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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 explained:"If you want to be successful at anything, follow somebody that is successful!". During my grandfather's day you had to find out directly from the person or company you're following. In the modern day arena of the internet, following within the footsteps of successful entrepreneurs much less expensive complicated.

groupon co founder eric lefkofsky

Groupon's success is dependant on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He said: "It is literally true that you can succeed best and quickest by helping others succeed." This is the essence of Groupon's success. By helping small businesses to offer group discounts, Groupon offers targeted advertising these companies could not readily afford. By sharing the proceeds from the offer, the consumer is actually paying both the local company, and Groupon. The best part of this business model is that it can also help the consumer and the economy.

groupon ceo eric lefkofsky

Our economy has seen a vicious downward spiral. Widespread job losses keep individuals from spending money, local businesses fail, more effort is lost, and less funds are spent. Groupon has taken a stride toward defeating this model. By giving group discounts, they are 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 effectiveness of coupons and group discounts. People who receive discounts often waste more money. If they spend more than they originally planned, they don't mind.

eric lefkofsky groupon ceo

Groupon offers a daily deal with their subscribers. There is a timer about the right, letting you know the length of time is left to purchase the daily deal. The absolute minimum number of deals should be sold before "the deal is on", and this number is also displayed. Groupon collects from 30% to 50% of the deal price and the local business collects the remainder. The deal that you buy posseses 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 have become wildly successful, and you may see that they began by creating value. Google gave us a less strenuous way to find what we're trying to find. Cable gave us in 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 rarely disappointing your customer. The large mistake many entrepreneurs make is forgetting what built them into succeed in the first place. You might be only as good as you customer satisfaction ratio. Remember you might be only successful through your customers or clients, don't let them down!