Stratton Oakmont’s initial success was based on two premises:
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.
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
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:
Why were Jordan Belfort and Danny Porush a good team?
Because they were very different:
They were both good at different things – but together they were a great combination.
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.
Belfort gathered intelligence by:
Jordan Belfort carefully guarded his secrets by:
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.
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:
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
The core value of Stratton Oakmont was to seize the day. What this really meant to the employees was to:
Which core values do you think are easier to communicate to the employees and make them live by?
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 sought 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
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
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
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
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