14 Lessons We Can All Learn From "The Wolf of Wall Street"

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.

| Build a Business |

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.

2. Simplify

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.

| Do Business |

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.

| Create an Enticing Company Culture |

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?

• Sustainability.

• Environmental friendliness.

• Integrity.

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 sough 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

7 Ways to Start a Great Day

Some people find mornings filled with optimism, while others would just as soon stay in bed until the clock passes the noon hour.  For most, however, the workday beckons and the morning is a mad rush to get everyone ready and out the door. By the time you reach the office, you've probably already dealt with the stress of family, weather, traffic and other distractions. Unless everything goes perfectly, you'll carry all that stress into your office and share it throughout the day with your employees and colleagues.

Fear not,  it is possible to get the day started right, no matter what comes your way.  Try one of these tips each day of the week or combine them. Either way, you'll start out on your terms and be prepared to make it a great day.

1. Plan the night before. Why start your day unorganized? If you organize your to-do-list, breakfast menu and your clothes the night before, you'll wake up feeling in control and relaxed. Taking 20 minutes to lay out everything can save you a 30-minute fashion crisis or search for the car keys. With a little efficiency, you'll save the frustration and scrambling, leaving you ready to tackle more important issues.

2. Try 15 minutes of meditation. Some might be afraid that a meditation session early in the morning could just put you back to sleep. But genuine meditation actually stimulates the brain in a deep and thoughtful way. It allows you to clear distractions from your mind and purge negative energy. Center yourself with thoughtful introspection or prayer and be open to the positive energy the world brings your way.

3.  Begin with inspirational reading. Part of my morning ritual easily allows for reading first thing. Many read the news, which can be a sad way to start the day. Buy a few books that are uplifting, inspiring, or even humorous for your first brain stimulus. This will give you positive, fun thoughts to keep you energized throughout the day.

4. Open your eyes to fresh flowers. If the first thing you see when you wake up is a dingy wall or barren winter yard, you can certainly improve those critical few minutes with a pleasing splash of color. Research suggests that exposure to bright colors in the early morning raises your spirits and energy. So pick up a pleasant bouquet every few days and set it right in your view.

5. Trade coffee for green tea. Coffee is a great stimulant, but sometimes it can over-stimulate and the acid can make your stomach uncomfortable. Try a soothing cup of green tea to start instead. You'll still get the caffeine you crave (just a bit less), plus healthy antioxidants. It's cheaper and healthier than a double caramel mochaccino, too. You can still get the java mid-morning if you want it, but you may find you don't even need it since the crash won't be as severe.

6. Do some yoga. Exercise is a great stimulant to wake you up, and make you feel good. It's good for the body and pumping those endorphins makes your mind happy and alert.  Cardio is great, but for the whole body approach, add a little yoga into your routine. You'll control your breath, stretch your muscles and generate energy. Your body and mind will be one and ready to conquer the world.

7. Schedule a hopeful appointment. I never feel more energized getting out of bed than when I have an important meeting about an exciting opportunity. The prospect of a fun and productive encounter usually wakes me with a smile and often without an alarm clock. I purposefully schedule as many meetings like this as possible. That way I get as many great days as I want.

Motivation!

Vision is Greater Than Sight

About 350 years ago, a shipload of travelers landed on the northeast coast of America. The first year, they established a town site. The next year, they elected a town government. The third year, the town government planned to build a road five miles westward into the wilderness.

In the fourth year, the people tried to impeach their town government because they thought it was a waste of public funds to build a road five miles westward into a wilderness. Who needed to go there anyway?

These were people who had the vision to see 3,000 miles across an ocean and overcome great hardships to get there. But in just a few years, they were not able to see even five miles out of town. They had lost their pioneering vision.

With a clear vision of what we can become, no ocean of difficulty is too great. Without it, we rarely move beyond our current boundaries. I learned the power of vision from my seven year old daughter a few years ago. She loved to play catch with Dad. The object we threw--a tennis ball, football, one of those squishy balls--mattered little; but the challenge of consecutive catches mattered very much to her.

There was always the same goal, and only one goal, when we played catch--to break the existing records for consecutive catches. I remember one day my focused little daughter said, "Dad, let's try for 100 in a row." Since our best at that point was 50 I politely chuckled and said, "Sure sweetie." A few days later, we did it! So, next she said, "Dad let's go for 300 in a row."

