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Entrepreneurship Lessons From Groupon

What YOU Can Learn from the FASTEST growing company EVER.

When thinking about 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!". Within my grandfather's day you had to understand 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.

eric lefkofsky

Groupon's success is dependant on, knowingly or unknowingly, following principles organized by Napoleon Hill. He said: "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 small enterprises to offer group discounts, Groupon offers targeted advertising these business people could not readily afford. By sharing the proceeds from the offer, the consumer is really paying both the local business, and Groupon. The best part with this business model is that it also helps the consumer and the economy.

chicago entrepreneur eric lefkofsky

Our economy has witnessed a vicious downward spiral. Widespread job losses keep people from spending money, local businesses fail, more tasks are lost, and less funds are spent. Groupon has taken one step toward defeating this model. By giving group discounts, they may be encouraging consumer spending, which increases someone's place of business revenues, and helps us keep our local jobs.

Groupon is really a combination of two words, Group and Coupon. Business people have long known the effectiveness of coupons and group discounts. Individuals who receive discounts often waste your money. If they spend more compared to what they originally planned, they don't really mind.

chicago entrepreneur eric lefkofsky

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

What Groupon's success way 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 off by creating value. Google gave us a less strenuous way to find what we're searching for. Cable gave us in home entertainment. Groupon gives us the chance 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 are only as good as you customer satisfaction ratio. Remember you are only successful through your customers or clients, don't let them down!