Economics Lesson: Wolf of Wall Street

The Wolf of Wall Street was a global blockbuster. People praised the film as well as Jordan Belfort, the protagonist. The narrative and story were lavish, crazy, and entertaining. One of the most bizarre aspects of this film is that it is based on a genuine story.

He also has a best-selling book called The Way of the Wolf, which shows how businesses may persuade, influence, and succeed.

Whether you've seen the movie or read his book, there are a few crucial points to remember (for good and bad). These are based on the events surrounding Jordan Belfort and his investment firm, Stratton Oakmont. Here are seven things I've learnt from his tale that you may use in your own life:

1. Be wary of what you're willing to give up for money or achievement.

Another important takeaway from the film was the importance of sacrifice. When Jordan

Belfort got involved with Wall Street, he transformed into a completely different person. To the untrained eye, his life might have appeared more "fun." He did, however, make a lot of sacrifices in order to get there.

He was a bad person who mistreated others, divorced his first wife, and took a lot of drugs. In the end, he wounded the people he cared about and those who cared about him.

It's all too easy to make poor decisions in the pursuit of immediate enjoyment. Entrepreneurs who are able to avoid these inclinations are the most successful.

2. Social gatherings are an excellent method to foster a positive workplace culture.

In the Wolf of Wall Street, the social gatherings were frequently unhealthy. Misogynistic attitudes and terrible treatment of people were emphasised. That topic should not be repeated, but the concept of distinct and enjoyable social gatherings should. Stratton Oakmont was particularly inventive when it came to their events.

These activities strengthened the company's bonds while also providing a fun, social outlet. They weren't events that the employees felt compelled to attend. To achieve the same result, company get-togethers do not have to be as ethically incorrect as Stratton Oakmont's. Rather, it necessitates a company's extra innovation and effort.

3. It's sometimes a good idea to quit when you're ahead.

Jordan Belfort had a chance to take a step back and distance himself from the toxic corporate atmosphere. He was financially secure, and he could have gotten away with a lot of his criminal activities. Instead, he was persuaded to return to work. He let his desire for rapid fulfilment and camaraderie override his better judgement in allowing someone else to take over as CEO. He ended up losing everything as a result of this. Aside from criminal events, the Wolf on Wall Street teaches valuable lessons about knowing your place in the firm. Taking a step back is sometimes the best option. This could be due to personality clashes or the fact that you are no longer the proper fit for the role. It takes a lot of effort to be self-aware. However, doing so will benefit both you and your organisation.

4. Don't take yourself so seriously.

The Wolf of Wall Street is a good reminder of how not to take yourself too seriously in life. So many irrational decisions were taken by Belfort and Stratton Oakmont. While they paid the price for their decisions, which was far from ideal, they also had a great time.

Managing a business is really difficult. As a result, it is critical to have pleasure in the journey. Constant anxiety only adds to the difficulty. We all know and recognise that putting in place systems that allow for more fun and enjoyment at work does not require criminal action.

5. Don't dismiss someone because of a history of problems.

Jordan Belfort took a chance on a few employees who were in desperate need of help. He made judgments based on personality and work ethic, regardless of previous wrongdoing or lack of expertise.

As a result, he employed a lot of people who were the "wrong kinds." These folks produced fantastic work for him and were grateful for the chance. When making hiring decisions, it instructs to go beyond a CV or a few important indications.

6. Having good relationships with your staff means they will go out of their way to help your business.

People who work for Jordan Belfort in the film are willing to put their lives on the line for him. One of the reasons is that the office atmosphere they established was quite fraternal.

There were undoubtedly drawbacks, but one advantage was that people would go to great lengths to help him. The company had the feel of a really close-knit community. Outside of the workplace, Belfort established close personal relationships with his employees. This earned him greater respect and increased employee willingness to make sacrifices for the company.

7. There are advantages and disadvantages to having a competitive or strong business culture.

On the one hand, because of Stratton Oakmont's culture, Belfort's employees worked extraordinarily hard. This effort resulted in a high level of output and work quality.

People, on the other hand, made moral compromises in order to obtain success. They broke the law and acted unethically. Belfort had no idea what would result from the culture he was attempting to establish. This created a hazardous environment.

People can make terrible decisions when there is such a high level of intensity, especially when money is involved. As a result, there is a delicate balance to be struck when considering organisational culture.

728 views0 comments

Recent Posts

See All