Learning from one of the greatest showmen in history is definitely a good place to start if you want to learn how to grow your business. PT Barnum is still a household name, even though his famous circuses aren’t as popular with the public anymore. While Barnum is best known for the Ringling Bros. and Barnum & Bailey Circus, the entrepreneur dabbled in running a newspaper and museum, among other things.
In 1880 Barnum published “The Art of Making Money or The Golden Rules of Making Money”, and to this day many of the ideas remain useful. On the one hand, Barnum recommends that whatever you do, make sure you do it with all your might. Many markets are crowded, and if you only make half-hearted effort, you will only get half-hearted results.
Given his own eclectic career goals, you might think Barnum would be the champ at throwing a lot of stuff against the wall and seeing what sticks. In practice, however, he urged concentration, saying, “Several fortunes have slipped through a man’s fingers because he was engaged in too many occupations at once.”
Barnum also urged entrepreneurs to follow developing events. In his day, that meant reading the newspaper. Today, many people prefer podcasts and news websites. But the medium doesn’t matter – the content does. By staying abreast of developments, entrepreneurs are better placed to exploit opportunities and mitigate threats.
PT Barnum died in 1891, but the Barnum and Bailey Circus survived, acquired by Ringling Bros. Circus in 1907. The Ringling Bros. and Barnum & Bailey Circus closed in 2017 following declining ticket sales and animal rights protests. However, the Ringling Bros. and Barnum & Bailey Circus are set to return in 2023. This time around, animals won’t be used in the acts.
