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Entrepreneurship Lessons From Groupon
What you might Learn from the FASTEST growing company EVER.
When thinking about the lessons Groupon's success will offer entrepreneurs, I thought of something my grandfather explained:"If you want to be successful at anything, follow someone who is successful!". During my grandfather's day you had to learn directly from the person or company you're following. In the modern day realm of the internet, following in the footsteps of successful entrepreneurs is much less complicated.
eric lefkofsky chicago entrepreneur
Groupon's success is founded on, knowingly or unknowingly, following principles organized by Napoleon Hill. He was quoted saying: "It is literally true that it is possible to succeed best and quickest by helping others succeed." Here is the essence of Groupon's success. By helping small businesses to offer group discounts, Groupon offers targeted advertising these business owners 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 chicago entrepreneur
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 funds are spent. Groupon has taken one step toward defeating this model. By giving group discounts, they may be encouraging consumer spending, which increases local company revenues, and helps us keep our local jobs.
Groupon is a combination of two words, Group and Coupon. Business people have long known the power of coupons and group discounts. People who receive discounts often waste more money. If they spend more compared to what they originally planned, they don't really mind.
chicago businessman eric lefkofsky
Groupon offers a daily deal to their subscribers. There is a timer on the right, letting you know how much time is left to purchase the daily deal. The absolute 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% of the deal price and also the local business collects the remaining. The deal that you buy comes with an expiration date attached, so make sure you 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 that have become wildly successful, and you will see that they started out by creating value. Google gave us a simpler way to find what we're looking for. Cable gave us in home entertainment. Groupon gives us the chance to try high end services for around half the price.
The final part of this equation isn't disappointing your customer. The large mistake many entrepreneurs make is forgetting what built them into succeed in the first place. You're only as good as you customer satisfaction ratio. Remember you're only successful from your customers or clients, don't let them down!
