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.
Read on for some great insight into this motivated business man that will show you how Jordan Belfort was able to build a super pumped organization before it all came tumbling down.
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1. Execute on Ideas
Stratton Oakmont’s initial success was based on two premises:
• That Belfort had come up with a way of teaching young, uneducated people how to sound like professional stock brokers over the phone.
• That rich people love to gamble – especially when the gamble seems like a legitimate business opportunity.
While there had been other people on Wall Street who’d had the same idea, Jordan Belfort was the first person to execute on this idea.
The reason Belfort was able to transform young, uneducated people into charismatic stock brokers was because he was able to impart his knowledge by giving simple instructions in a way that even the most stupid employees could easily understand.
“And as word of this little secret began to spread throughout Long Island—that there was this wild office, in Lake Success, where all you had to do was show up, follow orders, swear your undying loyalty to the owner, and he would make you rich—young kids started showing up at the boardroom unannounced.” – Jordan Belfort
3. Put Together a Loyal Team
Guys like Kenny Greene and Danny Porush weren’t the smartest guys around. But, they were long-term friends who were fiercely loyal to Jordan Belfort.
What does this mean?
That it might be a good idea to work with old friends who knew, and liked you, before you got rich and successful. By doing this you will reduce the risk of:
• Becoming betrayed or backstabbed by two-faced people.
• Making stupid decisions because you’re surrounded by yes-men who don’t give you accurate feedback.
4. Diversify Competence
Why were Jordan Belfort and Danny Porush a good team?
Because they were very different:
• Belfort had sleeping problems. Porush could fall asleep everywhere – even during bumpy plane rides.
• Belfort was a highly strategic leader who specialized in delegation. Porush was a good enforcer –brutal enough to eat a gold fish to put employees in their place.
• Belfort was analytical and had a long-term orientation. Porush was emotional and short-sighted.
They were both good at different things – but together they were a great combination.
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5. Dress for Success
From day one, employees were instilled with the mantra that they had to act as if – starting by dressing well and looking the part. The purpose of this was to improve their self-esteem and charisma.
Jordan Belfort even hired a guy to create tailor-made suits for the up-and-coming employees of Stratton Oakmont.
6. Gather Intelligence on Rivals and Enemies
Belfort gathered intelligence by:
• Bugging the SEC people who were investigating Stratton Oakmont.
• Befriending FBI agent Jim Barsini and getting information about the ongoing investigation on Stratton Oakmont.
7. Guard Your Secrets
Jordan Belfort carefully guarded his secrets by:
• Drafting legal documents to create plausible deniability for shady deals.
• Having the office of Stratton Oakmont and the houses of the top employees swept for bugs regularly.
• Never speaking over the phone about past business deals.
• Using pay phones and other covert forms of communication to ensure that no one listened in on what was being said.
Note: While your business probably differs from Belfort’s by being legal, it’s still a good idea to gather intelligence. For example, you might meet an employee of a rival firm for drinks to learn about the internal gossip going on over there.
8. Study History and Learn From Past Mistakes
Said by Belfort to a Swiss “master forger” while discussing banking laws:
“I’m a student of history, Roland, and I’m a firm believer that he who doesn’t study the mistakes of the past is doomed to repeat them”. – Jordan Belfort
You should follow Belfort’s example by:
• Studying past events in your profession to see what it was that made other people succeed or fail.
• Studying the great men who came before you.
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9. Establish a Concrete Reputation
There was never any doubt to the employees, nor the public, that anyone could make a ton of money by working for Stratton Oakmont. To confirm this, the only thing you had to do was take a look at the young, racially diverse, sometimes acne-ridden, well-dressed young men that spread havoc on Long-Island.
“The very idea of Stratton is that it doesn’t matter what family you were born into, or what schools you went to, or whether or not you were voted most likely to succeed in your high-school yearbook. The idea of Stratton is that when you come here and step into the boardroom for the first time, you start your life anew. The very moment you walk through the door and pledge your loyalty to the firm, you become part of the family, and you become a Strattonite.” – Jordan Belfort
10. Create a Set of Core Values that is Easy to Grasp
The core value of Stratton Oakmont was to seize the day. What this really meant to the employees was to:
• Make as much money as possible.
