The Wolf of Wall Street is a film about deception, indulgence, deceit and corruption. It follows the life of Jordan Belfort, a highly successful stockbroker who sets up his own brokerage firm, Stratton Oakmont, and made his millions by adopting a ‘pump and dump’ procedure. This involves artificially inflating the price of a stock through false advertising, and selling the cheaply purchased stock at a higher price, resulting in a major loss for the investor.
During the years of his heightened success, Belfort and his team indulged in crazy office parties, reckless drug use, immense greed, hedonism and fraud. Ultimately, the firm got investigated by law enforcement officials, which resulted in its closure, after which point Belfort served 22 months in jail.
The Wolf of Wall Street can teach us so much about what not to do when it comes to growing your business and gaining a positive reputation.
1. Establish exactly what you want from your business
Despite being corrupt and dishonest, Belfort was absolutely clear when it came to his business goals. He knew exactly what he wanted and how to get it, and committed himself to achieving his goals and becoming a millionaire. Before too long his business had expanded impressively and he had a team of dedicated employees devoted to achieving his goals.
Before embarking on any business endeavours, it’s essential to have specific business goals. Look to the future to determine what you want from your business and how you intend to get there. Hire a team of employees who believe in your mission and values and are passionate about your business. This will resonate with your current clientele and will inspire new clients to explore your business.
2. Come up with a unique strategy
Belfort’s target market was the ultra-rich, but he knew that these sorts of customers wouldn’t go for traditional Wall Street stocks. As such, he came up with a strategy that appealed directly to his target market: selling penny stocks at a low price. By keeping his target market at the forefront of his mind, he was able to tailor his business strategy precisely to their needs, and make a fortune from it.
As a business, you need to focus wholeheartedly on the needs of your clients. Customer care should be at the forefront of everything that you do so that your clients grow to love and admire your brand. This will not only maintain customer interest but will also increase your customer base.
3. Never give up
Before opening Stratton Oakmont, Belfort filed for bankruptcy aged 25 after the failure of his sales business. After that, he was laid off from his job at stockbrokers, L.F Rothschild, but never gave up on his ambition to become a successful entrepreneur.
All businesses experience highs and lows and its essential to remain motivated and focused. Many well-known businesses and brands have experienced major failures and disappointments, but this hasn’t stopped them from pursuing their dreams and going on to experience fantastic highs.
Although Jordan Belfort isn’t the archetypal businessman and dishonesty gets you nowhere, we can still learn some lessons from this driven, motivated and passionate entrepreneur. By finding your niche and never giving up on your goals, you will be well on your way to creating a successful, flourishing business that is well known and loved.
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