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Entrepreneurship Lessons From Groupon
What you could 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 explained:"If you want to be successful at anything, follow someone who is successful!". In my grandfather's day you had to understand directly from the person or company you're following. In the modern day arena of the internet, following inside the footsteps of successful entrepreneurs much less expensive complicated.
chicago businessman eric lefkofsky
Groupon's success is dependant on, knowingly or unknowingly, following principles laid out by Napoleon Hill. He explained: "It is literally true that you can succeed best and quickest by helping others succeed." Here is the essence of Groupon's success. By helping small enterprises to offer group discounts, Groupon provides targeted advertising these companies could not readily afford. By sharing the proceeds from the offer, the consumer is in fact paying both the local company, and Groupon. The best part with this business model is that it likewise helps the consumer and the economy.
eric lefkofsky chicago businessman
Our economy has witnessed a vicious downward spiral. Widespread job losses keep individuals from spending money, local businesses fail, more tasks are lost, and less money is spent. Groupon has taken a stride toward defeating this model. By giving group discounts, they're 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. Companies have long known the power of coupons and group discounts. Individuals who receive discounts often spend more money. If they spend more compared to they originally planned, they do not mind.
eric lefkofsky groupon co founder
Groupon offers a daily deal with their subscribers. There is a timer about the right, letting you know how much time is left to purchase the daily deal. The very least number of deals has to 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 has an expiration date attached, so make sure you 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 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 ability to try high end services for approximately half the price.
The ultimate part of this equation is rarely disappointing your customer. The big mistake many entrepreneurs make is forgetting what caused them to be succeed in the first place. You might be only as good as you customer happiness ratio. Remember you might be only successful from your customers or clients, don't let them down!
