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Entrepreneurship Lessons From Groupon
What you might Learn from the FASTEST growing company EVER.
When taking into consideration 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 understand directly from the person or company you're following. In the modern day world of the internet, following inside the footsteps of successful entrepreneurs much less expensive complicated.
chicago businessman eric lefkofsky
Groupon's success is founded on, knowingly or unknowingly, following principles presented by Napoleon Hill. He was quoted saying: "It is literally true that you can succeed best and quickest by helping others succeed." Here is the essence of Groupon's success. By helping small enterprises to offer group discounts, Groupon provides targeted advertising these business people 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 this business model is that it can also help the consumer and the economy.
chicago businessman eric lefkofsky
Our economy has witnessed a vicious unpredictable manner. Widespread job losses keep individuals from spending money, local businesses fail, more jobs are lost, and less cash is spent. Groupon has taken a stride toward defeating this model. By giving 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 power of coupons and group discounts. Individuals who receive discounts often spend more money. If they spend more compared to they originally planned, they do not mind.
chicago entrepreneur eric lefkofsky
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. A minimum number of deals should 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 has an expiration date attached, so don't forget to use your discount!
What Groupon's success means 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 may see that they started out by creating value. Google gave us a simpler way to find what we're looking for. Cable gave us home based entertainment. Groupon gives us the chance to try high end services for around half the price.
The last 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 happiness ratio. Remember you are only successful because of your customers or clients, don't let them down!
