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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 informed me:"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 arena of the internet, following inside the footsteps of successful entrepreneurs far less complicated.

groupon ceo eric lefkofsky

Groupon's success is based on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He said: "It is literally true that it is possible to 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 provides targeted advertising these business people 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 unpredictable manner. Widespread job losses keep people from spending money, local businesses fail, more tasks are lost, and less money is spent. Groupon has taken a step toward defeating this model. By providing group discounts, they may be encouraging consumer spending, which increases local 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 what they originally planned, they don't really mind.

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Groupon offers a daily deal for their subscribers. There is a timer on the right, letting you know the length of time is left to purchase the daily deal. The very least number of deals should be sold before "the deal is on", and also this number is also displayed. Groupon collects from 30% to 50% with the deal price and also the local business collects the remainder. The deal that you buy comes with an expiration date attached, so don't forget 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've become wildly successful, and you will see that they began by creating value. Google gave us an easier way to find what we're searching for. Cable gave us in home entertainment. Groupon gives us the chance to try high end services for approximately half the price.

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