Michael Otto actually wanted to become a doctor, but instead he runs a trading empire. The 80-year-old doesn’t like shopping at all, as he reveals in the ntv podcast “Biz & Beyond”. The billionaire has an important message for wealthy people.
The Hamburg mail order king Michael Otto runs a trading empire, but he doesn’t like shopping himself. “I usually shop online with us,” he says in the hit ntv podcast “Biz & Beyond”. In contrast, he only strolls from store to store once a year when he’s looking for products that he wants to try on and touch. “But otherwise I don’t like stationary shopping,” says the billionaire.
The competitor Amazon also plays a big role in Otto’s life, but not as a role model. “We are doing the right thing by not trying to copy Amazon,” says the entrepreneur. It is important to pursue your own strategy because: “We notice that customers are also looking for alternatives,” emphasizes Otto. “We differ from Amazon because we are much more personal. We also have telephone customer service.”
“We have to give something back to society”
In the conversation, Otto also admits that he would have liked to be a doctor, but then decided to become an entrepreneur. “Because what fascinates me is that you need both hemispheres of the brain: on the one hand the analytical, on the other hand also the creative.”
The billionaire calls for the social responsibility of wealthy people. “If I have had the chance to build wealth, then I have a responsibility to give something back to society,” he says. The general public has a false image of wealthy people. Not everyone would “sit on the Côte d’Azur and enjoy life. Only very few are there.”
His advice after many decades at the helm of his group of companies: learn from mistakes. Pry. And take responsibility. “Every change starts with yourself.” You shouldn’t “raise your finger and point at politics or others.” It comes down to personal responsibility.
“Biz & Beyond” is the business and success podcast that Germany has never had before. The transatlantic podcast team Sandra Navidi and Ulrich Reitz speaks with powerful decision-makers, international experts and extraordinary personalities. They provide insights into their business, their successes – and also personal setbacks.
Biz & Beyond – the business podcast with Sandra Navidi and Ulrich Reitz. From now on as a push message in the ntv app, on RTL+ and everywhere there are podcasts.
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