Connect with us

Business

How you can learn from the rise of Straton Beaumont and from the Wolf of Wall Street

LilyKing

Published

on

Every business’s dream is to survive, thrive and eventually succeed. Growth takes time, plus monetary and personal investment. The Wolf of Wall Street however was a different case. This movie was based on a Wall Street stockbroker Jordan Belfort and Danny Porush, who owned Stratton Oakmont Inc.

Stratton was the biggest over the counter (OTC) brokerage firm in the country between the late 1980s and 1990. It started off as a small firm, bought a broker-dealer and later bought an entire firm.

They ran schemes that involved inflating share prices, providing false statements about stocks and even holding on to stock to drive their prices even higher. Eventually, they would sell these cheap stocks at a high price.

Important lessons from the rise of Stratton Oakmont

Although the company was based on unorthodox ways, running a company from the ground up needs skills and discipline. Here are some guidelines to run a successful business.

Execute Your Ideas

Stratton Oakmont’s success was based on two conditions:

  • The rich love gambling – especially when it seems like an authentic business opportunity. Although others in wall street had the same idea, none had been able to execute it successfully
  • Teaching uneducated young minds to sound professional as stock brokers over the phone

Simplicity

Keep things simple. Belfort’s ability to transform young people without a sales background or an education into charismatic stockbrokers was based on simplicity. Keeping instructions simple in a way everyone would be able to digest understand and execute.

Word quickly spread about a businessman who turned uneducated people into young millionaires

Have a loyal team

Jordan Belfort surrounded himself with loyal people. Danny and Kenny, his two old friends were not the brightest people but they were Belfort’s fiercely loyal long term friends. The upside was

  • It reduced the chances of being double-crossed by two-faced employees.
  • Prevented Belfort from making the wrong decisions supported by ‘yes employees’ – a loyal team will raise their concerns if a decision doesn’t sit well with them.

Dress for success

Stratton Oakmont made sure that from the onset, all employees were well-dressed. The good dressing was meant to boost their self-esteem and charisma. A tailor was hired to make suits for new employees.

Diversify Management for Competence

Management should be made up of people with a diverse set of skills to fill the gaps. Belfort and Danny Porush were very different in social structure and management skills.

While Belfort couldn’t sleep, Danny would fall asleep anywhere.

Belfort was a strategic leader and good at delegation; Danny was the enforcer- brutal and very hands on to put the team in its place.

Belfort was analytical and paid attention to long-term results. Danny was short-sighted and emotional. Their differences made them a great combination.

Gather Information on your Rivals and enemies

You should always be one step ahead of the rivals, enemies and the competition. In the wolf of Wall Street, Belfort befriends an FBI agent – Jim Barsini, who fed him information on ongoing investigations on his firm. 

He also planted bugs on security and Exchange Commission (SEC) people during their investigation on Stratton Oakmont

Keep your secrets safe

Jordan Belfort kept his secrets by:

  • Drafting legal documents that shielded him of all his shady deals
  • Never discussing business deals over the phone
  • Having regular bug checks at the Stratton office and employees’ houses as well
  • Using payphones and other forms of communications that wouldn’t be listened in on

Although Belfort did this to cover his illegitimate operations, having information is equally as important for your legal business.

Learn from past mistakes

Studying history usually exposes one to previous mistakes made and gives insight on how to avoid such occurrences. You will have a chance to learn what made some people succeed and others fail. Study those who came before you else you are bound to repeat their mistakes.

Have a set of core values

The core value as per Belfort was to seize the day. To the employee, it meant making as much money as one can, beat colleagues who made more money and live a better lifestyle.

For contemporary companies learn to enforce sustainability, integrity, among other values that are easy for employees to follow and live by.

Establish a reputation

In Stratton Oakmont’s case, there was no point in proving that employees made a ton of money. One look at the well dressed, racially diverse, not fully matured young man making noise in long Island was enough.

Even though they did not have it together, no one could tell. Establishing concrete company culture elevates the portrait.

Set standards and lead by example

Be an industry pacesetter, but positively. Hold seminars, webinars or corporate events in prestigious places. It creates a sense of class and might attract top-tier clients.

Everyone at Stratton Oakmont was living a luxurious life. Nobody spent more money on women, drugs and parties than Belfort himself. He set the mark so high and expected the employees to follow suit.

Reward good work

Set targets and reward hard work for employees. If you want to have the right staff in place, use commercial finance to ensure you can hire the best of the best.

