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'The Wolf of Wall Street' Teaches These 7 Lessons for Success

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' Teaches These 7 Lessons for Success

'The Wolf of Wall Street' Teaches These 7 Lessons for Success

https://www.inc.com/john-rampton/wolf-of-wall-street-lessons.html

inc.com

7

Key Ideas

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 higher willingness for employees to make sacrifices for the company.

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.

Sacrificing money or success

Be careful about what you are sacrificing for money or success. Jordan Belfort became an entirely different person once getting involved in Wall Street. He hurt the very people that he cared about and who cared about him.

It can be tempting to make bad decisions for instant gratification. The most successful entrepreneurs are the ones that are able to avoid these impulses.

Quitting while you are ahead

Sometimes it makes sense to quit while you are ahead. Jordan Belfort had an opportunity to step back and walk away from the negative company culture. He let the comradery and the instant gratification outweigh the right decision to let someone else take over as CEO.

Sometimes, the best choice is to take a step back. This could be due to personality clashes or you not being the right fit for the role any longer.

Pros and consof a competitive or intense company culture

Belfort's employees worked extremely hard due to Stratton Oakmont's culture. This effort led to high output and a high standard of work. On the other hand, people made moral sacrifices for achievement.

When there is such a high degree of intensity, especially with money involved, people can make poor decisions. A balance is important when thinking about company culture.

Take life a little less seriously

Belfort and Stratton Oakmont made so many crazy decisions. While they paid the consequences for those choices, and this is by no means worthwhile, they also had a ton of fun.

Running a company is extremely challenging. Therefore, it is crucial to enjoy the journey. Constant stress just makes it more difficult.

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The Wolf of Wall Street

The film stars Leonardo DiCaprio as Belfort, a New York stockbroker who runs a firm that engages in securities fraud and corruption on Wall Street in the 1990s.

Life lessons
  • Sex matters. In all aspects of our lives, it's good to ask, "what does sex have to do with it?"
  • Sex can be as addicting as cocaine. "When our desire for 'more sex' interferes with our family or professional lives, we are looking for love in all the wrong places."
  • Many of us settle for sex when we're really looking for love.
  • There is a strong drive to be part of a male tribe.

  • The same forces that bring us together within a tribe often pit us against other tribes. "For humans there is always a selfishness at the group level. Humans nearly always put Us ahead of Them."

  •  The way we treat "them" is the way we ultimately treat ourselves. 

    Truly, what goes around, comes around.
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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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Jordan Belfort's life

... was modelled by Leonardo DiCaprio in the 2013

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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Jordan Peterson observed that virtues aim for balance and to avoid the extremes of the vices. Cultivating judgment about the difference between virtue and vice is the beginning of wisdom.

Modern relativism asserts judging how to live is impossible, because good and virtue are relative. Thus relativism’s version of “virtue” is “tolerance.” This leads to people broadcasting their tolerance as a form of self-promotion, and secret vice, which is also known as virtue signaling.

Order and Chaos

Order is where the people around you act according to the established social norms, remaining predictable and cooperative. Society is simultaneously structure and oppression.

Chaos is where the unexpected happens. 

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"Rich Dad, Poor Dad" is Fiction

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According to John T. Reed the famous book is filled with bad advice:

Dangerous advice

  • "If you're gonna go broke, go broke big"
  • Convinces people that college is for suckers

Law-breaking advice

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  • Recommends tax fraud by deducting vacations and health club dues
  • Brags about using a partner weasel clause in which his cat is his partner
Kiyosaki is making money from a personality cult

Many critics pointed out that Kiyosaki is selling a cult, not financial advice.

He is accused of tapping into the fantasies of the masses & being short on specifics, both attributes of religious cults.

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Fear and manipulation

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He spreads misinformation in service of selling a homeopathic “cure"; he pretends to be sick and takes the so called cure, to prove that it works.

Lessons not learned

It has become clear that the parts of the movie Contagion that probably mattered most have taught us nothing.
Compared to a single blogger selling a “cure,” the misinformation (fake cures, conspiracies, etc.) we’re facing today is far worse.

The quick rise

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Slack became indispensable

Investors had been wary of Slack since it went public in June 2019 because of its slowing growth, lack of profitability, and competition from Microsoft's competing product called Teams.

But as business swerved to avoid contagion, people were flocking to Slack's product to cope with disaster. Slack became a critical service, like Wi-Fi or electricity.

Work from home

Although Slack also runs on Slack, the company had a work-at-office culture. As the company closed its offices in March, the executive made a series of decisions to make its mission clearer: Slack would take care of its people first during this crisis. In turn, those employees would take care of their customers.

  • They offered to reimburse each employee up to $500 for whatever equipment they needed to do their jobs at home.
  • When the schools closed, they advised people to work when they could.
  • They encouraged their employees to log out and take care of their kids and families.
  • They offer to pay employees their full salaries.

one more idea

Working Hard

"Work Hard" is one of the oldest pieces of advice for success. According to the author Malcolm Gladwell, it takes 10,000 hours of deliberate practice to attain mastery.

...

40 Hours A Week

Truly working 40 hours in a week is rare because just completing your work hours doesn't amount to real work. 40 hours of great work output can come from 60 or more hours of 'regular' work.

Work can also take many different forms, and is not confined to the working that is 'visible'.

Work Becomes Play

Discover something you love to do, that you’re good at doing, and that you can get compensated for.

When work becomes play, it doesn't stress us out and doesn't seem to exhaust us. Work that is fun for us, becomes great work. Joyful, meaningful work is one of the keys to being successful.

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