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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 informed me:"If you want to be successful at anything, follow somebody that is successful!". During my grandfather's day you had to learn directly from the person or company you were following. In the modern day world of the internet, following inside the footsteps of successful entrepreneurs far less complicated.

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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." This is the essence of Groupon's success. By helping small enterprises 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 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.

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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 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 really a combination of two words, Group and Coupon. Companies have long known the effectiveness of coupons and group discounts. Those who receive discounts often waste more money. If they spend more than they originally planned, they do not mind.

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Groupon offers a daily deal for 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 also the local business collects the remaining. The deal that you buy posseses an expiration date attached, so be sure to use your discount!

What Groupon's success methods to entrepreneurs: If you find a means to help people, you too can become successful. Look at other entrepreneurs who've become wildly successful, and you will see that they started out by creating value. Google gave us a less strenuous way to find what we're searching for. Cable gave us in home based entertainment. Groupon gives us the ability to try high end services for approximately half the price.

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