Lessons From Billionaires
YOU South Africa|23 April 2020
Ever wondered why some people succeed and others don’t? Why some lives are more remarkable than others? After studying entrepreneurs for decades, financial commentator Bruce Whitfield has concluded it’s mainly down to mindset, and it might also help if you’re a little mad
Lessons From Billionaires

There’s a 47-minute video I once shot on my phone. I can’t tell you how many times I’ve watched it. It was an interview I did with retail magnate Christo Wiese in 2017 as his world was collapsing around him. He’d not yet come to the final realization that Markus Jooste, his trusted lieutenant, would soon stop returning his calls and issue his mea culpa apologising for “mistakes”, accepting responsibility for Steinhoff ’s imminent collapse.

Less than a week after our conversation, most of Wiese’s fortune had evaporated. Auditing firm PricewaterhouseCoopers (PwC ) would later uncover the details of R105 billion in corporate fraud – the biggest in South Africa’s history.

Looking at Wiese and his responses to my questions about the multinational retailer he and Jooste were then building, I can see no obvious signs of distress. Either he was a consummate poker player or he had no idea about the catastrophe that was about to befall his empire.

What was it in Wiese’s personality that allowed him to mastermind his stellar rise? He’d become one of the most extraordinary entrepreneurs the country has seen in the past half-century. And was there anything in his character that contributed to his losing most of his fortune in a matter of a week when Steinhoff, once the sixth most valuable company on the JSE, went into freefall, hemorrhaging billions?

“To be an entrepreneur you have to be quite mad,” Christo told me, without a hint of irony. “There’s so much in the world that’s beyond your control. If your personality is such that you focus on all those things that can go wrong, you’ll never get started.”

Denne historien er fra 23 April 2020-utgaven av YOU South Africa.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra 23 April 2020-utgaven av YOU South Africa.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA YOU SOUTH AFRICASe alt
PUSHED TO THE LIMIT
YOU South Africa

PUSHED TO THE LIMIT

The unusual relationship between an heiress and her husband has taken a sinister twist

time-read
5 mins  |
5 September 2024
HOW TO MAKE A SUPERBABY
YOU South Africa

HOW TO MAKE A SUPERBABY

Noor Siddiqui says her company can test embryos for hundreds of conditions from diabetes to Alzheimer's. Critics call it social engineering but she insists she's just giving prospective parents the means to avoid a lot of future heartache

time-read
10+ mins  |
5 September 2024
THE GROWN-UP BRAIN
YOU South Africa

THE GROWN-UP BRAIN

If you think your brain deteriorates as you age, think again!

time-read
3 mins  |
5 September 2024
THE eyes HAVE IT
YOU South Africa

THE eyes HAVE IT

They're the windows to our soul - and the first place to show the stresses of everyday life. Juliette Winter reveals expert tips to de-puff, brighten and smooth this delicate area

time-read
1 min  |
5 September 2024
WE'RE IN THIS TOGETHER
YOU South Africa

WE'RE IN THIS TOGETHER

It hasn't been an easy road but now this bodybuilding couple are making waves in the industry

time-read
4 mins  |
5 September 2024
I CAN'T WAIT FOR SUMMER!
YOU South Africa

I CAN'T WAIT FOR SUMMER!

Annetjie's about to get effective treatment for the skin condition that has blighted her life and she's looking forward to hitting the shops and facing the world

time-read
5 mins  |
5 September 2024
'SHE NO THREAT TO ANYONE'
YOU South Africa

'SHE NO THREAT TO ANYONE'

When SA boxer Chris van Heerden's Russian girlfriend went to visit her parents she was thrown in jail and accused of treasonnow he's in a fight to free her

time-read
5 mins  |
5 September 2024
SUNK IN 16 MINUTES!
YOU South Africa

SUNK IN 16 MINUTES!

A sun-drenched holiday turned into a living nightmare for those aboard this luxury vessel

time-read
5 mins  |
5 September 2024
READY TO SMILE AGAIN
YOU South Africa

READY TO SMILE AGAIN

A groundbreaking surgical procedure will restore this Limpopo teen's badly damaged jaw and teeth

time-read
5 mins  |
5 September 2024
HARRY AT A CROSSROADS
YOU South Africa

HARRY AT A CROSSROADS

As the prince turns 40, royal experts paint a picture of a troubled soul- isolated, homesick and struggling to find a purpose in life

time-read
8 mins  |
5 September 2024