Well, my daughter was learning to set a grand vision, but I still had a lot to learn. I thought to myself, "Gee, we just hit 100. Why not try to 125 or maybe 150 in a row? But 300?!" Of course, out loud I responded with another uneasy chuckle and a "Of course, little princess."

You guessed it. It was only a few days later that we hit 300 catches in a row. I was really impressed and quite content. My daughter was neither impressed nor content, but she was a lot smarter than I and had a bigger vision. "Dad, let's go for 500 now!" And to myself I thought, "You have GOT to be kidding me!"

Sure enough, that very same day, we caught 500 throws in a row. You'd think I would be a believer by now, but when her sparkling eyes looked at me and said, "Dad, let's go for 1,000 in a row!" I am embarrassed to admit that my internal response was the same. You guessed it. Less than 24 hours later we hit our current record--1,017 catches in a row!

Our record was more than 10 times bigger than what I could see, but it was exactly as big as my daughter's vision. It's a lesson I carry with me today--your vision should be much bigger than what you can actually see. Now I am a believer. What you envision is what you get. Look beyond your eyes to see the possibilities!  What is your vision?

7 Healthy Habits for Entrepreneurs

The new year is here, time to crush some goals and make it the best yet! Below is an article from Inc.com with some helpful tips to get it started right!

Another year is upon us, and you may be wanting to kick off 2014 in a healthy way. But resolutions are like diets: they often fail. Usually because they don’t address your ingrained habits.

In his book, The Knack, my friend and mentor, Norm Brodsky writes about the importance of developing strong mental habits to help drive your entrepreneurial success. Without good habits in place, you are bound to repeat mistakes, waste time and money and squander opportunities that may lead you to your next big achievement.

Developing strong habits will also lead you down the road to success when it comes to your health. This year, instead of resolving to lose weight, or manage your stress better, decide instead to change a core habit that has led to your weight gain or your stressful life. Once you have made a choice about which habit you are going to change, work on it daily until you have mastered it.

Here are seven habits to consider in the New Year that will help move you closer to your health goals:

1. Eat breakfast. Busy entrepreneurs often skip this important meal which can have detrimental effects on focus, concentration, and decision making abilities. Plus, skipping breakfast can lead to increased cravings for sugary, refined foods as well as overeating at night. By committing to a protein-rich breakfast, like eggs, you will go a long way towards balancing your appetite and cravings, making it easier to make better food choices the rest of the day.

2. Eat for health. Cut out processed and refined food and embrace a whole foods diet, paying particular attention to increasing your vegetable consumption. If regimented eating programs feel overwhelming for you, simply clean it up. Not only will you lose weight, but you will improve your health and longevity, too.

3. Exercise regularly. Ideally, you want to strive for 30 minutes of concentrated exercise four times a week. But for entrepreneurs with hectic lifestyles, that may feel like another chore. If that's the case, shoot for just 10 minutes a day. Jump on the treadmill or take a 10 minute walk on your lunch break--just get moving!

4. Go to bed earlier. Studies have proven that lack of sleep can lead to obesity, disease, and elevated stress levels. Getting adequate sleep is one of the most beneficial things you can do for yourself. If it is your habit to stay up late, commit to going to bed at a more reasonable hour. If you bring electronics to bed, make your bedroom a tech-free zone. Read before bed and you will likely fall asleep faster.

5. Go on a TV strike. Television--particularly those 24-hour news channels--is a big contributor to nervousness, anxiety, and depression. If your stress levels are high, shut off the TV and go for a walk, call a friend or check out a movie instead. Filtering out the mindless chatter of the TV will also help with sleep.

6. Fire up the grill. Busy people tend to eat out a lot, opting for convenience rather than high quality foods. But every time you eat a meal in a restaurant you can walk away having consumed as much as an entire stick of butter! Rather than loading up on these calories, commit to cooking more at home. Get a cookbook and experiment. Make nutritious soups and freeze them for quick meals. Get a stove-top grill for healthy salmon or chicken dinners. Keep plenty of vegetables, washed and cut up, in the fridge. Add them to salads or toss with a little bit of olive oil then roast for 15 minutes in the oven for a healthy side dish. Not only will your body benefit from home cooking, so will your wallet.

7. Create smoke-free zones. If you are a smoker and have found it hard to kick the habit, think about the place you tend to smoke the most and then make that a smoke-free zone. By eliminating the one place you do the most puffing, you will dramatically reduce the amount of cigarettes you smoke in a day. Also consider trying e-cigarettes.

Adopt some of these habits, and you'll be well on your way to a happier, healthier new year!