“The American People Love To Be Humbugged.”  

You may recognize the above quote as being that of P.T. Barnum who was also credited (although erroneously) with the equally famous line, “there’s a sucker born every minute.”

Most of us find the entertainment value in a harmless, fun hoax or a “gotcha” experience.  I love to visit Ripley’s Believe It Or Not museums.  Oh, I know that the Human Blockhead probably does not drive nails into his head or at least not too deep.  I too marvel at George the Giant pulling ropes, chains and all manners of stuff  out of his ears, nose and eyes.  And I’m at least curious about a calf born with a 60 inch tail.

And I am yet amused with the events surrounding the duping of thousands of people with P.T. Barnum’s fake Cardiff Giant copied from an original fake Cardiff Giant.  The “Giant” was discovered in petrified form, the story goes, in 1869 in Cardiff, New York outside of Syracuse.  Hordes of people paid increasing admission prices to see the Giant.  And even a finding by archaeologists and scientists of the Giant being a fraud, a fake didn’t stop the crowds from viewing the Giant.  In a futile attempt to buy the Giant, P.T. Barnum commissioned a replica of the fake Giant and began promoting his own fake Giant.  The crowds continued to come.  The Giant hoax and other similar hoaxes convinced the old showman that the American people indeed love to be fooled.

Well, yes and no.  We may very well enjoy a bit of tomfoolery, even a good laugh at ourselves for being duped at times.  But we certainly don’t want to be tricked, scammed, lied to, and defrauded when it comes to things and people we value.  There is a big difference between discerning the truth about a calf with a 60” tail and a fraudulent scheme that impairs the value of my 401(K).  There is nothing but contempt for a company which will compound a dangerous concoction of an epidural medicine leading to the illness and death of many.

I study companies and their leaders and I look for the qualities and characteristics that lead me to trust them.  I don’t want to be misled, duped or hoaxed by a company I choose to buy from or invest in.

One of my favorite companies is Zappos, a leader in on-line retailing of footwear, clothing and accessories.  Company leaders embrace and infuse throughout their organization the following core values/principles:

Zappos Family Core Values

As we grow as a company, it has become more and more important to explicitly define the core values from which we develop our culture, our brand, and our business strategies. These are the ten core values that we live by:

1.      Deliver WOW Through Service

2.      Embrace and Drive Change

3.      Create Fun and A Little Weirdness

4.      Be Adventurous, Creative, and Open-Minded

 5.     Pursue Growth and Learning

 6.    Build Open and Honest Relationships With Communication

 7.     Build a Positive Team and Family Spirit

 8.     Do More With Less

 9.     Be Passionate and Determined

 10.   Be Humble

Sounds like motherhood and apple pie (and what’s wrong with that?).  But don’t be fooled into thinking this is some kind of warm, fuzzy, soft and marginally performing company.  While they “create fun and a little weirdness” they are still the leading on-line footwear retailer.  They’re not about duping the public; Zappos is simply about building a business based on core values that families and the general public understand.  They’ll not parade before you a “Cardiff Giant” or play “gotcha” on a pair of shoes you buy.

Yeah, I admit I like to be fooled at times whether by David Copperfield, the magician, or by the latest Ripley's Believe It or Not character.  I can laugh those matters off.  There are much weightier matters, however, that aren’t funny and when perpetrated harm people.  And don’t be fooled, Americans nor anyone else want to be humbugged with harm.

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Per aspera

David A. Costello, CPA