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Entrepreneurship Lessons From Groupon

What you could Learn from the FASTEST growing company EVER.

When taking into consideration the lessons Groupon's success can provide entrepreneurs, I thought of something my grandfather informed me:"If you want to be successful at anything, follow somebody that is successful!". During my grandfather's day you had to understand directly from the person or company you're following. In the modern day world of the internet, following in the footsteps of successful entrepreneurs far less complicated.

groupon ceo eric lefkofsky

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." Here is 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 with the offer, the consumer is actually paying both the local company, and Groupon. The best part with this business model is that it likewise helps the consumer and the economy.

groupon co founder eric lefkofsky

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 cash is spent. Groupon has taken one step toward defeating this model. By providing group discounts, they're 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 strength of coupons and group discounts. People who receive discounts often waste more money. If they spend more compared to they originally planned, they don't really mind.

groupon ceo eric lefkofsky

Groupon offers a daily deal with their subscribers. There is a timer on the right, letting you know how much time is left to purchase the daily deal. The absolute minimum number of deals should be sold before "the deal is on", which 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 be sure to use your discount!

What Groupon's success methods to entrepreneurs: If you find a means to help people, you too can 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 home based entertainment. Groupon gives us the ability to try high end services for approximately half the price.

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