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Entrepreneurship Lessons From Groupon

What you might 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 somebody who is successful!". During 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 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 it is possible 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 is providing targeted advertising these business people 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 can also help the consumer and the economy.

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Our economy has seen a vicious volitile manner. Widespread job losses keep people from spending money, local businesses fail, more effort is lost, and less cash is spent. Groupon has taken one 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 can be 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 what they originally planned, they don't mind.

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Groupon offers a daily deal with their subscribers. There is a timer around the right, letting you know the time is left to purchase the daily deal. The absolute 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% from the deal price as well as the local business collects the remainder. The deal that you buy has an expiration date attached, so be sure to use your discount!

What Groupon's success way to entrepreneurs: If you find a way to help people, you too can become successful. Look at other entrepreneurs who have become wildly successful, and you may 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 approximately half the price.

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