Apart from Belfort overpaying way above the stockbrokers going rates, the hardest working brokers were allowed to branch out and start off with Belfort’s guidance. This kept Strattonites focused hoping one day it is their shoulder Belfort will tap in a meeting and offer them a way out.

Make your team dependent on you

Having your hardworking team’s loyalty doesn’t eliminate independence. By making even more money Belfort made the team lean on him. He encouraged them to spend their money and promised them even more.   

Create expectations

Employees at Stratton were expected to reach the expected threshold, make a lot of money and nothing else. Money was the only thing that was expected. Anything less than what was expected rendered one a laughing stock.

Regardless of the toxic nature of the wolf of Wall Street, the business model was well crafted. Succeeding in business – even a crocked one, takes good management. Belfort was a morally twisted individual but excellent at executing his business ideas.

Hi. I am Muhammad Mubeen. I am SEO Expat and Wordpress Websites Developer &  Blogger. 27 years old. I help entrepreneurs become go-to in their industry. And, I like helping the next one in line. You can follow my journey on my blog, All Note AbleB2B Guru PlanCross ArticleDj Soft WorldFinance PressHufforbesLife Health Press BusinessStrong ArticleThe Top StoriesUS Update ZoneBusiness TodayScience NewsEssay Writing AcademicElite Guide Health If you need any post so you can email me on my this Email: [email protected]  

Business

Checklist for Printing Custom Chinese Takeout Boxes

LilyKing

Published

on

Chinese cuisine is avidly eaten worldwide with variations of recipes and ingredients. Businesses associated with Chinese food include restaurants, takeaway places, and stalls. Handing over and delivering food to customers requires hygienic and durable packaging. If you have a Chinese takeaway spot, just having scrumptious dishes isn’t enough to get you more sales and customer loyalty. The food that gets picked up and delivered needs to stay warm, fresh and delectable for a long time. It should be easy for the customers to store the boxes. There are a number of factors that need to be considered while getting your custom Chinese takeout boxes printed.

Use Resilient Stock for Chinese Takeout Boxes

The first and foremost factor that should be considered while getting your takeout boxes printed is the quality of material to be used. Don’t go for cheap and light stocks; look out for printing material that is long lasting, durable and hygienic as well. Kraft is widely used for food packaging by manufacturers and suppliers because of its recyclable value. You can have kraftChinese takeout boxes for your products, these don’t have any harmful chemicals as kraft paper is grown on trees and it can be recycled easily.

Prefer Boxes with Handle

While choosing the box style, look out for options that are convenient to carry, store and handle. Any packaging style that is too fancy would make it difficult for the consumers to open up the boxes and eat, think about customer convenience. A box with handle, much like a gable box would be easier for the customers to carry food and eat it with ease. It would be convenient for the delivery team as well to safely transport ordered items that are packaged in boxes with handle.

Details on your Chinese Takeout Packaging

Food packaging ought to have the necessary details to save the customers from the hassle. There should be a list of possible allergens, as many people are allergic to nuts, fish and other ingredients. Make sure that the date of preparation and expiry are also mentioned vividly on the packaging boxes. Don’t miss out essential information like packaging storage instructions on your custom printed Chinese takeout boxes.

Don’t Miss out on your Branding Info

You would want your customers to order from you again. So don’t miss out your contact details like phone, website, app, email and social media information on the packaging. However, make sure that information is shared in fewer words and is printed prominently. The logo and tagline should be visible on a Chinese takeout box even from a distance.

Choose the Right Printer

A likable design for your product boxes and quality stock/finishing depends on the kind of printer you choose. Take your time to compare various printing companies, especially when you intend to pick an online one. Read reviews and have a detailed look at genuine customer testimonials.

The most important elements of the service like printing/shipping time, customer/design support should be gauged thoroughly. Don’t fall for the exaggerated or too good to be true claims of a printing service provider. Talk to a sales representative to know more and better about a company before locking your final option.

Make sure that you choose the services of a credible printer for your Chinese takeout boxes printing.

Continue Reading

Business

The office stationery you have to have in your new start up

LilyKing

Published

on

Building a business from scratch is challenging. As such, new business owners often have limited resources in the beginning. You may be having to budget your labour, money, and time to expand the business. You may have to juggle many responsibilities. If you are embarking on a small startup, then for sure, it’s an uphill battle in the beginning.
But it should be exciting too! Now that you have a small business that’s big enough to be positioned in an actual office space, it’s time to shop for stationery, office supplies, furniture and storage solutions. And then it’s time to celebrate!
Office stationery is a necessity when it comes to keeping yourself and your business organised, and your processes running smoothly. Documents also need to be managed through information technology. So get kitted out with these new start-up office management essentials!