• Compete with colleges who could spend more money and live a crazier and more luxurious lifestyle.
–And what are some common core values of contemporary companies?
• Environmental friendliness.
Which core values do you think are easier to communicate to the employees and make them live by?
11. Lead by Example and Set the Standard
No one over at Stratton Oakmont spent more money on buying luxury items, drugs, prostitutes, or partying than Jordan Belfort. He represented the epitome of the lifestyle that the employees sought to achieve.
“It’s important to keep these guys chasing the dream. And it’s even more important to keep them broke.” I gestured over to the plate glass. “Look at them; as much money as they make, every last one of them is broke! They spend every dime they have, trying to keep up with my lifestyle. But they can’t, because they don’t make enough”. – Jordan Belfort
12. Create Expectations
At Stratton Oakmont employees were expected to work their asses off and make a lot of money. Anything else was frowned upon.
“A rookie stockbroker was expected to make $250,000 his first year. Anything less and he was suspect. By year two you were making $500,000 or you were considered weak and worthless. And by year three you’d better be making a million or more or you were a complete f#%$ing laughingstock.” – Jordan Belfort
13. Provide Incentives for Hard Work
Not only were the employees of Stratton Oakmont paid far above the going rate for stock brokers – but a select few of the hardest working employees were also eligible to branch out on their own and start brokerage firms under Belfort’s guidance.
“It was what every Strattonite dreamed of and something I touched upon in all my meetings—that if you continued to work hard and stay loyal, one day I’d tap you on the shoulder and set you up in business. And then you would get truly rich.” – Jordan Belfort
14. Keep People Dependent on You
To ensure that employees were not only motivated to work, but literally had to stay at the firm and continue making lots money, Belfort encouraged employees to live beyond their means.
“I want you to deal with all your problems by becoming rich! I want you to attack your problems head-on! I want you to go out and start spending money right now. I want you to leverage yourself. I want you to back yourself into a corner. Give yourself no choice but to succeed. Let the consequences of failure become so dire and so unthinkable that you’ll have no choice but to do whatever it takes to succeed.” – Jordan Belfort
Are there more lessons to be learned from the Wolf of Wall Street? If you have any of your own, please leave them in the comments section below.
3 Reasons Why Getting Clear Is Important for Your Business
Everyone goes through times in their lives where blue skies and sunshine are a rarity. Too many clouds and storms, whether they involve business or personal issues, become the everyday occurrence and keep people from achieving whatever they want to do.
There have been many times on this business journey of my own where fogginess and haze have sent me to the mat. Trying to kick out at a 2-count when being pinned with all of this stuff seems unbearable.
In taking a holistic view (meaning looking at the entire picture) of where I am, what has changed? Clarity. Getting very clear on what I want to do and where I want to focus my creative direction. Yes, I’m a writer, content writer, copywriter, ghostwriter and creative. That’s one element of my own life. Another one involves being a voice for the voiceless in the craniofacial community around the world.
But this is not to simply focus on what I am doing now. This is about clarity, about getting laser-focused on what you want to do. If you have a coach or mentor in your life, then I’ll bet you have heard them say on one or multiple occasions that you have to “get clear” on what you want to offer.
Here are three core reasons clarity is an important factor for your business:
1. You Stand Out From The Crowd
You cannot go anywhere on social media and not see people putting out content. Some may be good; others are meh. It does not matter, though, if it is good or not. What matters is about conversion. Does the content turn into sales? Does it attract and speak to people’s problems?
Not everyone can be a jack-of-all-trades. You become a master-of-none pretty quick. Theories abound about niching down and finding that sweet spot where you can deliver your mastery to those in need. Think of the millions of niches out there: cannabis, fitness, spirituality, relationships, finances, food, and on it goes.
Every one of these niches need people who can come in and put clarity around their products and services. If these businesses are not clear on what they do and solve to those seeking solutions, then they are not going to have clients and eventually will have to shut the doors.
Learning to stand out from the crowd is going to make you a powerful voice in whatever niche or field you are looking to dominate in all the time.
