Jordan Belfort's Leadership and Crisis Leadership During COVID-19 Case Study

Leadership Insights from Jordan Belfort and the COVID-19 Pandemic

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Introduction: Jordan Belfort's Leadership and Crisis Leadership During COVID-19

The film "The Wolf of Wall Street" presents an influential case study of Jordan Belfort, which can be utilised to analyse leadership within a speculation firm that participated in unethical mercantile activities. Belfort's character and leadership style have been subject to analysis by the academic community, employing a range of leadership theories and concepts to elucidate his actions and his company's achievement. Belfort established a remarkable leadership characteristic by exerting dominance and influence, which had a significant impact on the civilisation of his company, Stratton Oakmont. The subjects display a noteworthy degree of power over his primarily male and youthful staff, who were stimulated by financial incentives and a competitive environment, as a result of his autocratic leadership approach (Meng, 2023). Belfort's leadership efficacy was augmented by his adeptness in communication and his adept utilisation of knowledge and familiarity to attain both positional and personal sway.

However, Belfort's deficiency in integrity, a crucial attribute for effective leadership, was also evident. The implicated enterprise engaged in unethical commercial practices that ultimately led to its downfall. The enterprise specifically targeted affluent investors through deceitful actions. Belfort's leadership style was marked by a focus on immediate financial benefits and a tendency to engage in risky behaviour, ultimately resulting in the downfall of the company.

The assessment of Belfort's leadership style can be conducted through the lens of leadership theory, which encompasses fundamental principles such as ethical leadership and transformational leadership. The concept of ethical leadership underscores the significance of ethical standards and principles in guiding the conduct of leaders, whereas transformational leadership highlights the criticality of a leader's capacity to stimulate and encourage their adherents towards accomplishing their objectives.

Belfort's leadership style can be classified as transformational, given his ability to motivate and empower his team to exert significant effort and achieve success. The individual demonstrated inadequate ethical leadership by not sufficiently adhering to moral principles and values (Ridho and Ningsih, 2022). The organisation was ultimately dissolved due to his actions. The case of Jordan Belfort provides a valuable framework for analysing the traits and actions that facilitate successful leadership. Despite Belfort's demonstrated ability to effectively influence his subordinates, his insufficient ethical standards ultimately rendered his leadership position untenable. The examination of the case study offers significant insights that can be applied to various contexts, underscoring the significance of ethical leadership in achieving sustainable financial prosperity.

Analyses

The case study of Jordan Belfort exemplifies how a corporation can succumb to conventional management practices that prioritise short-term profits over long-term viability. The efficacy of Belfort's transactional leadership style in motivating his followers was attributed to the repetitive nature of brokers' jobs and the structural characteristics of the profession (Biehl and Satama, 2023). The communication between the leaders and their adherents was focused on the magnitude of attaining financial success, whereby the supporters were remunerated open-handedly for engaging in unethical behaviour. Although Belfort's leadership style was successful in establishing organisational leadership, it ultimately resulted in the collapse of his enterprise and the termination of numerous employee careers. To ensure the long-term sustainability of the organisation, it is recommended that followers refrain from participating in Belfort's unlawful actions, which are rooted in his conceit and craving for adulation (Daniel, 2020).

Transactional leadership, a leadership style that prioritises the exchange of rewards for performance, is effective in specific circumstances. Nonetheless, it is imperative that ethical principles are upheld and the long-term sustainability of the organisation is not compromised. Enhanced followership can be inspired by leaders who endorse ethical ideals and principles, while also taking into account the long-term impact of their decisions on the organisation and its stakeholders.

Critique of leadership case

The analysis of the leadership case study concerning Jordan Belfort can offer valuable insights into the detrimental effects of unethical and immoral leadership practices (Ciotti et al. 2020). The aforementioned assertion underscores the crucial significance of moral and ethical leadership, as it serves as a decisive element in the prosperity or downfall of an entity. The article elaborates on Belfort's autocratic management style, which impeded effective communication, established a one-way flow of information, and impeded the seamless exchange of ideas and feedback.

The presented case study demonstrates a correlation between Belfort's deficient moral and ethical principles and the subsequent collapse of his enterprise (Zhao et al., 2023). The dissolution of the corporation had negative consequences for both the institution and its staff. Belfort's unethical behaviour, coupled with his noncompliance with legal and ethical standards, led to legal consequences and the deprivation of livelihood for a considerable portion of his adherents, in addition to besmirching his standing. Based on the available data, it can be inferred that Belfort exhibited a wide range of admirable leadership traits, such as the capacity to motivate and advance his team. The person demonstrated a high level of self-assurance in their team's competencies and furnished them with the essential resources, encouragement, and assistance to attain triumph. The managerial methodology utilized by the individual in question was considered insufficient as it enabled unauthorized and unlawful behavior among the personnel, leading to a negative impact on the overall strategic blueprint.

The examination of the case study regarding Jordan Belfort yields noteworthy and original perspectives on the consequences of unethical and amoral leadership behaviour. The aforementioned assertion underscores the importance of leaders upholding high moral and ethical standards, serving as exemplars for their followers, and giving priority to the welfare of their respective groups and societies (Meng, 2023). Leaders who prioritise their financial interests over the well-being of their followers and organisations are more susceptible to failure and may encounter legal and reputational ramifications. The case mentioned above serves as a reminder to leaders regarding the importance of prioritising moral and ethical principles over autocratic leadership philosophies that hinder communication and promote dishonest behaviour.

