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Entrepreneurship Lessons From Groupon

What you might Learn from the FASTEST growing company EVER.

When with 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 who is successful!". Within my grandfather's day you had to learn directly from the person or company you were following. In the modern day realm of the internet, following inside the footsteps of successful entrepreneurs far less complicated.

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Groupon's success is founded on, knowingly or unknowingly, following principles organized 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 business people could not readily afford. By sharing the proceeds from the offer, the consumer is actually paying both the someone's place of 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 downward spiral. Widespread job losses keep people from spending money, local businesses fail, more effort is lost, and less money is spent. Groupon has taken one step toward defeating this model. By giving group discounts, they're encouraging consumer spending, which increases local business revenues, and helps us keep our local jobs.

Groupon is really a combination of two words, Group and Coupon. Business people have long known the effectiveness of coupons and group discounts. People who receive discounts often waste your money. If they spend more compared to what they originally planned, they don't really mind.

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

What Groupon's success way to entrepreneurs: If you find a method to help people, you too can become successful. Look at other entrepreneurs who have become wildly successful, and you'll see that they started out by creating value. Google gave us an easier way to find what we're searching for. Cable gave us in home based entertainment. Groupon gives us the ability to try high end services for about half the price.

The final 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 client satisfaction ratio. Remember you're only successful because of your customers or clients, don't let them down!