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Entrepreneurship Lessons From Groupon

What you might Learn from the FASTEST growing company EVER.

When thinking about the lessons Groupon's success can offer entrepreneurs, I thought of something my grandfather explained:"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 were following. In the modern day world of the internet, following in the footsteps of successful entrepreneurs much less expensive complicated.

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Groupon's success is based on, knowingly or unknowingly, following principles organized by Napoleon Hill. He said: "It is literally true that you are able to succeed best and quickest by helping others succeed." This is actually the essence of Groupon's success. By helping small enterprises to offer group discounts, Groupon is providing targeted advertising these business people could not readily afford. By sharing the proceeds of the offer, the consumer is really paying both the local business, and Groupon. The best part of this business model is that it also helps the consumer and the economy.

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Our economy has witnessed a vicious unpredictable manner. Widespread job losses keep people from spending money, local businesses fail, more jobs are lost, and less cash is spent. Groupon has taken a step toward defeating this model. By giving group discounts, they're encouraging consumer spending, which increases someone's place of business revenues, and helps us keep our local jobs.

Groupon can be 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 waste your 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 how much time is left to purchase the daily deal. The very least 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 remainder. The deal that you buy posseses an expiration date attached, so be sure to use your discount!

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

The ultimate part of this equation is rarely disappointing your customer. The large mistake many entrepreneurs make is forgetting what caused them to be succeed in the first place. You're only as good as you customer happiness ratio. Remember you might be only successful through your customers or clients, don't let them down!