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Entrepreneurship Lessons From Groupon

What you could Learn from the FASTEST growing company EVER.

When with the lessons Groupon's success will offer entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow somebody 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 arena of the internet, following in the footsteps of successful entrepreneurs much less expensive complicated.

groupon ceo eric lefkofsky

Groupon's success is founded on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He was quoted saying: "It is literally true that it is possible to succeed best and quickest by helping others succeed." This is actually the essence of Groupon's success. By helping small businesses to offer group discounts, Groupon provides 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 this business model is that it can also help 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 jobs are lost, and less money is spent. Groupon has taken a step toward defeating this model. By giving group discounts, they're 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. Companies have long known the power of coupons and group discounts. Those who receive discounts often waste more money. If they spend more than they originally planned, they don't mind.

chicago businessman eric lefkofsky

Groupon offers a daily deal with their subscribers. There is a timer on the right, letting you know the length of time is left to purchase the daily deal. The very least number of deals must be sold before "the deal is on", and also this number is also displayed. Groupon collects from 30% to 50% from the deal price as well as the local business collects the rest. The deal that you buy comes with an expiration date attached, so be sure to use your discount!

What Groupon's success way to entrepreneurs: If you find a way to help people, you too can become successful. Look at other entrepreneurs who've become wildly successful, and you'll see that they began by creating value. Google gave us a less strenuous way to find what we're looking for. 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 big mistake many entrepreneurs make is forgetting what made them succeed in the first place. You're only as good as you customer satisfaction ratio. Remember you might be only successful from your customers or clients, don't let them down!