Jordan Belfort, the Wolf of Wall Street, appeared at the Los Angeles Convention Center to give an overview of his Straight Line Sales Seminar. Although the seminar was in many ways a direct rip-off of Tony Robbins’ material, Belfort’s lectures were interesting, insightful, and far less corny than Robbins’. (Check out: Jordan Belfort’s 4 Secrets to Success.)
For a lenghty review, including a story about how a groupie made a move on Belfort, click play or go to iTunes.
If you attend a Jordan Belfort seminar, prepare to take a lot of notes. Belfort jumps all over the place. I took detailed notes of the seminar and have reproduced them below.
The Power of Intention Cannot Be Manifested without Action.
Belfort spoke of the Law of Attraction as its currently understood in The Secret with appropriate dismissiveness. Rather than sit passively by, a person must take action towards his vision. You must move closer to what you want to attract.
Belfort focused on two primary means of self-development. According to Belfort, a person must master his inner and outer world of success.
(The Two Worlds You Must Operate in to Achieve Mastery)
4 Rules of Outer Game
A person must have an understanding of the world around him. You must master these four outer rules of business.
1. Rules of entrepreneurship (fail elegantly, succeed elegantly).
a. Fail elegantly – learn from your mistakes.
b. Succeed elegantly – don’t grow too much too fast. To grow, you must learn to sell your vision of the future. Don’t delegate immediately. Rather: (1) optimize, (2) systemize, (3) delegate.
2. Marketing (Internet Marketing and traditional marketing).
Marketers find buyers, attract traffic, build an email list, etc. Marketers separate prospects from buyers.
3. Sell, influence, and persuade.
Sellers turns buyers into customers. The first person you have to sell is yourself.
4. Multiple streams of income.
Start seeking multiple income sources. You don’t need to be rich to start seeking out alternative sources of income.
4 Rules of Inner Game
1. State management (in the moment, how you feel, war paint).
a. Four states winners master: Certainty, clarity, courage, confidence.
b. Four states losers master: Uncertainty overwhelmed, fear, self-doubt
(Physiological / Emotional States)
Note: Matthew McConaughey “war cry” in Wolf of Wall Street did not come from Jordan Belfort. Rather, that war chant is what Matthew McConaughey himself uses before a scene to get into peak state. When the producers saw McConaughey doing the chant, they asked him to work it into the scene with Leonardo DiCaprio.
(Improving Your Posture Will Increase Your Ability to Change Your State.)
Beliefs are the “bullshit stories you tell yourself.”
“People won’t follow you if you set a goal. People follow you if you had a vision.” – Jordan Belfort
a. Vision: “Happiness isn’t where you are. It’s where you think you’re heading. You don’t have to get rich to feel good. You feel good once you start going for your vision.” You have to see it to want it.
b. Focus: Learning how to focus on vision rather than on what you’re afraid of. Most focus on where they don’t want to go, of what they’re afraid of. We move in the direction of our focus. We also attract what we focus on.
Standards are your long term indicator of success, your thermostat, what turns you on and off. Belfort always had high financial standards. He told the story about selling ice cream in the beach. Where as Belfort’s friends were content to sell enough in one week that allowed them to rest all Summer, Belfort worked all Summer long.
“What people call a work ethic is really just the standard that people hold themselves to.” – Jordan Belfort
2 Types of People in the World
1. Reason people.
They always have a reason why they can’t do something.
a. Story they tell themselves why they can’t have what they want.
b. Impossibility notion. They are perpetual planners, always planning by never launching.
2. Results people.
They don’t tell themselves a story, they take action. If you lack a skill, you go out and get it.
Jordan Belfort used Warren Buffett as an example of an action person. Warren Buffett was terrified of public speaking. He sought out the resources he needed to become a better speaker, namely Buffett attended a public speaking seminar by Dale Carnegie.
(Warren Buffett talks about the importance of public speaking.)
Jordan Belfort on writing vs speaking
Jordan Belfort learned how to write by reading Bonfire of the Vanities by Tom Wolfe (Amazon). Belfort modeled his writing off of Bonfire. Deconstructed it.
Belfort did the same with Fear and Loathing in Las Vegas by Hunter S. Thompson (Amazon).
“You don’t have to know your mentors. I didn’t know Tom Wolfe.” – Jordan Belfort
The Straight Line Sales Method
After going through the rules of inner and outer game, Belfort introduced his Straight Line Selling Method.
A perfect sale (a “lay down,” in sales terms” goes is a straight line. You make the call and you close the deal without any objections.
To create a straight line for your product, use backwards planning. Work back from yes. What has to happen in every step leading up to yes?
Call >>>>>>>>>>>>>>>>>>>>> Close the deal.
Once a client makes an objection, you have veered from the straight line. Objections create a crooked line. The mindset is to answer the objection before returning the buyer back on the straight line.
First four seconds of conversation made Jordan perceived a certain way. His prospects gave him control.
(“You have four seconds to establish three things with a customer.” – Jordan Belfort)
3 things to show a buyer in first 4 seconds of a sales call
1. Sharp as a tack.
Show that you are smart and knowledgeable about your subject. When in doubt, “Act as if…”
2. Enthusiastic as hell.
a. Below the surface enthusiasm. Be subtle.
b. Show enthusiasm through body language and tone of voice, which are 90% of how you make a sale.
3. Expert in your field.
People trust experts. Establish yourself as a trusted authority.
How do you respond to objections that take you off of the straight line?
At Stratton Oakmont, Jordan Belfort was having trouble with his brokers. Although Belfort could sell, he was having trouble teaching his methods to his brokers. Belfort asked them what the problem was. “There are 1,000 objections,” the Stratton Oakmont brokers would say.
Belfort got up next to his whiteboard. “List them,” he told the guys.
The guys were only able to list 12 objections, and many of them were repeats. The objections included: “I don’t have money,” “It’s a bad time to invest,” and, “My wife won’t let me invest.”
Belfort created an answer for each objection and trained his sellers how to overcome these objections.
Mike’s Random Observations about Jordan Belfort’s Seminar
More cerebral than Tony Robbins. Tony Robbins played too much hokey music. However, Belfort’s material comes directly from Tony Robbins. Anyone who has attended a Tony Robbins Seminar will see the similarities.
When I looked around, I noticed that 90% of people were not taking notes. Even people who spent time and money to attend Belfort’s seminar would not take action and apply what was taught.
There was a get-rich-quick infomercial during the seminar. Someone else held that “lecture.” People lined up to sign up for the get-rich-quick scheme.
Overall, the Straight Line Sales Seminar was good information logically presented.
Belfort told lot of stories. These stories were bit redundant if you’ve read WOWS. But there are hidden meanings in Belfort’s stories. Belfort’s mindset is revealed in these stories, even though he doesn’t explicitly state his mindset.
Belfort’s entrepreneurial mindset was always to look at his bosses and think, “Why am I working for these people rather than doing what they do?”
He spent months with Leonardo DiCaprio and taught DiCaprio his whole straight line sales process. Watch Wolf of Wall Street to watch Leo to see how he talks, what he says, etc. Pay especially close attention to DiCaprio’s body language in first close film scene.
Ultimately the 3+ hour seminar was a sales pitch for his longer seminar and coaching program. Given what I saw at the seminar, I’d image it’s mostly sheep who find themselves at longer seminars with the wolf.
Read more: The Wolf of Wall Street (Amazon).
(Check out these videos on State Control and Mindset.)