His association with ‘freaks’ and clowns has often led to him being overlooked as a businessman, but Barnum was indeed one of the most successful entrepreneurs of the 19th century. He started with nothing but determination, and used that to build a brand and an empire that continue to thrive today. How did he do it?
Chances: “If you hesitate, some bolder hand will stretch out before you and get the prize,” Barnum once said. From mortgaging his own self to risking jail time, Barnum had no qualms about taking the chances he saw as being necessary for success. He refused to follow the safe path, and instead opted to navigate his own career route. In the end, it was the very chances he took that enabled his success.
Promotion: Much like Richard Branson in today’s business world, Barnum was known for his ‘skyrockets’ – his term for publicity stunts. Before Barnum, Jenny Lind was nothing but an aspiring singer. With Barnum’s help, this ‘Swedish Nightingale’ became an international success. When Barnum ended his connection with her, she once again became a flop. Whether it was a singer or a circus, Barnum was a marketing master who knew what it took to get people talking.
Focus: In his early career, Barnum lacked focus and floundered as a result. Once he committed himself to his museum and the circus, he devoted all his energies to realizing their success. From debt to multiple fires, it was this focus that allowed Barnum to withstand the challenges and stay the course to success.
Value: “A man who is known to be strictly honest, may be ever so poor, but he has the purses of all the community at his disposal,” said Barnum, “for all know that if he promises to return what he borrows, he will never disappoint them.” Whatever he had to go through to put on a good show, Barnum was willing to do it so as to never disappoint his customers. In doing so, he was not only preserving his integrity, but also building a solid reputation and thereby gaining valuable word of mouth advertising.
Respect: “As ye would that men should do to you, do ye also to them,” said Barnum, “and they will do better by you than if you always treated them as if you wanted to get the most you could of them for the least return.” Barnum understood that part of providing an unforgettable experience for his customers was to treat them courteously and with respect. After all, a happy customer was a returning customer.
“We are all, no doubt, born for a wise purpose,” Barnum once wrote. “Unless a man enters upon the vocation intended for him by nature, and best suited to his peculiar genius, he cannot succeed.” Barnum is the founding force behind of the most famous circuses in the world. During his time, his success was such that everyone from presidents to queens to celebrities was calling him their friend. He found the vocation intended for him by nature, and much to the delight of people the world over, shared it with them all.
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