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Lessons From the Real Wolf Of Wall Street
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Jordan Belfort's life
... was modelled by Leonardo DiCaprio in the 2013 Hollywood adaptation of his life. It’s undetermined whether or not Belfort actually pays back the $110 million he stole from his investors that landed him in jail. He was convicted of fraud and stock market manipulation.
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Lessons from the real Belfort
- The importance of thinking big. "Belfort thinks very big, he talks in very big numbers."
- The dangers of instant gratification. "people say ‘well instead of an inch how can I get a mile,’ and often times they’ll sacrifice honesty, integrity, whatever it is within their moral compass that will allow them to get there quickly.”
- Most people will go through a disassembling.“If you aren’t experiencing pain you don’t question reality and seek different ways of going about things.”
- Whatever it is that disassembles is typically linked to our highest values. For example, if money is of the highest value in your life, as it was for Jordan Belfort, the ego around money must dissolve. Same goes for relationships, or whatever you value most in life.
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Being friends with your employees
... means they will do anything for your company.
Belfort had strong individual relationships with his employees, outside of the context of work. This led to more respect for him and a...
Do not rule someone out
... because of past issues.
Jordan Belfort took a chance on a handful of employees that were in dire situations. Despite past misconduct or lack of experience, he looked at personality and work ethic when making decisions.
As a result, he hired many of the "wrong types" of people. These people did great work for him, and felt indebted for the opportunity. It teaches to look beyond a resume or a few key signals when making hiring choices.
Building a company culture
Social gatherings are a great way to build company culture. Stratton Oakmont was extremely creative about the events that they had. These activities created a stronger bond between people at the company and offered a fun, social outlet.
Company get-togethers do not have to be as morally wrong as Stratton Oakmont's were to accomplish the same thing. Rather, it takes extra creativity and effort from a company.
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The Wolf of Wall Street film
Eat your pride and start from scratch
Belfort's career started at a high-flying stock broking firm, but when it crashed he found himself at a dodgy local operation that sold worthless ‘penny stocks’ in companies unlikely to succeed. Not perturbed, he fearlessly built a livelihood from scratch.
Have passion
DiCaprio’s portrayal showed how much Belfort loved his industry and was intensely motivated to sell and succeed.
If a business owner channeled passion like this in a legal way, there would be no stopping them.
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Top business lessons to take away
- Have a vision in mind, and let that steer your decisions. Belfort didn’t get rich by accident.
- Sell Yourself. Belfort acted powerful and wore fancy suits, and p...