Claudie797
De BISAWiki
Entrepreneurship Lessons From Groupon
What you might Learn from the FASTEST growing company EVER.
When thinking about the lessons Groupon's success can provide entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow somebody who is successful!". Within my grandfather's day you had to learn directly from the person or company you were following. In the modern day realm of the internet, following in 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 you are able to succeed best and quickest by helping others succeed." Here is the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon provides 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 company, and Groupon. The best part of the business model is that it can also help the consumer and the economy.
chicago businessman eric lefkofsky
Our economy has seen a vicious volitile manner. Widespread job losses keep individuals from spending money, local businesses fail, more effort is lost, and less cash is spent. Groupon has taken a stride toward defeating this model. By offering group discounts, they're encouraging consumer spending, which increases local business revenues, and helps us keep our local jobs.
Groupon is a combination of two words, Group and Coupon. Business owners have long known the effectiveness of coupons and group discounts. Those who receive discounts often spend more money. If they spend more compared to what they originally planned, they don't really mind.
eric lefkofsky
Groupon offers a daily deal to their subscribers. There is a timer around the right, letting you know the length of time is left to purchase the daily deal. A minimum number of deals has to be sold before "the deal is on", and also this number is also displayed. Groupon collects from 30% to 50% from the deal price and also the local business collects the remainder. The deal that you buy posseses an expiration date attached, so don't forget to use your discount!
What Groupon's success methods to entrepreneurs: If you find a way to help people, you too can 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 an easier way to find what we're searching for. Cable gave us home based entertainment. Groupon gives us the ability 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 built them into succeed in the first place. You're only as good as you client satisfaction ratio. Remember you're only successful from your customers or clients, don't let them down!
