Are there any lessons we should take from The Wolf of Wall Street?
Ironically, beneath all the debauchery there are a number of lessons investors should take from Martin Scorsese film, The Wolf of Wall Street?
The first is that movie was an incredibly funny, entertaining, tons of sex, drugs, cars, yachts, money – really enjoyable!!!
The most valuable lesson: How people who lack adequate resources such as education, connections, good looks, social graces etc. can achieve wild success.
Mark Hanna (Matthew McConaughey): “The name of the game, moving the money from the client’s pocket to your pocket”
Jordan Belfort (Leonardo DiCaprio): “But if you can make your clients money at the same time it’s advantageous to everyone, right?”
Mark Hanna (Matthew McConaughey): “No”
1. The ethics of the Wolf of Wall Street? None that I can perceive.
2. Restitution? His victims are still fighting for it.
3. Journey of self-discovery? Didn’t happen.
What i learned:
1. Be an effective communicator of your vision – Jordan Belfort says “Goals have no power” Having a vision according to the Wolf (Jordan Belfort,) is seeing the world the way it is – not worse.
Simply because a vision engages people. Because “Every person has a thirst for a vision. And what they do is they gravitate towards one that has a vision. They want to be a part of it”. “A part of being an entrepreneur, he adds, is having that vision and knowing how to sell it to other people”. And in order to sell it to others, one needs to be an effective communicator of your vision.
2. Set your standards very high, and if you fall short on your goals, you will still be doing great.
3. If you are moody, negative, or angry you will not be able to access your own resources and, most likely, underperform. You will need certainty, courage, and clarity to excel — control your emotional biases.
4. Use persuasion as a Strategy – It is the gift that will make your vision for the world known to others.
“Once you become good at it, you can actually manipulate people; you can get people to do things they shouldn’t do. And shame on you if you do it because if you do it, it will not last because it is not sustainable. Any success you have will be a short lift… The idea is to be giving massive value to people. This is the equation I totally missed out when I was 26. I though business was about making money. And it is not. Business is about giving value and monetizing that value.”
5. Eat your pride and start from scratch
6. Have passion
7. Staff incentives help loyalty
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