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Entrepreneurship Lessons From Groupon
What YOU Can Learn from the FASTEST growing company EVER.
When with the lessons Groupon's success will offer entrepreneurs, I thought of something my grandfather told me:"If you want to be successful at anything, follow someone who is successful!". During 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 far less complicated.
eric lefkofsky groupon ceo
Groupon's success is dependant on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He was quoted saying: "It is literally true that you can succeed best and quickest by helping others succeed." This is actually the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon offers targeted advertising these companies could not readily afford. By sharing the proceeds of the offer, the consumer is really paying both the someone's place of business, and Groupon. The best part of the business model is that it likewise helps the consumer and the economy.
eric lefkofsky groupon ceo
Our economy has seen a vicious volitile manner. Widespread job losses keep people from spending money, local businesses fail, more jobs are lost, and less money 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 effectiveness of coupons and group discounts. Individuals who receive discounts often spend more money. If they spend more than they originally planned, they do not mind.
groupon co founder eric lefkofsky
Groupon offers a daily deal to their subscribers. There is a timer around the right, letting you know the time is left to purchase the daily deal. The absolute minimum number of deals must be sold before "the deal is on", which number is also displayed. Groupon collects from 30% to 50% with the deal price as well as the local business collects the remainder. The deal that you buy posseses an expiration date attached, so don't forget to use your discount!
What Groupon's success methods to entrepreneurs: If you find a method to help people, you can also 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 less strenuous way to find what we're searching for. Cable gave us home based entertainment. Groupon gives us the ability to try high end services for around half the price.
The ultimate part of this equation is never disappointing your customer. The important mistake many entrepreneurs make is forgetting what caused them to be succeed in the first place. You might be only as good as you customer happiness ratio. Remember you're only successful from your customers or clients, don't let them down!
