Marian777

De BISAWiki

Entrepreneurship Lessons From Groupon

What you could Learn from the FASTEST growing company EVER.

When with 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 find out directly from the person or company you're following. In the modern day arena of the internet, following in the footsteps of successful entrepreneurs is much less complicated.

eric lefkofsky groupon ceo

Groupon's success is founded on, knowingly or unknowingly, following principles organized by Napoleon Hill. He was quoted saying: "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 small enterprises to offer group discounts, Groupon offers targeted advertising these companies could not readily afford. By sharing the proceeds of the offer, the consumer is actually paying both the local company, and Groupon. The best part of this business model is that it likewise helps the consumer and the economy.

chicago businessman eric lefkofsky

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 funds are spent. Groupon has taken one step toward defeating this model. By giving group discounts, they are 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 power of coupons and group discounts. Individuals who receive discounts often spend more money. If they spend more than they originally planned, they do not mind.

eric lefkofsky groupon co founder

Groupon offers a daily deal with their subscribers. There is a timer about the right, letting you know the length of time is left to purchase the daily deal. The absolute minimum number of deals should be sold before "the deal is on", and this number is also displayed. Groupon collects from 30% to 50% of the deal price and 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 means to entrepreneurs: If you find a method to help people, you can also become successful. Look at other entrepreneurs that have become wildly successful, and you will see that they started out 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 opportunity to try high end services for approximately half the price.

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