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Entrepreneurship Lessons From Groupon
What YOU Can 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 somebody who is successful!". During my grandfather's day you had to find out directly from the person or company you were following. In the modern day realm of the internet, following inside the footsteps of successful entrepreneurs is much less complicated.
groupon co founder eric lefkofsky
Groupon's success is dependant on, knowingly or unknowingly, following principles organized by Napoleon Hill. He said: "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 provides targeted advertising these business owners could not readily afford. By sharing the proceeds of the offer, the consumer is in fact paying both the someone's place of business, and Groupon. The best part of the business model is that it can also help the consumer and the economy.
groupon co founder eric lefkofsky
Our economy has seen a vicious volitile manner. Widespread job losses keep individuals from spending money, local businesses fail, more jobs are lost, and less cash is spent. Groupon has taken a step toward defeating this model. By offering group discounts, they're 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 owners have long known the effectiveness of coupons and group discounts. Individuals who receive discounts often waste more money. If they spend more than they originally planned, they do not mind.
groupon co founder eric lefkofsky
Groupon offers a daily deal to their subscribers. There is a timer around the right, letting you know how much time is left to purchase the daily deal. The very least number of deals must be sold before "the deal is on", and also this number is also displayed. Groupon collects from 30% to 50% from the deal price as well as the local business collects the rest. The deal that you buy posseses an expiration date attached, so be sure to use your discount!
What Groupon's success methods to entrepreneurs: If you find a means to help people, you can also become successful. Look at other entrepreneurs who've become wildly successful, and you'll see that they started off by creating value. Google gave us a less strenuous 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 around half the price.
The final part of this equation is rarely disappointing your customer. The big mistake many entrepreneurs make is forgetting what made them succeed in the first place. You're only as good as you customer satisfaction ratio. Remember you might be only successful because of your customers or clients, don't let them down!
