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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!". Within my grandfather's day you had to find out directly from the person or company you had been following. In the modern day realm of the internet, following inside the footsteps of successful entrepreneurs much less expensive complicated.

chicago businessman eric lefkofsky

Groupon's success is dependant on, knowingly or unknowingly, following principles organized by Napoleon Hill. He was quoted saying: "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 provides targeted advertising these business owners could not readily afford. By sharing the proceeds with the offer, the consumer is really paying both the local company, and Groupon. The best part of this business model is that it also helps the consumer and the economy.

eric lefkofsky

Our economy has seen a vicious downward spiral. Widespread job losses keep people from spending money, local businesses fail, more effort is lost, and less funds are spent. Groupon has taken a step toward defeating this model. By giving group discounts, they may be encouraging consumer spending, which increases local company 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 power of coupons and group discounts. Individuals who receive discounts often waste more money. If they spend more compared to they originally planned, they do not mind.

groupon ceo eric lefkofsky

Groupon offers a daily deal for their subscribers. There is a timer on the right, letting you know how much time is left to purchase the daily deal. The very least number of deals must be sold before "the deal is on", which number is also displayed. Groupon collects from 30% to 50% from the deal price as well as the local business collects the remaining. 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 way to help people, you too can become successful. Look at other entrepreneurs that have become wildly successful, and you may see that they began by creating value. Google gave us a simpler 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 last part of this equation is rarely disappointing your customer. The big mistake many entrepreneurs make is forgetting what made them succeed in the first place. You might be only as good as you customer happiness ratio. Remember you are only successful from your customers or clients, don't let them down!