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Entrepreneurship Lessons From Groupon
What YOU Can Learn from the FASTEST growing company EVER.
When taking into consideration the lessons Groupon's success can offer entrepreneurs, I thought of something my grandfather informed me:"If you want to be successful at anything, follow someone who is successful!". Within my grandfather's day you had to understand directly from the person or company you had been following. In the modern day world of the internet, following in the footsteps of successful entrepreneurs far less complicated.
chicago entrepreneur eric lefkofsky
Groupon's success is founded on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He said: "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 small enterprises to offer group discounts, Groupon is providing 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.
eric lefkofsky groupon co founder
Our economy has seen a vicious unpredictable manner. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less funds are spent. Groupon has taken a stride toward defeating this model. By offering group discounts, they're encouraging consumer spending, which increases local company revenues, and helps us keep our local jobs.
Groupon can be a combination of two words, Group and Coupon. Business owners 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.
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. 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% with the deal price and 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 methods to entrepreneurs: If you find a means to help people, you too can become successful. Look at other entrepreneurs that have become wildly successful, and you will see that they started off by creating value. Google gave us a simpler way to find what we're looking for. Cable gave us in home based entertainment. Groupon gives us the opportunity to try high end services for about half the price.
The ultimate part of this equation is rarely 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 client satisfaction ratio. Remember you might be only successful from your customers or clients, don't let them down!
