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Entrepreneurship Lessons From Groupon

What you might Learn from the FASTEST growing company EVER.

When with the lessons Groupon's success can offer entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow someone who is successful!". Within my grandfather's day you had to find out directly from the person or company you had been following. In the modern day arena of the internet, following inside the footsteps of successful entrepreneurs is much less complicated.

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Groupon's success is founded on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He explained: "It is literally true that you can succeed best and quickest by helping others succeed." This is actually the essence of Groupon's success. By helping small 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 in fact paying both the local business, and Groupon. The best part with this business model is that it also helps the consumer and the economy.

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Our economy has seen a vicious unpredictable manner. Widespread job losses keep people from spending money, local businesses fail, more effort is lost, and less money is spent. Groupon has taken a step toward defeating this model. By offering group discounts, they are 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 strength of coupons and group discounts. People who receive discounts often spend more money. If they spend more than they originally planned, they don't mind.

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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 very least number of deals must be sold before "the deal is on", and also this number is also displayed. Groupon collects from 30% to 50% from the deal price as well as the local business collects the remainder. The deal that you buy posseses an expiration date attached, so make sure you use your discount!

What Groupon's success means to entrepreneurs: If you find a method to help people, you too can become successful. Look at other entrepreneurs who've become wildly successful, and you may see that they started out by creating value. Google gave us an easier way to find what we're searching for. Cable gave us in home entertainment. Groupon gives us the opportunity 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're only as good as you customer happiness ratio. Remember you might be only successful because of your customers or clients, don't let them down!