By Nkhensani Mthombeni
- Galaxy Boy founder Thatiso Dube says young entrepreneurs must set strict boundaries with family to protect business capital from black tax demands.
- Bathu’s Corporate Social Investment series teaches upcoming entrepreneurs across the country about building successful brands and overcoming challenges
Galaxy Boy clothing founder Thatiso Dube says black tax is destroying young entrepreneurs who want to build their brands.
Dube believes upcoming business owners must be strict with family when it comes to money. He says using business profits to support needy relatives will kill any company.
“If mother-in-law has a house and is not staying in the streets and she can find a way of finding food somehow, then say no,” Dube said.
“You can’t build a brand from scratch and survive while you take money that is supposed to be for the business and share it with family.”
Black tax refers to the financial support which black professionals and entrepreneurs often provide to their families. Black culture has made it almost compulsory for children to give money back to parents and siblings once they start working.
Dube was speaking at the “walking your journey series” hosted by Bathu founder Theo Baloyi at Fusion Boutique Hotel in Polokwane on Wednesday.
He was answering a young married entrepreneur who asked how to navigate building a brand while dealing with black tax. The panel included Dube, Baloyi and DJ Zinhle.
“You need to set boundaries with business capital, because if you don’t you will be bankrupt soon,” Dube warned.
Baloyi agreed there is a need for a national conversation about black tax.
The event is part of Bathu’s Corporate Social Investment programme. They are travelling across the country to teach young entrepreneurs about business journeys and answer their questions.
DJ Zinhle shared her experience in both music and business. She encouraged people not to delay starting businesses because they feel unprepared.
“We all don’t know what we are doing, we are just figuring it out along the way. Don’t stop starting something because you feel you are not sure of what you are doing,” she said.
The series started in Johannesburg at the Market Theatre last week. The next event will take place in Durban next week.
Pictured above: Thatiso Dube, founder of Galaxy Boy. MC Tshego Kole, Thatiso Dube, DJ Zinhle and Theo Baloyi. Theo Baloyi interacting with guests.
Image source: Nkhensani Mthombeni
