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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 told me:"If you want to be successful at anything, follow someone who is successful!". In my grandfather's day you had to learn directly from the person or company you were following. In the modern day world of the internet, following within the footsteps of successful entrepreneurs far less complicated.
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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 small businesses to offer group discounts, Groupon is providing targeted advertising these business owners could not readily afford. By sharing the proceeds with the offer, the consumer is actually paying both the someone's place of business, and Groupon. The best part with this business model is that it can also help the consumer and the economy.
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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 a stride toward defeating this model. By providing group discounts, they're encouraging consumer spending, which increases local company 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 effectiveness of coupons and group discounts. People who receive discounts often waste more money. If they spend more compared to they originally planned, they do not mind.
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Groupon offers a daily deal for their subscribers. There is a timer about the right, letting you know how much time is left to purchase the daily deal. The absolute minimum number of deals has to be sold before "the deal is on", which number is also displayed. Groupon collects from 30% to 50% of the deal price and the local business collects the remaining. The deal that you buy has an expiration date attached, so don't forget to use your discount!
What Groupon's success way to entrepreneurs: If you find a way to help people, you too can become successful. Look at other entrepreneurs that have become wildly successful, and you will see that they began by creating value. Google gave us an easier way to find what we're trying to find. Cable gave us in home entertainment. Groupon gives us the ability to try high end services for approximately half the price.
The last part of this equation isn't disappointing your customer. The important mistake many entrepreneurs make is forgetting what made them 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!
