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Entrepreneurship Lessons From Groupon

What YOU Can 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 someone who is successful!". In my grandfather's day you had to understand directly from the person or company you were following. In the modern day arena of the internet, following within the footsteps of successful entrepreneurs much less expensive complicated.

eric lefkofsky

Groupon's success is dependant on, knowingly or unknowingly, following principles presented 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 actually the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon is providing targeted advertising these companies could not readily afford. By sharing the proceeds from the offer, the consumer is actually paying both the local company, and Groupon. The best part of the 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 individuals 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 providing group discounts, they're encouraging consumer spending, which increases local business revenues, and helps us keep our local jobs.

Groupon is really a combination of two words, Group and Coupon. Business owners have long known the power of coupons and group discounts. People who receive discounts often spend more money. If they spend more compared to 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 how much 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 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 means to help people, you too can become successful. Look at other entrepreneurs who've become wildly successful, and you'll see that they began by creating value. Google gave us a simpler way to find what we're trying to find. Cable gave us home based entertainment. Groupon gives us the ability to try high end services for around half the price.

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