“It’s a lack of clarity that creates chaos and frustration. Those emotions are poison to any living goal.” – Steve Maraboli
2. You Attract A Lot of Clients
If you wanted to apply one of those ancient universal laws to your business – for instance, like the very popular Law of Attraction – then you would understand what attracts people to you. Nikola Tesla, one of the world’s greatest inventors, once said that if people understood energy and vibration alone and how that works then they’d understand a lot of how things actually work in the world.
Clarity brings out a new energy from your words and actions. You come from a place of total and unbelievable awareness where you look around one day and go, “Dang, look at all of the people who want my services.”
Trust me. This is one of those lessons that I have to come back to over and over again. People might know who I am and what I do from this or that space. Yet is it really crystal clear enough to a targeted section of people? Um, it’s still a work in progress.
In order, though, to actually move forward in business and have the level of success that I desire, then clarity must come into play. Clarity attracts clients. They solidly know what you do and what you offer. There’s no wishy-washy stuff taking place. Understand this core reason to achieve clarity and watch what happens to your very own business and brand.
3. You Begin To Believe In Yourself
There’s this ongoing idea around “imposter syndrome” that folks on the interweb love to discuss. Showing up online like you are a real go-getter and hotshot, but offline that’s not the same person…that’s a problem.
“Imposter syndrome,” to me, starts happening when a person stretches out of his or her comfort zone and it feels miserable. Instead of getting up at 11 a.m. after working a night shift job, you get up at 8 a.m. to get a head-start on tasks and obligations around what you do. Thoughts like “this will never work out” or “I’m never going to succeed and get out of debt” start swirling around your mind like a bunch of chattering monkeys.
Clarity, though, allows you the benefit of starting to truly believe in yourself. In his famous book “The Power of Positive Thinking,” Norman Vincent Peale writes in the first chapter’s first line “Believe in yourself.” That’s it. Then the book goes on to describe different ways of building up your positive mindset through prayer, faith, action, and other real-life examples. Peale’s work may not appeal to you directly, but the mere thought of believing in yourself and your dreams is appealing.
“Clarity comes from action not thought.” – Marie Forleo
Find yourself getting clear on what you want and where you want to go and begin to truly believe in yourself and your abilities. There are lots of people who definitely need your services and work around the world. There might even be people right in your own town who do, too.
When tackling the issue of clarity for your business, take these three factors into account. Think about them seriously. Take stock around where this can be an effective place for you to succeed every single day.
Look for the sunshine and blue skies in your business. They are there. All you have to do is some sightseeing and all of it will pop out very clearly.
How YOU Can Create a Powerful 10 Year Life Vision
Where do you desire to be 10 years from now? Joel Brown, founder of the well-known website and podcast Addicted2Success, breaks down exactly how to gain clarity in your life and create a powerful 10-year life vision. The vision process that Joel teaches has transformed the lives of hundreds and thousands of people who use it.
You can listen to the full podcast interview here with Joel Brown or head over to my website AshleyHann.com for more inspirational podcast episodes.
Joel Brown is the real deal. He travels the world coaching thousands and thousands of people to stand in their vision so they can turn their dreams into a reality. He has been featured in the Think and Grow Rich movie, Entrepreneur, Forbes, Inc., The Huffington Post, Success Magazine and more. He has sat down with well-known thought leaders such as Tony Robbins, Deepak Chopra, Jay Shetty, Gary Vaynerchuk, Grant Cardone, John Assaraf and the list goes on.
This is a MUST LISTEN episode all about gaining clarity, creating harmony in your life and creating a powerful 10-year vision so that you can live the life you’ve always wanted.
Joel breaks it down for you step by step. In this episode, we go over:
- The 3 key questions you must ask yourself in order to live a fulfilled life and master your 10-year vision
- How to define success for yourself and discover what you really want
- The 8 areas of life to include in your 10-year vision
- The top, prevalent patterns successful people share and why you should adopt them too
- The 3 main limiting beliefs and bullsh*t stories that hold people back from achieving their dreams and goals
- Why dropping perfectionism is so important and what to do instead
- …and so much more!
If you’re more of a visual person then you can watch my video interview with Joel Brown here:
This is an episode you won’t want to miss. Joel Brown is the 10-year vision expert and teaches his vision process all over the globe to thousands and thousands of people. You’ll want to make sure to grab a pen and paper so you can take notes and action on the strategies he shares with you.
