Magda Wierzycka

Magdalena Franciszka Wierzycka (born 1969 in Gliwice, Poland) is a Polish-South African billionaire businesswoman. She is the co-founder and CEO of Sygnia Ltd, a financial services company.In 2020, the magazine Forbes listed her among "Africa's 50 Most Powerful Women".

Quotes

• “dissociation. At one stage, everyone”[1]
• “I trust this will make your journey easier and inspire you to fight your battles with the knowledge that, in the end, victory can be yours.”[2]
• “As a rule of thumb, if a management fee exceeds one per cent, avoid the product, however enticing it looks.”[3]
• “And if I have one overarching objective in life, it’s to be remembered as someone who made a difference.”[4]
• “Meeting people from all walks of life has taught me to look at all facets of an issue or problem. My views and opinions are never set in stone – a lesson I learnt in childhood, having experienced the realities of communism in Poland and then seeing the perceptions about it outside the country. Listening to a North Vietnamese soldier’s take on the war in Vietnam offers a very different perspective to the Hollywood version most of us grew up with. Based on such experiences, I have learnt to form my opinions based on interactions with many people with differing viewpoints. This has served me well in the boardroom. Respected leaders are those who have an open mind and can see matters from the perspective of a multitude of cultures. Although the internet provides a window onto the world that many believe renders travel unnecessary, it is not a substitute for real-life experiences, for actually interacting with people of different cultures and for learning to problem-solve on the spot. I have drawn many lessons from our travels that I have since translated and absorbed into my working life. Understanding different economies, policies and cultures helps one to think more globally. Global thinking is an essential skill for any business leader, as it is key to making sound business and investment decisions, domestically and internationally. Travelling the world, even for short periods of time with your family, is a valuable way to gain this skill.”[5]
• “We were constantly told that we were the ‘owners’ of the business and had to behave as such. We believed the marketing shtick. I have since learnt that unless you own physical shares in a business, you are not an owner. You remain an employee at someone else’s mercy. It does not matter how attractive the salary, the bonus or the share option pool; you are an employee.”[6]
• “Delegation is difficult when you believe that you can do everything quicker and more efficiently yourself. But there is no scalability in a business model operated by one pair of hands. At the same time, you are not offering others the opportunity to learn and grow. When I finally realised this, my management style evolved into one of delegation and cooperation. For that to work, you need to surround yourself with the right people who share your mindset, core values and, most importantly, have a sense of humour.”[7]
• “It is always better to come forward and tell the truth as soon as possible, rather than wait for someone else to do so. I encourage the same thinking in the organisations I lead. We’re all human. I always assume that, at any given moment, someone is making an error, perhaps a big one. As I’ve said before, the problem is not the error itself, but rather hiding it. My only expectation is that they admit the mistake immediately and propose a solution. It is a philosophy that has worked well for me and for my staff.”[8]
• “I don’t wish anyone ill and I don’t bear grudges. I don’t look backwards other than to search for learning opportunities. Life is too short for that. I do believe, however, that people’s choices bring either good luck or misfortune, so choose wisely.”[9]
• “Being a true leader, as opposed to a competent manager, requires a willingness to get your hands dirty. I have said before that I do not expect anyone to do a job I cannot do myself. While this is clearly unrealistic as a company grows and expands, the perception of being willing to step in and assist must remain. The weight of leadership includes staying calm while others panic and coming up with solutions rather than joining the chorus of complaints. The Covid-19 pandemic has certainly helped distinguish the leaders from the managers. Leaders are prepared to take responsibility when things go wrong, even if the true responsibility lies with someone else. Leaders are visible. Leaders have a vision, even if it is only short term. I don’t really believe in long-term planning. I make up the rules of the game based on one-year plans. This means I always retain visibility and control. Five years is too long a time to have any certainty that the objectives will be met. Leadership is not a popularity contest, but it also should not inspire fear. Leaders earn respect and loyalty, recognising that these take a long time to earn and a second to lose. A leader is not scared of collaboration and listening to the opinions of others, as well as accepting help when it’s needed. Leadership is not a quality that you are born with, it is something that you learn over time. I was not a leader in my Coronation days, and I am the first to admit that I made a lot of mistakes. Even at African Harvest, as much as I achieved financial success and tried different techniques to earn respect, I never truly managed to deal with the unruly investment team. But, having built on years of experience, by the time I hit my stride at Sygnia, I was a leader. Within any organisation of substantial size, there is space for more than one leader, whether they head up divisions or the organisation itself. There are several leaders across Sygnia weaving the fabric of our success. I am no longer the sole leader, having passed the baton on to others in pursuit of my own dreams. To quote the Harvard Business Review, ‘The competencies most frequently required for success at the top of any sizable business include strategic orientation, market insight, results orientation, customer impact, collaboration and influence, organisational development, team leadership, and change leadership.’ That is what I looked for in my successor, and that is what I found in David. I am confident that all the leaders I have groomed are more than capable of taking the company forwards.”[10]