Have you seen the movie: The Wolf of Wall Street yet? The Wolf of Wall Street is a black comedy movie that made its debut in 2013. The movie basically talks about ‘Sales’. Yes, ‘Sales’. I encourage every employee, business person or entrepreneur to see that movie because it holds many lessons and business strategies that can turn situations around for anyone. Though the movie tries to cast a typical representation of what happens in Wall Street, it was pitched on the negative for portraying moral ambiguity, vulgarity, drug abuse and sexual content. So if you’re just about to see it, beware of those.
Now back to the issue at hand. I perceived three strong business strategies when I saw the movie and that can as well be learnt. So I’ve decided to share.
Start with the Sales Minded
The rise of Jordan Belfort, the star character in the movie, would not have been possible without the type of persons he started with or surrounded himself with.
Taking a critical look at the movie, you would notice that every person that offered to work for him, after he decided to set up his own empire, were either ready to sell or desirous of learning the art of selling. They were not process people or operations minded people or techy people. NO! They wanted and were eager to sell. Donnie Azoff was already a salesman. The rise of Jordan Belfort empire (though fraudulent) was seamless because he supported his entrepreneurial passion with the sales minded with he himself being a sales guru. So are you starting a business pretty soon? Then learn a business lesson from The Wolf of Wall Street, surround yourself with the business minded.
Partner with Trust not Just with People
Stratton Oakmont, the stock broking firm of Jordan Belfort had a foundation that Jordan parted with from the beginning. And what (or who) was that? Teresa, his first wife.
Teresa Petrillo supported and encouraged Jordan all the way up till when she was divorced by Jordan who was in turn divorced by Naomi Lapaglia the second wife he married, when things were going down with him and things began to fall apart. Naomi never trusted in him as someone who could serve the prison sentence and still become responsible.
More so about trust is Donnie Azoff his first and trusted friend in the business. All was going down and Donnie never baled on him. Donnie stood by him all the way even when Jordan was accosted and being investigated by the police. The business (again, though fraudulent) went on in his absence, managed by his trusted partner and friend. Jordan did not just partner with people, he partnered with trust. You should do same. Partner with trust and not just people or friends because on the long run, even your failure or absence at any point in time will not determine the fall of your empire or business; that’s a plus from The Wolf of Wall Street.
Always have a Backup!
Every strategic business person must know that one should not put all eggs in one basket or even if you must from the take-off of business, make sure you take out a proportion of the profit for safe keeping in case of business emergency or possible bankruptcy.
More important is having a backup on yourself, your skills and every other thing you can ever invest in your abilities. Jordan, during the period of the fraudulent empire put away a huge portion of money from an IOP (Initial Public Offering) of another firm in a foreign account that later somehow was lost. The most important backup I consider in the movie is the one Jordan had in himself; the undying spirit of Salesmanship!
Despite that his business was gone, after being in prison for 36 months; Jordan came back as a consultant in the field of sales. Holding seminars and events (as the end part of the movie portrayed). So invest in yourself as an entrepreneur. Attend seminars enroll for trainings. Master the art of whatever you’ve set out to do and master it well. In the long run, you’ll have many to thank for it…
Now over to YOU!
Do you have more business lessons you think can be learnt from the movie The Wolf of Wall Street? Then let’s hear it. We’re eager to learn. Do not forget to share this post as well. Thank you…