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Entrepreneurship Lessons From Groupon
What you might Learn from the FASTEST growing company EVER.
When with the lessons Groupon's success can offer entrepreneurs, I thought of something my grandfather told me:"If you want to be successful at anything, follow somebody who is successful!". In my grandfather's day you had to find out directly from the person or company you're following. In the modern day realm of the internet, following inside the footsteps of successful entrepreneurs far less complicated.
eric lefkofsky chicago entrepreneur
Groupon's success is founded 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." This is actually 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 really paying both the someone's place of business, and Groupon. The best part with this business model is that it likewise helps the consumer and the economy.
eric lefkofsky groupon co founder
Our economy has seen a vicious unpredictable manner. Widespread job losses keep people from spending money, local businesses fail, more tasks are lost, and less money is spent. Groupon has taken one step toward defeating this model. By providing group discounts, they may be encouraging consumer spending, which increases someone's place of business 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 effectiveness 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 mind.
groupon co founder eric lefkofsky
Groupon offers a daily deal with their subscribers. There is a timer about the right, letting you know the time is left to purchase the daily deal. The very least number of deals should be sold before "the deal is on", and this number is also displayed. Groupon collects from 30% to 50% from the deal price as well as the local business collects the remaining. The deal that you buy posseses an expiration date attached, so don't forget to 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 who have become wildly successful, and you'll see that they began by creating value. Google gave us a simpler 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 around half the price.
The ultimate 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 client satisfaction ratio. Remember you might be only successful from your customers or clients, don't let them down!
