He was one of the most corrupt people that existed in 1990s. He was a hardcore womanizer, a cheat, a selfish entrepreneur, a liar, a megalomaniac, a corporate thief and someone who would easily bribe a Federal officer! This was Jordan Belfort, who literally had become the ‘wolf of wall street’ in the 1990.
He started as a nominal stick broker whose job was simply to connect the brokers’ calls, but his high-minded ambitions took him places (literally). His journey is documented stupendously in the movie, “The Wolf of Wall Street” directed by the maestro Martin Scorsese that turned out to be a smashing hit, also knocking at the doors of the Oscars!
The movie deals with Jordan and his adventures as he starts his brokerage firm called Stratton Oakmont and the way he fights with the law regarding his unethical practices.
However, despite all the negative qualities Jordan had, he did have a lot to teach to the budding entrepreneurs across the globe when it comes to diversifying their business and making the most of the resources they have.
Here are a few lessons that Mr. Belfort and Mr. Scorsese taught us from ‘The Wolf of Wall Street’:
Persuasion Can Hand Anything Over To You!
If you are an entrepreneur, you need to have the power of persuasion. Your primary purpose is to sell your products to your customers and encourage them to make the purchases.
In the movie, we are introduced to Jordan’s persuasive power when his first manager acknowledges him to have pitched a decent stock in his first interview. We then witness his persuasive powers as he sells ‘Penny stocks’ worth $2,000 to a wealthy buyer after he loses his first job as a broker. After this, there was nowhere to look back and he kept on paving his way ahead in the business.
Throughout the movie, we keep seeing how Jordan uses his persuasive powers either to earn money or to save his venture. He was also so confident about his persuasion that he devised a script for all the members of his firm to reel in the “wealthiest 1% of America”.
You should therefore have pretty strong powers of persuasion when it comes to running a business. You can convince a supplier to sell you goods at a lower price. You can persuade your financer to aid your cash flow finance at a rate lower than the prevailing market rate. In short, you can get your way in the business if you’re good at persuading people.
Train Your Employees Well
If Jordan Belfort would have left his employees on their own and wouldn’t have paid any attention to their actions, he wouldn’t have earned the fortune that he did. He had a fair knowledge about the fact that it is important for an entrepreneur to train their employees in order to serve their business.
The scene where Jordan trains his employees to sell Steve Madden shoes is now considered as one of the best and the most motivating movie scenes ever. Watch the scene one and you would yourself get motivated to go out in the market and sell a product given to you!
Similarly, handling a business enterprise is not possible unless you acquire the art of training your employees. Therefore, make sure you prepare your employees to survive in the market and emerge victorious!
Don’t Take Your Business and Life Too Seriously!
First, let me tell you that this point has nothing to do with the moral grounds, so you can keep the ethical aspects aside. As a businessman, there are hundreds of issues you face on a daily basis while undertaking your venture. Even though you try your best to tackle the issues, you are sure to get stressed out by the end of the day.
Here, you need to take things a little more lightly. Have enough time to relax and enjoy leisure when you’re not working. You can also take ample number of breaks in order to rejuvenate yourself and get back to work with increased enthusiasm.
Jordan has had enough fun in life. He has business meetings while sipping alcohol and popping in pills to relax himself. Even if he is facing issues in Stratton Oakmont, he takes a break and takes his family out on a vacation in Bahamas. This is how he takes things lightly and doesn’t let his work stress affect him in a personal way.
There are several negative aspects portrayed in The Wolf of Wall Street. However, gather only the constructive ones as they are enough for you to bring a huge shift in your business!