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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 will offer entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow someone who is successful!". During 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 inside the footsteps of successful entrepreneurs far less complicated.

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Groupon's success is founded on, knowingly or unknowingly, following principles presented 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 smaller 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 in fact paying both the local business, and Groupon. The best part of the business model is that it also helps the consumer and the economy.

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Our economy has seen a vicious unpredictable manner. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less cash is spent. Groupon has taken a step 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 is really a combination of two words, Group and Coupon. Business people have long known the effectiveness of coupons and group discounts. Those who receive discounts often waste your money. If they spend more compared to they originally planned, they don't really mind.

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Groupon offers a daily deal with their subscribers. There is a timer about the right, letting you know the time is left to purchase the daily deal. The very least number of deals has to be sold before "the deal is on", which 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 posseses 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 that have become wildly successful, and you will 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 ability to try high end services for about half the price.

The final part of this equation is rarely disappointing your customer. The large mistake many entrepreneurs make is forgetting what caused them to be succeed in the first place. You're only as good as you client satisfaction ratio. Remember you might be only successful because of your customers or clients, don't let them down!