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Entrepreneurship Lessons From Groupon
What you could Learn from the FASTEST growing company EVER.
When taking into consideration 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 somebody that 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 within the footsteps of successful entrepreneurs much less expensive complicated.
eric lefkofsky groupon ceo
Groupon's success is based on, knowingly or unknowingly, following principles laid out 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 small businesses to offer group discounts, Groupon provides targeted advertising these business owners could not readily afford. By sharing the proceeds of the offer, the consumer is in fact 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 ceo eric lefkofsky
Our economy has witnessed a vicious unpredictable manner. Widespread job losses keep people from spending money, local businesses fail, more effort is lost, and less money is spent. Groupon has taken one step toward defeating this model. By providing group discounts, they're encouraging consumer spending, which increases someone's place of business revenues, and helps us keep our local jobs.
Groupon is a combination of two words, Group and Coupon. Business people have long known the power of coupons and group discounts. Those who receive discounts often waste more money. If they spend more compared to what they originally planned, they don't really mind.
eric lefkofsky chicago businessman
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 very least number of deals must 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 comes with an expiration date attached, so be sure 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 who've become wildly successful, and you will see that they started off by creating value. Google gave us an easier way to find what we're looking for. Cable gave us in home entertainment. Groupon gives us the ability to try high end services for approximately half the price.
The last part of this equation is rarely disappointing your customer. The important mistake many entrepreneurs make is forgetting what built them into succeed in the first place. You might be only as good as you customer satisfaction ratio. Remember you might be only successful because of your customers or clients, don't let them down!