A contemporary situation (leadership during the Covid-19 crisis)

The COVID-19 pandemic, which commenced approximately 18 months ago, has exerted a substantial influence on the worldwide economy and political administration (Sher, 2020). Organisations have adapted their operations to align with the current circumstances, commonly referred to as the "new normal," as the characteristics of the pandemic have become more comprehensible. While certain CEOs were able to effectively navigate the crisis, a proportion of them experienced adverse outcomes, such as the cessation of their businesses. The presence of effective leadership is imperative during periods of instability to capitalise on opportunities and sustain competitiveness, given the fluctuation in corporate performance. The ongoing COVID-19 pandemic presents an opportunity for aspiring leaders to develop crucial leadership skills that can enhance their employability and enable them to effectively manage challenging situations (Gottschalk, 2020). The requirement for efficient actions during the initial stages of a crisis is of utmost importance, especially when there is a dearth of established methodologies and resources. It is imperative to acknowledge that every crisis exhibits unique attributes, rendering it unfeasible to formulate overarching generalisations about the attributes of effective leadership that are universally applicable to all crises.

The objective of this study is to establish and validate a comprehensive crisis leadership framework that can address the deficiencies observed in the existing crisis leadership literature through empirical investigation. The present study aims to evaluate the efficacy of the model in addressing the issue, utilising knowledge gained from the ongoing COVID-19 outbreak (Hale, 2020). The study's outcomes and suggestions have the potential to provide advantages to upcoming leaders in their capacity to manage crises and execute efficient tactics.

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Conclusion

The utilisation of transformational leadership is a promising leadership paradigm that can be applied in the context outlined in the case study concerning leadership amidst the COVID-19 pandemic. Transformational leadership is characterised by four key attributes: highly idealised influence, inspirational motivation, intellectual stimulation, and individualised consideration. Transformational leadership is a leadership approach that involves the leader inspiring and motivating their followers to work together towards a shared objective.

Transformational leaders demonstrate the ability to motivate and inspire their followers to adapt to the prevailing conditions and implement the requisite adjustments to their operations amidst the COVID-19 pandemic. Amidst a situation characterised by a lack of clarity, individuals who are affected would have demonstrated competence in articulating a unique perspective regarding the future direction of their organisation and adeptly communicating this perspective to their employees. Moreover, it can be contended that transformational leaders demonstrate the ability to provide individualised consideration to each member of their team, acknowledging that each individual is encountering unique challenges and furnishing aid accordingly. Furthermore, the ability of transformational leaders to exhibit adaptability and innovation in reaction to alterations is widely recognised. The significance of this would have been paramount in the context of the COVID-19 pandemic, given the unprecedented challenges posed by the outbreak, which necessitated innovative approaches. In times of crisis, leaders who demonstrate transformational traits possess the ability to engage in innovative cognition and formulate original tactics. This facilitates their entity to not just endure the obstacles but also flourish.

The COVID-19 pandemic presents a significant occasion to examine and scrutinise the practical application of transformational leadership theory in the context of the ongoing global health crisis. The current theoretical framework prioritises the importance of motivating and inspiring followers, effectively communicating a well-defined vision, exhibiting adaptability, and utilising inventive tactics to guide an organisation through a period of turmoil.

References

Biehl, B. and Satama, S., 2023. Popular Culture and Leadership.The SAGE Handbook of Leadership, p.418.

Biehl, B. and Satama, S., 2023. Popular Culture and Leadership.The SAGE Handbook of Leadership, p.418.

Ciotti, M., Ciccozzi, M., Terrinoni, A., Jiang, W.C., Wang, C.B. and Bernardini, S., 2020. The COVID-19 pandemic.Critical reviews in clinical laboratory sciences,57(6), pp.365-388.

Daniel, S.J., 2020. Education and the COVID-19 pandemic.Prospects,49(1), pp.91-96.

Gottschalk, P., 2020. United States: Jordan Belfort. InCase Studies of Executive Deviance(pp. 99-109). Edward Elgar Publishing.

Hale, N., 2020. Section 230: The Valyrian Steel for Website Operators, and Why a Tax Credit Is the Best Solution to a Safer Internet.Pace L. Rev.,41, p.281.

Meng, X., 2023. Research on the Influence, Value, and Development Strategy of Chinese University Teachers’ Leadership—Based on the Perspective of Distributed Leadership Theory.Research and Advances in Education,2(1), pp.27-35.

Ridho, M. and Ningsih, T.W.R., 2022. Hedonism practices as reflected in the main character in the Wolf of wall street movie.ISLLAC: Journal of Intensive Studies on Language, Literature, Art, and Culture,6(1), pp.1-10.

Sher, L., 2020. The impact of the COVID-19 pandemic on suicide rates.QJM: An International Journal of Medicine,113(10), pp.707-712.

Zhao, L., Yang, M.M., Wang, Z. and Michelson, G., 2023. Trends in the dynamic evolution of corporate social responsibility and leadership: A literature review and bibliometric analysis.Journal of Business Ethics,182(1), pp.135-157.