Marjory28

De BISAWiki

Entrepreneurship Lessons From Groupon

What you could Learn from the FASTEST growing company EVER.

When with 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!". Within my grandfather's day you had to understand directly from the person or company you were following. In the modern day realm of the internet, following in 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 said: "It is literally true that you are able 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 is providing targeted advertising these business people could not readily afford. By sharing the proceeds of the offer, the consumer is actually paying both the local company, and Groupon. The best part of this business model is that it can also help the consumer and the economy.

groupon ceo 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 money is spent. Groupon has taken one step toward defeating this model. By giving group discounts, they are encouraging consumer spending, which increases local company revenues, and helps us keep our local jobs.

Groupon is a combination of two words, Group and Coupon. Companies have long known the effectiveness of coupons and group discounts. Those who receive discounts often waste your money. If they spend more than they originally planned, they do not mind.

eric lefkofsky

Groupon offers a daily deal for their subscribers. There is a timer on the right, letting you know the time is left to purchase the daily deal. A minimum 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 remaining. 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 can also 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 a less strenuous way to find what we're searching for. Cable gave us in home entertainment. Groupon gives us the opportunity to try high end services for approximately half the price.

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