OR you can watch it on my YouTube Channel:
His event: www.elevatetribe.net
The #1 motivation website he built from scratch: www.addicted2success.com
His Circle of Influence online mastermind: www.iamjoelbrown.com/applynow
5 Ways You Can Utilize Information Properly and Think More Efficiently
The mind is a complex system of facets, of which some have yet to be discovered. Still, in spite of all this, there has been enough information to help us gain a rudimentary understanding of it. Thinking is what we all do, although what differs is the efficiency and levels at which we do it.
A lot of things influence the way you think, and most of these factors vary from person to person. However, there are some foundations and basic laws that can help you move from just filtering information and utilizing it to think efficiently.
Below are a few ways you can utilize information properly and think more efficiently:
1. Be quiet and listen
We’re constantly bombarded with information, and the nature of this information determines how we respond. Are you the type of person who doesn’t handle bad or even good news well? If so, learn to take a step back, evaluate things, and look for the way forward. It’s something that stock market traders do all the time, and it works like a charm with practice.
2. Never neglect what your emotions tell you
While a lot of people might not know this, it is true that the conscious thoughts we have only represent a small fraction of the events going on in our heads. At any given point in time, you have the unconscious aspect taking in massive amounts of information, most of which we don’t even know are being processed.
Your brain makes conclusions, good or bad, and starts to generate feelings that rule our emotions in the long-run. So, whenever you have a subtle feeling that points you to a certain course of action or thought, don’t ignore it. At the end of the day, that feeling gets its way somehow, and it’s better you come face-to-face with it and understand its nudges better.
“When you react, you let others control you. When you respond, you are in control.” – Bohdi Sanders
3. Never think while under pressure
Pressure can be good, but a lot of the time, it tends to yield counter-productive results. Regardless of what you’re doing, there are times when you feel pressure. What this pressure does is force you to rely less on the part of your unconsciousness that functions like a trained autopilot system (from all of the training and experiences that you’ve had in the past). Essentially, it forces you to overthink things.
You begin to analyze every aspect of what you’re doing, and you end up using parts of your brain that have no business with the specific activity. So, whenever you take the time out to develop a certain skill, make sure you learn to have faith in your instincts as well.
4. Never focus on one viewpoint
Bluffing is something that professional poker players do almost every time. It’s become an art. However, instead of just bluffing on a whim (which also works at times, by the way), most of them employ a simple trick while playing; they think about how the opposing players would act if they weren’t actually bluffing.
In most cases, the brain tends to search the world for filters in order to confirm the beliefs that it holds. However, the problem with this is that it tends to limit you. At the end of the day, you could be dealing with facts that are just not wrong.
“What’s true of the poker game is true of life. Most people are suckers and don’t realise it.” – Michael Faust
According to studies, a lot of people tend to have moments of insight and solutions to problems when they’re not even aware of the fact that the problem is being analyzed by the brain. These are usually moments when you take a stroll, listen to your favorite track, brew your favorite coffee, take showers, and read blogs; when you feel relaxed and comfortable.
This is because insightful thoughts are usually generated by an influx of neural activities that occur in the right hemisphere of the brain. The best time to plug into the mind is when you’re stress-free, so make sure that you engage in activities that relax you more often.
How do you go about maneuvering around and making decisions in a world constantly bombarding you with information? Let us know your thoughts and advice below!
10 Simple Yet Effective Ways to Bring Out the Successful YouTuber in You
YouTube is a social media platform that has turned many a normal person into a celebrity. With over 1.9 billion logged-in users visiting YouTube every month, it is a hugely popular platform that is being actively used by people who are leveraging its reach and popularity for reputation building, increasing visibility, creating and driving brand reach and last but not the least, earning money.
We keep hearing success stories of YouTube influencers who were nobodies when they started out and today run some of the most popular channels on YouTube and are considered reputed influencers in their niche.
There is absolutely no doubt that if done right, a presence on YouTube can be a massive boost for your brand (if you are a business) and ensure visibility of stratospheric proportions (if you are an individual).
