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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 will offer entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow somebody who is successful!". In my grandfather's day you had to learn directly from the person or company you had been following. In the modern day arena of the internet, following in the footsteps of successful entrepreneurs far less complicated.
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Groupon's success is based on, knowingly or unknowingly, following principles organized by Napoleon Hill. He explained: "It is literally true that it is possible to succeed best and quickest by helping others succeed." This is the essence of Groupon's success. By helping small enterprises 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 someone's place of business, and Groupon. The best part of this business model is that it likewise helps the consumer and the economy.
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Our economy has seen 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 offering group discounts, they may be encouraging consumer spending, which increases someone's place of business revenues, and helps us keep our local jobs.
Groupon is really a combination of two words, Group and Coupon. Business people have long known the strength of coupons and group discounts. Individuals who receive discounts often spend more money. If they spend more than they originally planned, they don't really mind.
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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 must be sold before "the deal is on", and also this number is also displayed. Groupon collects from 30% to 50% of the deal price as well as the local business collects the rest. The deal that you buy comes with 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 that have become wildly successful, and you'll see that they started out by creating value. Google gave us a simpler 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 about half the price.
The final part of this equation is rarely disappointing your customer. The large mistake many entrepreneurs make is forgetting what made them succeed in the first place. You're only as good as you client satisfaction ratio. Remember you might be only successful from your customers or clients, don't let them down!
