste more 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 for their subscribers. There is a timer about the right, letting you know how much time is left to purchase the daily deal. A minimum number of deals must be sold before "the deal is on", and this number is also displayed. Groupon collects from 30% to 50% from the deal price and also the local business collects the remainder. The deal that you buy has an expiration date attached, so don't forget to use your discount!

What Groupon's success way to entrepreneurs: If you find a method to help people, you can also become successful. Look at other entrepreneurs who've become wildly successful, and you may 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 chance to try high end services for approximately half the price.

The last part of this equation is never disappointing your customer. The big mistake many entrepreneurs make is forgetting what built them into succeed in the first place. You're only as good as you client satisfaction ratio. Remember you're only successful through your customers or clients, don't let them down!