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Entrepreneurship Lessons From Groupon

What YOU Can Learn from the FASTEST growing company EVER.

When with the lessons Groupon's success will 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 realm of the internet, following within the footsteps of successful entrepreneurs is much less complicated.

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Groupon's success is based on, knowingly or unknowingly, following principles presented by Napoleon Hill. He was quoted saying: "It is literally true that you are able to succeed best and quickest by helping others succeed." Here is the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon is providing targeted advertising these companies could not readily afford. By sharing the proceeds with the offer, the consumer is really paying both the local business, and Groupon. The best part with this 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 funds are spent. Groupon has taken one step toward defeating this model. By providing group discounts, they may be encouraging consumer spending, which increases local company revenues, and helps us keep our local jobs.

Groupon can be a combination of two words, Group and Coupon. Companies have long known the power of coupons and group discounts. Individuals who receive discounts often waste more money. If they spend more compared to 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 how much time is left to purchase the daily deal. A minimum number of deals must be sold before "the deal is on", and also this number is also displayed. Groupon collects from 30% to 50% of the deal price and 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 means to help people, you too can become successful. Look at other entrepreneurs who have become wildly successful, and you may see that they started off 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 opportunity to try high end services for about half the price.

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