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Entrepreneurship Lessons From Groupon

What you could Learn from the FASTEST growing company EVER.

When thinking about 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!". Within my grandfather's day you had to learn directly from the person or company you had been following. In the modern day arena of the internet, following within the footsteps of successful entrepreneurs far less complicated.

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Groupon's success is based on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He was quoted saying: "It is literally true that you can 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 business owners could not readily afford. By sharing the proceeds of the offer, the consumer is really paying both the local business, and Groupon. The best part of 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 people from spending money, local businesses fail, more tasks are lost, and less money is spent. Groupon has taken a step toward defeating this model. By providing group discounts, they may be encouraging consumer spending, which increases local business revenues, and helps us keep our local jobs.

Groupon is a combination of two words, Group and Coupon. Companies have long known the strength of coupons and group discounts. Individuals who receive discounts often waste your money. If they spend more compared to what they originally planned, they do not mind.

chicago entrepreneur eric lefkofsky

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

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

The last part of this equation is never disappointing your customer. The large mistake many entrepreneurs make is forgetting what made them succeed in the first place. You are only as good as you customer happiness ratio. Remember you might be only successful from your customers or clients, don't let them down!