Finally, after almost a month from showing. The Greatest Showman fever finally got me, just two days ago. The movie is so rich, colorful and very entertaining. Many articles on motivation and uplifting of human spirit came up because the movie is so full of that. But, because I am a finance blogger, l view things differently. I always use my financial magnifying glass. And guess what? The movie is so full of financial lessons too that I cannot let it pass without writing it. So, I am telling the world.
To those who haven’t watched the movie yet, please be warned, “Spoiler alert!”.
I was able to list down 12 business and money lessons from watching “The Greatest Showman”, below is the list:
- Don’t start your business with deception.
When Barnum lost his job as a clerk at a shipping company, he took out a large loan from a bank, deceiving the bank into accepting his former employer’s lost ships as collateral. He used this loan to buy the Barnum’s American Museum.
Even if this eventually leads to Barnum’s success in the movie, it’s not a good start in any business. Deception of any kind will lead to disaster. Start with a good vision, plan, and integrity.
“It’ll take you to the other side.” – P.T. Barnum
- Start small, dream big.
Barnum started small, in fact, he started with nothing. But the hunger in him fuelled his desire to succeed.
In business, you may start small, but that should not limit you to becoming big. Use your imagination. Plan to become big even if you are still small today.
“Men suffer more from imagining too little than too much.” – P.T. Barnum
“A man’s station is only limited by his imagination.” – Jenny Lind
- Listen to ideas from unexpected persons, like the kids.
In the movie, Barnum got his circus idea from his kids. His kids wanted something spectacular and something alive. Since it’s something he also wanted, he listened, and he started the circus even if it’s an insane idea at first.
Today, the struggle to become different in business is on top of the list of any business to succeed. The more different you are, the more it will be noticed and get seen by the crowd. Get ideas from the young ones, they always have a fresh perspective of things from their unadulterated point of view.
“No one ever made a difference by being like everyone else.” – P.T. Barnum
- Build up your brand, be unique to attract the market.
Barnum knows about branding even if it’s in the 17th century. He created his brand: attractive posters, unique merchandise and even created controversial names for his talents.
If that’s today, it’s like creating your identity to your business. It’s celebrating and creating your unique identity. Create your own logo, website, hashtags, merchandise and even creating controversial articles. Be a household name. Let your brand be known, like when they hear your brand, they will have a second look and say, I know that.
“I’m not scared to be seen. I make no apologies. This is me.”
- Attract the clients you like by using Niche and Pull Marketing .
In the movie, at first, Barnum is only attracting the lower class of the society. Some fraction of the upper-class community even doesn’t want to associate with him. So, what he did was that he targeted the market he likes, “the upper class”. He studied what they like and gave it to them. He convinces the socialite Philip Carlyle played by Zac Efron to join his venture. Together, they were able to put in a bigger star like Jenny Lind, the famed Swedish singer, who is loved by the upper class of the society, thus attracting them to see the show.
In business today, as you are building up your brand you choose and target a specific niche of the market you like. Know who they are, study what they like, and give it to them. Attract your target niche market with the things they like. Stop pushing clients to like you or your product, it’s an old style of marketing called the – Push Marketing. Attract them with services, products and things they like. That’s what you call Pull Marketing.
“The noble’s art is that of making others happy.” – P.T. Barnum
- Always go back on your “Why”.
Barnum lost his sight to his “why” which is to provide for his family and give them a better future. When he forgot why he is doing what he was doing, that started his downfall.
In the beginning of any business, know “Why” you are doing it. Is it for your family? Is it for your love? Don’t lose sight of your “Why” because if you do, you will lose your way. When you lose sight of your way, you lose your humanity. Always go back to your “Why”.
“You don’t need the whole world to love you. Just a few good people.” – Charity Barnum
- Don’t let money or fame get in the way.
When Barnum became wealthy and famous, he became greedier. He wanted more. His thirst for money and fame became insatiable.
