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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 can offer entrepreneurs, I thought of something my grandfather informed me:"If you want to be successful at anything, follow somebody that is successful!". In my grandfather's day you had to learn directly from the person or company you had been following. In the modern day realm of the internet, following in the footsteps of successful entrepreneurs is much less complicated.

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Groupon's success is based on, knowingly or unknowingly, following principles organized by Napoleon Hill. He said: "It is literally true that you are able to succeed best and quickest by helping others succeed." This is actually the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon offers targeted advertising these business people could not readily afford. By sharing the proceeds of the offer, the consumer is really paying both the local company, and Groupon. The best part with this business model is that it can also help the consumer and the economy.

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Our economy has witnessed a vicious unpredictable manner. Widespread job losses keep people from spending money, local businesses fail, more jobs are lost, and less cash is spent. Groupon has taken one step toward defeating this model. By giving group discounts, they may be encouraging consumer spending, which increases someone's place of business revenues, and helps us keep our local jobs.

Groupon can be a combination of two words, Group and Coupon. Business owners have long known the power of coupons and group discounts. Individuals who receive discounts often spend more money. If they spend more compared to they originally planned, they do not mind.

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Groupon offers a daily deal with 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 must be sold before "the deal is on", which number is also displayed. Groupon collects from 30% to 50% of the deal price and the local business collects the remainder. The deal that you buy comes with an expiration date attached, so be sure to use your discount!

What Groupon's success methods to entrepreneurs: If you find a way to help people, you too can become successful. Look at other entrepreneurs that have become wildly successful, and you may see that they started off by creating value. Google gave us a simpler 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 around 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 customer satisfaction ratio. Remember you're only successful because of your customers or clients, don't let them down!