The world’s greatest showman, Phineas Taylor (P.T.) Barnum is well known for his famous circus and massive wealth. However, he was and continues to be more than that.
Despite his shortcomings according to today’s moral compasses, Barnum was a skillful entrepreneur, businessman, author, publisher, philanthropist, and moral activist of his time. He became a self-made millionaire (reportedly the second in our nation’s history) whose impact left a lasting legacy.
In his books, P.T. Barnum endows us with an everlasting treasure trove of advice for entrepreneurial success—from marketing strategies to personal attributes. Below, we outline some of his success secrets for entrepreneurs from the pages of those tomes.
“The art of living within one’s income is the key to prosperity.”
Barnum had a fearless work mentality. He was never afraid of being without a job or sufficient income. He recognized that money-earning opportunities abounded.
However, Barnum would say earning money is the easy part of the math equation. Saving is the hard part. He advises readers to consider their expenses relative to their income and cut unnecessary spending.
Live within your means. You lose your independence and safety when you borrow money from others. Borrowing money (debt) is a slippery slope to poverty.
“Without promotion, something terrible happens—nothing!”
Barnum understood the importance of marketing. You can have the most incredible service or product in the world. However, who will know about it if you don’t promote it?
A master of showmanship, Barnum had hundreds of thousands of people eager to hear “Swedish Nightingale” Jenny Lind. In addition to the sold-out American shows he orchestrated, about 40,000 people showed up at the Manhattan port to see her make landfall. Another estimated 20,000 waited outside her hotel to get a peek at her arrival.
Find your sweet spot and promote to the right audience in the right way. Learn and understand your target customers, their interests and pains, and how to best communicate with them.
Make bold claims that you can back up. You’ll quickly lose your audience’s trust if you make false statements. And trust is easy to lose but hard to earn back.
“Whatever is worth doing at all, is worth doing well.”
Success takes focus, hard work, and commitment. There’s no shortcut to the top. You will start at the bottom and work your way up, honing your skills as you go.
You’ll experience monotony. However, building success requires taking many steps in the right direction—over and over again.
Narrowing your focus on one opportunity automatically causes you to miss out on others. However, you can’t do all things at once or be all things to everyone. It’s best to choose narrow focus over broad unmindfulness.
People “should be systematic in their business.”
Success requires organization. Achieve more with less effort and less wasted time by:
- Planning your day ahead.
- Structuring and stacking tasks to waste as little time as possible.
- Knowing yourself and completing your most difficult tasks when you work your best.
- Sticking to a routine.
“Keep thoroughly posted in regard to the transactions of the world.”
Watch the news. Read newspapers. Subscribe to reputable online and offline news authorities.
Do what you can to learn as much as you can about the world around you. Knowledge positively affects how you operate your business. You’ll gain insight and understanding to aid you in achieving your goals, business longevity, and a cutting edge over your competition.
“Be polite and kind to your customers…”
“...and they will be polite and kind to you,” Barnum advises. You’ll earn a good reputation, positive reviews, repeat business, loyal customers, and referrals.
Treat everyone respectfully and kindly, even if they don’t buy from you. (Hey, you aren’t for everyone, all the time!)
“Be charitable.”
Give back to the community. Pay it forward with no intention of gaining something in return.
Helping those in need around you boosts your local economy and society. Though you never want to praise yourself and your good deeds openly, your charity benefits you by giving you personal fulfillment and a good reputation.
Consider the many different ways you can help others. Use your wealth, talents, time, energy, and hiring ability to give others a boost.
“The noblest art is that of making others happy.”
Provide value to others. Improve their lives in some way. Provide good quality entertainment, products, services, and customer support.
“The secret of my success is that I never gave up…”
“...I may have failed, but I always got up and tried again.” Never give up. Never accept failed attempts or rejection as the final straw.
A mistake isn’t a failure.
Mistakes are simply learning opportunities. Don’t be afraid of them; they are inevitable. Make mistakes, learn from them, and attempt again with your newfound knowledge.
Barnum’s success wasn’t linear. It was full of ups and downs. For example, his early shows flopped. He faced financial hardships many times. His first museum in New York went bankrupt. Yet, he always persisted. He learned from his shortcomings and carried on.
Learning From Legends
Want to learn more from P.T. Barnum and other legends like him? You can!
Many successful historical figures captured their advice in biographies and lifestyle guides. Some of their literary works are so rare you can’t find them in your chain or corner bookstore.
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