A round of applause for The Greatest Showman! Get to know more about the “Shakespeare of Advertising”―P.T. Barnum!

Monday: MicroBusiness and Marketing Marvels FROM THE DESK OF MILES EVERSON: If there’s something outstanding about P.T. Barnum’s biography, it was that a lot of people recognized him as the “King of Good Hoaxes.” Credited for coining the phrase, “there’s a sucker born every minute,” Barnum will always be remembered for promoting celebrated hoaxes and founding the Barnum & Bailey Circus. Aside from that, Barnum was known for his impressive and innovative ideas, and for indulging in the truth and making it more appealing. However you want to look at him, he was one of the genius marketers and creative businessmen of all time. Keep reading to know some of the important entrepreneurial skills from the world’s “Greatest Showman.” CEO, MBO Partners Chairman of the Advisory Board, The I Institute

A round of applause for The Greatest Showman! Get to know more about the “Shakespeare of Advertising”―P.T. Barnum! P.T. Barnum: The Founder of Barnum & Bailey Circus “Ladies and gentlemen, it’s the moment you’ve been waiting for!” With these words, accompanied by clapping and the stomping of feet, the film “The Greatest Showman” appeared on our movie screens. The 2017 movie was based on the life of the American showman, politician, and businessman, P.T. Barnum. Barnum was born in Bethel, Connecticut as the son of innkeeper, tailor, and store-keeper Philo Barnum and his second wife Irene Taylor. As an adult, Barnum had several businesses including a general store, book auctioning trade, real estate speculation, and statewide lottery network. He also started a weekly newspaper in 1829 called, “The Herald of Freedom.” His editorials against the elders of local churches led to libel suits and a prosecution that resulted in 2 months imprisonment. After his release, Barnum became a champion of the liberal movement. His career as a showman began in 1835 with the purchase and exhibition of a blind slave woman named Joice Heth. Two years later, Barnum had success with his first variety troupe called, “Barnum’s Grand Scientific and Musical Theater.” He then purchased Scudder’s American Museum in 1841 and made renovations to it to attract more attention from the public. While Barnum is known as the world’s “Greatest Showman,” others believe he may have claims to also being the “Greatest Entrepreneur”―a big call but one that can be substantiated. Before Steve Jobs, Bill Gates, Elon Musk, Jeff Bezos, and other prominent businessmen… … there was Phineas Taylor Barnum. In his 1880 book titled, “The Art of Getting Money,” he wrote several pieces of advice and lessons for entrepreneurs that are still applicable today. Through the book, Barnum provides a set of rules that individuals can follow to be successful in their business and financial endeavors. We assure you, his book is worth the read! Here are some of the marketing strategies that were evident in Barnum’s life: He had a deep understanding of human nature. As a showman, Barnum knew that his profit depended on how the public viewed and responded to his shows. This required sufficient knowledge about human nature. When he was asked about what makes someone a successful showman, this was what Barnum said: “The first qualification necessary was a thorough knowledge of human nature, which of course included the faculty to please and flatter the public.” While he admitted that he cannot always predict what his audience thinks about, one thing he knew for sure was that the people expected to be stunned and amazed whenever they’d attend his shows. Because of that, he made a commitment to consistently deliver on that expectation. He was resourceful with his time and tactics. Barnum was incredibly resourceful and creative with what he had to solve problems or pain points―both when he’s hard on luck and when he’s enjoying his wealth. These characteristics helped him rise to success as the world’s “Greatest Showman.” When Barnum purchased Scudder’s American Museum, he said, “I saw, or believed I saw, that only energy, tact, and liberality were needed to give it life and to put it on a profitable footing.” His resourcefulness and passion for his work brought this vision to life. Even when he was already successful, Barnum continued with his frugal ways. In an article he wrote regarding rules for success in business, he gave this advice to entrepreneurs: “Avoid extravagance and always live considerably within your income, if you can do so without starvation. Do not depend on others. Every man must be the architect of his own fortune.” In this strategy, we can see that Barnum chose to “fix” instead of “replace” and “adjust” instead of “add.” He advertised and promoted everything he did. Barnum embraced promotion of all kinds―from newspaper ads to influencer endorsements. His ability to capture the public’s attention is admirable and he repeatedly asserted his reliance on the “powers of the press.” He even wrote: “I freely confess that what success I have had in my life may fairly be attributed more to the public press than to nearly all other causes combined.” When he was managing several lottery businesses, he drew in customers with unique ads from local print publications and his own materials such as handbills, gold signs, and placards. Barnum used that same advertising strategy for each of his business ventures, including the American Museum. Entrepreneur. Salesman. Innovator. Showman. This is P.T. Barnum, one of the people that a lot of modern businessmen follow. His Entrepreneurs Handbook is adopted by many in the modern era, and he was so popular that a letter sent from New Zealand simply addressed to “Mr. Barnum, America” was delivered to him. The greatest showman? Definitely! Now this is the moment you’ve been waiting for. Hope you’ve found this week’s insights interesting and helpful. Follow us on LinkedIn. Stay tuned for next Monday’s MicroBusiness Marvels!