Office Stationery

● Desk Supplies

Begin with the real basics of the office. Items such as paper clips, rubbish bins, pens, tape, and highlighters. These items should not be taken for granted. They are considered essential items for a reason! They will help you take notes, keep tidy records, be creative, and organise your systems and your daily business schedule. Having the right office supplies enhances productivity.

● Apps and Software

Irrespective of your device, you’ll need software and a few apps to assist you in managing your new business. Such tasks may include making payments, invoicing clients, scheduling appointments, and maintaining your blog or website. It may also involve monitoring your social media presence. One of these apps is GoCo. For small business owners, human resources may be a terrifying mystery. There’s so much to get right and learn. If you are running your first startup, it may be difficult to devote the personnel that is needed to handle all the office work. GoCo will help you with your office management. It is also a platform to support with your human resources. It helps with time-tracking, document management, and payroll management.

● Printing Supplies
Now that you have the technology you need for your startup, you need the supplies as well. If you have an office printer, then you should keep spare cartridges, toners, and ribbons handy at all time. There’s nothing worse than realising in the middle of a vital print job that you have run out of printer ink. Also, CDs and tapes will come in handy if there is a need to record work.

● Files and Folders

You need files as well as folders on your desk too. You should store documents such as licenses, certificates, sanctions, and others carefully. Files are a vital part of the office supplies. They speak volumes to your customers about how seriously you take and how disciplined you are regarding organisation.

● Writing Tools

You should store plenty of writing tools in your office. These should include pencils, erasers, and rulers. These are the basics. Have adequate supplies of various types of devices used for writing for multiple purposes. If the startup needs you to draw sketches or business plans, have pencils and brushes available too.

● Mailing Supplies

When it comes to distributing emails, invoices, paychecks, and other vital documents, you’ll require something to send it in. You should stock envelopes and postage materials.

● Planning- Time Tracking

The busier you become in the new business, the more vital time management becomes. You may have a calendar on your phone. It may also be synched with the official calendar. But, it’s crucial to view things in relation to other aspects such as the possibility of holding a meeting. That’s why you should purchase a planner and hang it on the wall to track your appointments. Sometimes it’s just vital to see something on paper.
● Rubbish Bins

Your office can’t do without a rubbish can and waste paper bins. Keep one of each next to every work station. You should also keep one near the coffee machine. You’ll also need bags to put the rubbish in.

● Scissors

Cutting tools are a necessity in the office. Scissors, as well as paper cutters come in handy, especially with the inbound letters and parcels. You’ll be amazed by how many pairs of scissors get lost, so have plenty around!

● Office Machinery

Having the right electricals in your small business is essential. Having the wrong equipment may set you back. It may prevent you from reaching your potential. The necessary hardware in your office should encompass computers as well as a proper networking system. They include a photocopier as well as a telephone. Without basic machines, the business may struggle to access better communication channels and reach clients.

● Office Comfort Equipment

It’s important to create an environment in which employees feel comfortable, valued and energised when they are working. This will play a key role in reducing injury, stress, work tensions and lack of motivation. Invest in good, high quality office chairs. To do anything else is a false economy as it will only result in injuries. They should be ergonomic to help reduce neck pain. They can also alleviate back pain. Other methods that can help reduce muscle pain include purchasing wrist rests and footrests. You may also consider buying laptop stands.

Starting up a small business you will need office stationery, supplies, and equipment. Buying items such as printers, fax machines, and computers will be the most significant expense of your startup. But, if you plan well, you’ll be able to control office start up expenditures by purchasing the right items that last a long time. It may also be beneficial to purchase heaters and air conditioners, and don’t forget that other essential… the coffee machine! The right basics can transform your office space into a great success story and a motivating force for your employees and your business.

Continue Reading

Business

You can actually make your will online – here’s how

LilyKing

Published

on

Understanding The Elements of a Will

When making a will, it’s crucial to have a clear understanding of the different elements and legal terms which go together to make a will legally valid.

A will refers to a legal document in which an individual, otherwise known as a Testator, expresses his or her wishes regarding how they want their assets to be distributed when they die. Assets just means everything you own which will need to be redistributed when you die. It could mean money and land and houses, but also your smaller items of property such as books, jewellery and even photos and diaries.

