Africa’s First Black Billionaire Motsepe Says Best Entrepreneurs Exude Musk-esque Confidence

Topline

The most successful entrepreneurs boast a belief in their businesses that can border on arrogance—like that of the world’s wealthiest man, Elon Musk—Africa’s first black billionaire Patrice Motsepe said Monday during the Forbes Under 30 Summit Africa Summit in Botswana.

Billionaire Patrice Motsepe pictured at Forbes’ Centennial Celebration in New York City in 2017.

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Key Facts

At the summit, Motsepe talked about an anecdote told to him by billionaire venture capitalist John Doerr, who Motsepe said believed Musk was “unimpressive . . . very arrogant and very cocky” in an early pitch meeting.

“I’m not saying [entrepreneurs] must be cocky and arrogant . . . but I think [Musk] believed so much in what he was doing . . . he succeeded,” said Motsepe, who used the anecdote as a way to instruct entrepreneurs to exude confidence in their ventures.

Motsepe, who became the continent’s first Black billionaire in 2008, thanks to a fortune amassed in the mining industry, said he, too, faced significant pushback from investors who did not have the same blind belief in his vision to buy unsuccessful mines that later became the key to building his business empire.

Crucial Quote

“If you look at the most successful entrepreneurs in the world, the common feature amongst the majority of them is that when they started, everybody said to them . . . this thing won’t succeed,” Motsepe said.

Big Number

$3 billion. That’s how much Motsepe is worth, according to Forbes’ latest estimates, making him the third-wealthiest person in South Africa. Motsepe now serves as president of the Confederation of African Football, the continent’s governing body for the sport.

Tangent

Musk was born in South Africa and lived in the country until he immigrated to Canada at 17 years old. The CEO of Tesla and SpaceX, Musk founded SpaceX and joined Tesla at the electric vehicle maker’s early stages.