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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 offer entrepreneurs, I thought of something my grandfather informed me:"If you want to be successful at anything, follow someone who is successful!". Within my grandfather's day you had to understand directly from the person or company you had been following. In the modern day world of the internet, following within the footsteps of successful entrepreneurs much less expensive complicated.

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Groupon's success is dependant 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 actually the essence of Groupon's success. By helping small enterprises to offer group discounts, Groupon is providing targeted advertising these business owners could not readily afford. By sharing the proceeds with the offer, the consumer is actually paying both the local business, 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 volitile manner. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less funds are spent. Groupon has taken a stride toward defeating this model. By offering group discounts, they're encouraging consumer spending, which increases someone's place of business revenues, and helps us keep our local jobs.

Groupon can be a combination of two words, Group and Coupon. Business owners have long known the strength 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 mind.

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Groupon offers a daily deal to their subscribers. There is a timer on the right, letting you know the time is left to purchase the daily deal. The absolute 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% with the deal price and 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 means to entrepreneurs: If you find a way to help people, you too can become successful. Look at other entrepreneurs that have become wildly successful, and you may see that they began by creating value. Google gave us a simpler way to find what we're trying to find. Cable gave us in home entertainment. Groupon gives us the opportunity to try high end services for approximately half the price.

The final part of this equation is rarely disappointing your customer. The important mistake many entrepreneurs make is forgetting what built them into succeed in the first place. You're only as good as you customer satisfaction ratio. Remember you're only successful through your customers or clients, don't let them down!