Usually, the subject names one or more individuals as the Executor of the will. The executor refers to the person (or persons) who are responsible for ensuring the testator’s wishes are carried out after their death.  It’ll be up to the individual you’ve appointed to follow your instructions to the letter.

The will should have a record of every detail regarding how you want your property to be shared among your beneficiaries. Beneficiaries are simply those people who will benefit from your will in some way or other. You can name whomever you wish to be your beneficiaries. Most people pass their assets to their spouse, children and other close family, but some people choose others including charities and organisations to benefit from their will.

Why Write a Will

Most people – two thirds of people in the UK in fact – don’t have a will. Perhaps they consider it complicated to arrange, or they don’t feel they have assets worth enough to make a will necessary. More often than not, people put off writing a will because they worry about the costs involved. All of those fears are in fact unfounded.

Writing a will – no matter how small or large your assets are – is one of the most important jobs you will do in your lifetime. Think of how much peace of mind it would give you to know that your loved ones will be well taken care of after your death and that your assets will be going to those whom you know will appreciate them and understand how loved it meant they were by you.

Creating a will has become far easier with the advent of technology and the use of online will writing services. You can now create legal documents promptly and easily, and without any of the expense that used to be involved in paying a solicitor to write your will for you.

Are Online Wills Legal?

Absolutely. It is perfectly legal to take advantage of the many services that help you create a will online. Such websites provide an online will maker who can guide the user to a tailored, finished product, by asking questions and presenting the various options available. The answers to these questions are keyed into a template and enable the will writer to ensure your will is written in the legal way and with your wishes at its heart. Some websites provide forms and step-by-step guidelines so that you can fill out your will on your own, without input from anyone else. Others offer a DIY template which can be downloaded to your computer.

Are Such Wills Different from the Conventional Ones?

Only in the sense of how they have been made. An online will has the same content and legal weight as a will written in a solicitor’s office with you present. This is as long as the will you’ve created complies with the law and is signed and witnessed in the correct way.

Breaking Down the Process of Creating A Will Online

  • Step 1

Create and write the introduction to your will. You should begin with the sentence “This is the Last Will and Testament of….”,  followed by your full name as well as the address you’re currently using. You also need to testify that you’re of age and are of sound mind. It’s crucial to state that you’re not making the will under any duress. At the end of the first step, you should state that it’s your last will and that it revokes any will that was previously made. If you’re using software, the program will generate the introductory section for you.

  • Step 2

As earlier discussed, you will need an Executor. This person will oversee the implementation of your will. It could be a close friend or a trusted family member. Meet this individual and discuss their willingness to be responsible for execution when you die however, before naming them. Then, if they agree, name them as such in your will. It’s important to select an alternate executor too, in case your first choice is unwilling and unable to perform their duties when the time comes.

  • Step 3

In this step, you should identify your Beneficiaries. This could be your spouse, children, or life partner. You can make additional provisions for other individuals. Ensure you identify these people clearly with their full names so that there is no confusion regarding their identities. The names of the beneficiaries must appear on your online portal.

  • Step 4

In this step, you should name a guardian for your minor children, if you have any. If you have young children who still need guardianship, choose someone who you feel will be able to take good care of all the children’s needs and is close in terms of beliefs, philosophy and attitude to yourself. Discuss the responsibility of the role with those you wish to nominate before naming them.

  • Step 5

Even though you’re creating your will online, you need to have all the details ready thought-out and prepared. As such, you should assess the value of your property and divide it. List all your assets including bank accounts, stocks, tangible assets, bonds, and real estate. Then decide how you wish to split them amongst your beneficiaries. For instance, you can allocate 50 percent to your spouse and 25 percent each to your children. Or you may also make individual gifts of different properties to be allocated to your beneficiaries. The choice is entirely yours but again, it is advisable to discuss your decisions with your beneficiaries if you think any of your decisions may cause confusion or distress after your death.

  • Step 6

Have your will witnessed. This is very important or your will won’t be legally valid and could be challenged or nullified after your death. The online will service will have a signing portal. You will be required to have at least two witnesses sign the will, and witness each other sign it. Usually, they should not be the beneficiaries of the will.

In summary, online will making is a great idea for individuals whose properties are below the estate tax limits. It is also great for individuals who have a straightforward estate. If you have an estate that could be subject to large amounts of tax however, or complicated family arrangements, you should consult a lawyer. Otherwise, take advantage of the online will services that are available and give yourself peace of mind knowing that this important task is taken care of.

Continue Reading

Trending

Copyright ©2018. All rights reserved. Mini Paris News