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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 provide entrepreneurs, I thought of something my grandfather informed me:"If you want to be successful at anything, follow somebody that is successful!". Within my grandfather's day you had to understand directly from the person or company you're following. In the modern day realm of the internet, following inside the footsteps of successful entrepreneurs is much less complicated.
eric lefkofsky groupon ceo
Groupon's success is dependant 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 smaller businesses to offer group discounts, Groupon is providing targeted advertising these companies could not readily afford. By sharing the proceeds of the offer, the consumer is in fact paying both the local company, and Groupon. The best part of the business model is that it can also help the consumer and the economy.
chicago entrepreneur eric lefkofsky
Our economy has witnessed a vicious unpredictable manner. Widespread job losses keep individuals 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 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 waste your money. If they spend more compared to they originally planned, they don't really mind.
eric lefkofsky groupon ceo
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 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 and the local business collects the remainder. The deal that you buy posseses an expiration date attached, so make sure you use your discount!
What Groupon's success means to entrepreneurs: If you find a way to help people, you can also become successful. Look at other entrepreneurs that have 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 looking for. Cable gave us home based entertainment. Groupon gives us the opportunity to try high end services for approximately half the price.
The final part of this equation isn't 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 customer happiness ratio. Remember you're only successful from your customers or clients, don't let them down!
