21 Golden Rules of Running a Business

By: srana25

Phineas Taylor Barnum is a legendary entertainment entrepreneur, and a very wealthy American in his day (July 5, 1810 to April 7, 1891). He is remembered for promoting celebrated hoaxes and for founding the Barnum & Bailey Circus.

21 Golden Rules of Making Money

  • 1) Don't skip on trifles and spend on luxuries

  • 2) Don't try to keep up appearances
    Instead always have more money coming in than going out, even if it means having to save and do without certain things. 

  • 3) Stay in good health
    Avoid 'poisons'-cigarettes and alcohol that destroy the health.

  • 5) Choose the right place
    If you are an excellent mathematician, for example, a farming community will not benefit you at all. You need to be in a technological city or a college town.

  • 7) Persevere
    Nothing in business is easy. Everything will tax you to the limits of your endurance. Only those who persist through their own doubts, confusion, and inadequate knowledge will be able to move to a better place with more opportunity.

  • 9) Don't wait for something to show up
    Act with what you have on hand. Better prospects will come later when you are more able to perceive it and receive it.

  • 11) You must buy your experience
    12) Cautiously lay out your plans but boldly carry them out 
    First, thought. Methodical and exact thinking and planning. Then, decisive and incisive action.

  • 14) Use the best tools that you can afford
    Precise work will be paid for in higher income, and for that you need the right tools to do the job well.

  • 16) Daily add to your stock of knowledge
    Learn a little more about your craft each day.

  • 18) Don't scatter your power
    Trying out too many ventures without sufficient skills in any of them will not create the focus and creative expansion that earns you mastery.

  • 19) Be systematic
    Break procedures down to replicable tasks to create continuity and momentum. But also don't be rigid, or else it will be stagnant and dysfunctional.

  • 21) Treat customers well
    Or they will not only not buy from you again, but they will also sow seeds of malice about you that will shrink your clientele.

These are the 21 Golden Rules of Running a Business that was applied a hundred years ago still apply today. Money, then and now, still likes smart people.

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