Always remember, money and fame are not the ultimate basis of success. It is whether you are happy or not. It is whether you have accomplished what you are here for in this world or not. When you gain money and fame as a by-product of your success, never let it go to your head, keep your feet on the ground. It’s just money.
“All the shine of a thousand spotlights will never be enough.” – Jenny Lind
- Insure your assets.
In the movie, when the Barnum museum burned down, they got nothing after. Meaning their building was not even insured. If he only got insurance then, then, they will be given money, so, they can start all over again, if only they insured their asset.
In business, don’t forget to insure your assets. Insure everything before anything could happen. Your valuables, like your company, your buildings, machines or any assets you have. We never know what will happen, fire, earthquake, flood, or any unexpected event that can take away all that you have in just a snap of a finger. Do it today.
And of course, don’t forget to insure the most important asset you have, and that’s you. Yes, YOU! The person who started it. What if Barnum died in that fire? What will happen to his wife and little kids? Just like with your business, who started the business? Make sure all the business owners are well protected with Key man Insurance.
“What’s waited til tomorrow starts today.”
- The higher the return, the higher the risk.
Barnum took the risks of investing all his money to Jenny Lind, yes, it gave him big return, but it was also his biggest risk.
Always remember the rule in investing, if you want higher profit/return/yield, it will always have higher risks. Plan for it. Do studies first before you jump into the risks.
“Comfort is the Enemy of Progress.” – P.T. Barnum
- Make sure you have binding and legal contracts.
In the movie, Jenny Lind just stopped singing. She didn’t want to continue and quit. If only they have a binding contract that will protect the company from losing, and Jenny Lind would pay the price of breaking contracts.
In everything that you do in your business, make sure you have legal papers to go with it. Contracts with suppliers, receiving copies of documents are important. Notarize every contract to make it binding. Don’t trust words. Write it down, have it witnessed, signed and notarized.
“Dreaming with my eyes wide open.” – P.T. Barnum
- Treasure your employees, treat them with respect and they will love you back.
Barnum treasures his talents. He motivates them, he makes them feel good about themselves, he makes them shine with their unique talents, he gives them family and even protects them. Although there is an instance that he made them feel bad when fame is getting in his head, generally, Barnum is great with his talents. He made loyal employees that will fight for him on his side and help him get back up.
In today’s world, the same is true; the most important person in your business are your employees, more than your clients. You cannot provide great customer service unless your employees feel good about coming to work. Keep your employees/staff motivated, make them feel important, let them shine by letting them use their talents and strength on their work. With that, you can create loyal people that will lift you and your company up.
“Come Alive. Go and light your light, let it burn so bright” – P.T. Barnum
- Create passive income as early as possible for you to be able to retire as early as you want to.
Barnum created an empire, a money-making business, creating money for him while he sleeps.
That should be part of your goal in your business and any investment you are creating now. How it can one day be on semi-automated, semi-auto pilot money-making machine that can give you financial freedom, and will give you time to create memories for people who matters most for you, whether family or society or church.
“The walls can’t stop us now. This is the Greatest Show.” – P.T. Barnum
I hoped I did not miss any more financial lessons from the movie. Let me watch it again to see if I miss anything. Haha. Thank you for reading.
P.S.
I watch the movie again, and I realized I missed another lesson I was able to tell you. So let me put it here.
Bonus lesson:
- When your business fails the first time, get back up again
Barnum’s business failed. He lost everything. But that did not stop him from getting back up again. He used all the lessons he learned on his first and made an even better second.
The same with times today. You may lose on your first tries in business, but you should learn from all your mistakes, get back again and create a better one.
“From now on these eyes will not be blinded by the lights.” – P.T. Barnum
For your financial health,
Read more:
- The BEST INVESTMENT Vehicle for Your Child’s Education
- Money Lessons Every OFW Must Know
- My 4-year-old Daughter is Now a Successful Entrepreneur
- The Secrets of the Millionaire Mind – Part 1
- Top 14 Illnesses of a Financially Sick Filipino
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