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

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Groupon's success is based on, knowingly or unknowingly, following principles presented by Napoleon Hill. He explained: "It is literally true that you are able to succeed best and quickest by helping others succeed." This is the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon provides targeted advertising these companies could not readily afford. By sharing the proceeds from the offer, the consumer is actually paying both the local business, and Groupon. The best part of the business model is that it likewise helps the consumer and the economy.

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Our economy has witnessed a vicious volitile manner. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less money is spent. Groupon has taken a step toward defeating this model. By offering group discounts, they may be 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. Companies have long known the effectiveness of coupons and group discounts. Those who receive discounts often spend more 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 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 also the local business collects the remaining. The deal that you buy comes with an expiration date attached, so be sure to use your discount!

What Groupon's success means to entrepreneurs: If you find a method to help people, you can also become successful. Look at other entrepreneurs that have 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 ability to try high end services for around half the price.

The final part of this equation is never disappointing your customer. The big mistake many entrepreneurs make is forgetting what caused them to be succeed in the first place. You are only as good as you customer happiness ratio. Remember you might be only successful through your customers or clients, don't let them down!