But, at the end of it all, most people want to get onboard YouTube for the money. If your channel is popular enough, it can be a regular source of income for you. So, how do you become a successful YouTuber and establish a popular YouTube channel?
Here are ten great tips to help you on your way:
1. Identify your YouTube Goals
What do you want to achieve out of YouTube? Straight off the block, this is the question you must answer. YouTube can help build your brand, both business and personal, if that’s your goal. It will help improve your reputation and differentiate yourself from the competition. It could also become a revenue generation medium for you.
There are many reasons you might want to start a YouTube channel, and you need to zero in on the right one. Identifying your core goal or set of goals will help you plan your YouTube journey effectively.
2. Identify the Right Niche for Your Channel
Making videos is a resource-intensive activity. It also needs a rare degree of passion to make videos because you are going to put a truckload of effort into it. So, make sure to zero in on the right niche for your channel, meaning the kind of video content you are going to post. If you are an individual, the content must align with your interest, preferences, skill sets and knowledge.
If you are a business, it must align with your business’s services or domain. Think very carefully whether you will be able to keep making videos about a specific topic, subject or domain regularly. This will help you choose the right ‘content type’ for your channel.
3. Trust Yourself
There are some YouTubers who give up because they think they are not cut out to be successful YouTubers. There is absolutely no doubt, you will be wracked by self-doubt when you start, especially if your videos aren’t finding enough traction. The key here is to have confidence in your ability and pursuing your end goal indefatigably.
Don’t give up because of setbacks; some of the top YouTubers started off slowly and built their audience steadily. When it comes to YouTube, it is important to understand that success won’t come easily or quickly.
4. Be Prepared for Criticism
As a YouTuber, you have the ability to showcase your knowledge and skillsets to the world, but this also sets you up for criticism. There are people who are going to like your videos and there are those who won’t and will go a step further and criticize it through the comments section.
And very often, this criticism isn’t constructive and its only aim is to make fun of you and your video. Can you handle this criticism? You must if you want to be a successful YouTuber. Try developing a thick skin and don’t allow even the most virulent criticism to affect you.
5. Respond to Comments
Make it a habit to respond to comments, irrespective of whether these appreciate or criticize your video. Your response tells your viewer that you care and are prepared to listen to their views. This helps you build a relationship with your viewers who can then turn into channel subscribers. Don’t think YouTube videos are one-way traffic wherein you make a video, a viewer sees it and forgets about it. A video is a means of driving interaction and engagement.
6. Follow other YouTubers
You might have some great content ideas for your channel, but you must also keep track of what other YouTubers are doing. There is always a chance that you will get some inspiration from their videos as to how to make a video more interesting, get the lowdown on audience engagement tactics and find technical aspects as well including camera work, audio etc.
7. Attend Meetups
There are plenty of YouTube meetups, conventions and conferences happening all over the world; it is imperative that you attend YouTube events happening in your region. This way you will be able to meet fellow YouTubers in the region, and who knows, you might also meet YouTubers, you follow and want to emulate. If you get the opportunity to discuss notes or get tips, do so. This will help refine your channel content
8. Keep Measuring Your Performance
Start measuring your YouTube performance from the word go. You need to keep track of various performance metrics to know how well you have done. A metric like ‘views’ is super important but so is ‘watch time’. ouTube judges the performance of your channel on various metrics and uses these to rank your videos in search results. There are plenty of tools that can help you track and measure YouTube performance based on various parameters.
9. Don’t Judge Yourself Too Harshly
Don’t set impossible standards for yourself. You are going to make mistakes and learn from them. No video is perfect and don’t think you can start making amazingly successful videos from day one. So, judge yourself, but don’t go overboard. Don’t compare your work with people who have many years of YouTube experience behind them; this would be counterproductive and play havoc with your confidence levels.
10. Keep at It
If you want to bring out the successful YouTuber in you, you must keep at it. Plan a video publishing schedule and stick to it, irrespective of whether your videos are doing well or not. Remember, once you set cadence, you will get better at your videos, and this will drive more engagement.
A successful YouTuber is no different from a successful person. You need to work hard, learn from mistakes, and more importantly learn from others. And you must make use of all this learning to create better and more more engaging videos.
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