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Strategy

Think big like Groupon

By Taskmaster
Monday, 07 November 2011

TaskmasterI’ve been watching the very successful float of Groupon with mixed views.

 

As you may well have figured out by now, Taskmaster is a pretty old-fashioned guy and that makes me a little sceptical about the whole group-buying phenomenon. To me, this is basically a new version of “coupon” marketing that has been around forever. It works for some companies, some of the time.

 

Can electronic coupons sustain an entire industry? They are a fad right now, but I’m not sure about the long-term.

 

But forget that for a minute and let’s focus on the incredible rise and rise of Groupon itself, which is about two-years-old and should be an inspiration to start-ups everywhere.

 

Not only has the company gone from being worth nothing to $US13 billon, but it has also created an entire industry, sparked hundreds of start-ups around the world and employed more than 10,000 people.

 

Simply amazing.

 

The big lesson here is that it is possible for start-ups to think very big, even with a simple idea.

 

Many start-ups focus on a niche, which is completely appropriate and much less risky than a mass-market business.

 

But with the right idea and an affordable strategy for scaling up – something the internet allows small companies to do – you can crack the big time.

 

So don’t forget to dream big!

 

Get it done – today!

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