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Entrepreneurship Lessons From Groupon

What YOU Can Learn from the FASTEST growing company EVER.

When with the lessons Groupon's success will offer entrepreneurs, I thought of something my grandfather told 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 were following. In the modern day arena of the internet, following within the footsteps of successful entrepreneurs is much less complicated.

eric lefkofsky

Groupon's success is founded on, knowingly or unknowingly, following principles organized 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 small businesses to offer group discounts, Groupon offers targeted advertising these companies could not readily afford. By sharing the proceeds with the offer, the consumer is actually paying both the someone's place of business, and Groupon. The best part with this business model is that it also helps the consumer and the economy.

groupon co founder eric lefkofsky

Our economy has seen a vicious unpredictable manner. Widespread job losses keep individuals from spending money, local businesses fail, more jobs are lost, and less funds are spent. Groupon has taken a 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 is a combination of two words, Group and Coupon. Business people have long known the power of coupons and group discounts. Those who receive discounts often waste more money. If they spend more compared to what they originally planned, they don't really mind.

eric lefkofsky chicago entrepreneur

Groupon offers a daily deal to their subscribers. There is a timer about the right, letting you know the time is left to purchase the daily deal. A 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 as well as the local business collects the rest. 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 method to help people, you too can become successful. Look at other entrepreneurs that 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 searching for. Cable gave us in home based entertainment. Groupon gives us the opportunity to try high end services for about half the price.

The final part of this equation is never disappointing your customer. The important 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 might be only successful because of your customers or clients, don't let them down!