It does not matter where it comes from; what matters most is how effective or useful that can be. The Wolf of Wall Street was an iconic and record-breaking Hollywood movie that revolves around the professional success of a famous stockbroker, Jordan Belfort.

The movie is about business success, but it came through deceit, corruption, and indulgence. Belfort became a millionaire through his “pump and dump” policy. He used false or misleading advertising tactics to increase stock prices artificially. Belfort used to buy low price stocks and would sell them at a high price by misleading investors and handing them huge losses.

Jordan Belfort started his own brokerage firm and developed a team of like-minded people. However, pride had a fall, and Belfort was ultimately jailed (22 months) for his deceptive selling.

Now he may have been one of the most cunning stock brokers ever, but this movie has many lessons for businesses, and here are some of them.

7 important business lessons from Wolf of the Wall Street

1. Develop a champion team and establish a culture that suits your business

People know Belfort for his corruption and dishonesty, but he was absolutely crystal clear about his business goals. He knew what he wanted and how it could be done. He wanted to raise an empire and live a life of millionaires, and he ultimately achieved it. But did he do it alone? No, he built a team of like-minded people and used their skills to achieve what he wanted; of course, his team benefitted, too. 

Businesses can learn a lot from this, but first to be clear about what they want and set the right organizational culture accordingly.

Who can develop organizational culture? Of course, it’s the senior management (CEOs and directors). 

Yes, any organization needs skillful senior management, but it is the company’s duty to facilitate and digitalize its board members with updated online tools, such as board portal software. Virtual board software can unite your senior management and streamline their tasks. You need to hire only up-to-date and skillful leaders for your company, just like Belfort did.

2. Turn your workforce into your loyal companions

Having utterly loyal employees in his firm was another major reason behind his success. Belfort was so popular in his team that they were willing to go any length, sacrifice anything for him and the company. 

How can businesses do this? It is only possible when you give your employees a purpose, a clear goal, and give them everything they need to achieve those goals. Most importantly, don’t forget to consider their financial, social, and mental stability. Help them achieve their personal goals, and they will help you achieve yours. 

3. Never develop an ultra competitive or intense organizational culture

Stratton Oakmont’s culture was simple; high standards and high output. Yes, this pushed his team to achieve new heights but at what cost? His team was willing to sacrifice honesty and morality. In the end, Belfort’s very own organizational values created a toxic culture in his organization. 

Accountability is mandatory at all levels in the organization. When board members (senior management) are obsessed with their personal goals to leave a “thumping” impression among others, they may look for immoral options. How can businesses minimize such a threat? By using a centralized platform, such as board management software, you can bring more automation, accountability and automation to the senior management.

4. Don’t indulge too much in your employees’ past

Belfort didn’t go for high-profile employees. Rather, he hired some very desperate people and looked into their willingness and frustration to do something big. He went beyond their resumes and past achievements. In short, he hired some “wrong type” of people, gave them confidence, groomed their skills, and turned them into a high-skilled workforce.

5. Use social gatherings to create strong bonds between employees

Yes, social gatherings in the movie were mostly unhealthy, promoting a misogynist approach in the employees where treating people poorly was normal. However, it was the creativity behind those gatherings that helped people develop a stronger bond between them. Belfort’s organizational and social culture resonated; this made employees more comfortable. Lesson? Create more social gathering opportunities for your employees to develop a better understanding of each other.

6. Remember: When you have poor life standards, everyone around you is affected

Going to jail wasn’t the hard part for Belfort because he acknowledged his mistakes and made peace with them. What made things difficult for him was his child’s reaction when he was trying to explain why he was going away. 

Poor choices, dishonesty, and immorality at senior managerial levels can pollute the whole organization. If your organizational leaders are not “clean,” you cannot expect honesty from lower-level employees. Advice? Get your board members at a unified platform like virtual boardroom software to bring more transparency in all processes. 

7. Never give up

Belfort’s sales business failed, and he became bankrupt at the age of 25. Then, he was kicked out of L.F Rothschild. But we all know what happened next and what he became. Never stop chasing your goal no matter what happens.

Final words

Belfort may not be a role model for entrepreneurs and businesses because of his corruption and dishonesty. But he succeeded because he never gave up, built a loyal workforce, and was very much clear about what he wanted to achieve; this is what everyone can learn from him.