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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 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 understand directly from the person or company you're following. In the modern day realm of the internet, following inside the footsteps of successful entrepreneurs is much less complicated.

eric lefkofsky groupon ceo

Groupon's success is dependant on, knowingly or unknowingly, following principles organized by Napoleon Hill. He explained: "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 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 someone's place of business, and Groupon. The best part of this business model is that it likewise helps the consumer and the economy.

groupon co founder eric lefkofsky

Our economy has seen a vicious volitile manner. Widespread job losses keep individuals from spending money, local businesses fail, more jobs are lost, and less money is spent. Groupon has taken a stride toward defeating this model. By offering group discounts, they're encouraging consumer spending, which increases someone's place of business revenues, and helps us keep our local jobs.

Groupon is a combination of two words, Group and Coupon. Companies have long known the effectiveness of coupons and group discounts. People who receive discounts often waste more money. If they spend more than they originally planned, they don't really mind.

groupon co founder eric lefkofsky

Groupon offers a daily deal for their subscribers. There is a timer on 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", which number is also displayed. Groupon collects from 30% to 50% with the deal price and the local business collects the remainder. The deal that you buy has an expiration date attached, so don't forget to use your discount!

What Groupon's success way to entrepreneurs: If you find a means to help people, you can also become successful. Look at other entrepreneurs who've become wildly successful, and you may see that they began 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 opportunity to try high end services for around half the price.

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