Lessons from The Wolf of Wall Street

Both the book and the movie “The Wolf of Wall Street” contain many crazy, entertaining, and decadent stories. But beneath all the debauchery there are a number of key lessons for you to learn from the success of Jordan Belfort and Stratton Oakmont.

Here's some great insight into how this motivated business man was able to build a business that rivalled the best of Wall Street before it all came tumbling down.

1. Know What You Want

More than setting goals, look to the future and really figure out exactly what it is you want and how you can get there. Have a vision, an outcome in mind and let that steer your decisions. Belfort didn't get rich "by accident" – he got rich "on purpose".

2. Sell Yourself

Belfort acted powerful and wore fancy suits, and people saw him as confident and successful. He got his staff tailored suits to change how others perceived them. Understand how others view you, decide how you want them to view you, and then present yourself in the right way.

3. Adjust And Perfect Your Strategy, Then Keep At It

Belfort's Stratton Oakmont specialized in penny stocks. It sold cheap stocks to the public. He effectively found his niche and exploited it.

He knew the ultra-wealthy wouldn't go for typical Wall Street pitches. He came up with a strategy that worked for his target market, and he tweaked it until it worked perfectly. Keep your customer base in mind and tailor your pitches for them.

4. Train People Well

Belfort was the brains behind Stratton Oakmont's business model, but he used a large staff to implement his ideas. He was able to train otherwise clueless people to sound like knowledgeable and experienced stock brokers. He kept things simple and effective, and employees always knew what he expected from them. He didn't leave them alone, he gave them tools like a killer sales script that they could use as a template. Instead of doing all the work yourself, hire a good staff, show them exactly what you want by example and train them well.

5. Try, Try Again

No one does it right the first time. Even Belfort managed to bankrupt his own small business before he went to Wall Street. But he didn’t give up on his ambitions to be filthy rich. 

6. Be Tenacious 

Belfort was known for never giving up on a sale until the person hangs up or closes the door. Stay in control of the conversation by asking questions and always keep pushing for a decision.

7. Provide A Solution

Belfort’s clients were happy until the truth came out, because he made sure to provide a solution and an answer for people. As Belfort himself explained, “At a certain point, one of the questions I always ask is, ‘What is your greatest headache right now?’” Find out how you can help your customers and then do exactly that.

8. Keep Employees Happy

Belfort threw wild parties and gave inspiring speeches of encouragement. He celebrated victories with his team and included them in his success. Happy workers mean continued success and loyalty. 

Bonus: Believe It When You See It

Belfort offered his clients “sure things” and quick returns. Every proposition needs to be investigated before committing to it. Do your homework, find out what the real story is before draw your own conclusions or make a decision.

If you have more questions about this business, please contact us.