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Entrepreneurship Lessons From Groupon

What you could Learn from the FASTEST growing company EVER.

When with the lessons Groupon's success can offer entrepreneurs, I thought of something my grandfather told me:"If you want to be successful at anything, follow someone who is successful!". During my grandfather's day you had to learn directly from the person or company you're following. In the modern day arena of the internet, following in the footsteps of successful entrepreneurs far less complicated.

eric lefkofsky

Groupon's success is dependant on, knowingly or unknowingly, following principles presented by Napoleon Hill. He explained: "It is literally true that you are able 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 is providing targeted advertising these business owners 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 with this business model is that it also helps the consumer and the economy.

groupon co founder eric lefkofsky

Our economy has witnessed a vicious downward spiral. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less cash is spent. Groupon has taken a step toward defeating this model. By offering group discounts, they may be 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 people have long known the strength of coupons and group discounts. Those who receive discounts often waste more money. If they spend more than they originally planned, they don't really mind.

eric lefkofsky groupon co founder

Groupon offers a daily deal with their subscribers. There is a timer around 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", and this number is also displayed. Groupon collects from 30% to 50% from the deal price and the local business collects the remainder. The deal that you buy has an expiration date attached, so make sure you use your discount!

What Groupon's success way to entrepreneurs: If you find a method to help people, you can also become successful. Look at other entrepreneurs who have become wildly successful, and you'll see that they started off by creating value. Google gave us a less strenuous 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 approximately half the price.

The final part of this equation is rarely 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 happiness ratio. Remember you are only successful because of your customers or clients, don't let them down!