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Entrepreneurship Lessons From Groupon

What you might Learn from the FASTEST growing company EVER.

When with 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 that is successful!". Within my grandfather's day you had to find out directly from the person or company you had been following. In the modern day arena of the internet, following inside 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 explained: "It is literally true that you can succeed best and quickest by helping others succeed." This is the essence of Groupon's success. By helping smaller businesses to offer group discounts, Groupon offers targeted advertising these business people could not readily afford. By sharing the proceeds with the offer, the consumer is really paying both the local business, and Groupon. The best part with this business model is that it can also help the consumer and the economy.

chicago businessman eric lefkofsky

Our economy has witnessed a vicious downward spiral. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less cash is spent. Groupon has taken a step toward defeating this model. By offering group discounts, they are 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 strength of coupons and group discounts. Those who receive discounts often waste more money. If they spend more than they originally planned, they do not mind.

chicago entrepreneur eric lefkofsky

Groupon offers a daily deal to 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 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 has an expiration date attached, so be sure 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've 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 trying to find. 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 built them into succeed in the first place. You might be only as good as you customer satisfaction ratio. Remember you are only successful from your customers or clients, don't let them down!