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Entrepreneurship

Here’s how to use your credit to improve your credit score [Video]

South Africans spend about 75% of their take-home pay on settling debt – and yet almost half of them still struggle to meet their repayment commitments. These figures from a 2020 South African Reserve Bank report paint a foreboding picture. But not all debt is bad. There are ways to positively manage debt to build a strong credit score which, in turn, can be life-changing.

Ayanda Ndimande, Strategic Business Development Manager: Retail Credit at Sanlam, says, “Credit can empower us to realise a goal – like purchasing a home, pursuing tertiary education, or starting a business. To get credit for these things, you need a good credit score. To build a good credit score, you need a strong credit history, and you can influence this by taking simple steps to positively manage your debt.”

Managing credit takes time and deliberateness. In the current financial climate, many have had to default …

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Starting a Business [Video]
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Entrepreneurship

Starting a Business [Video]

Starting a business can be one the most exciting things you'll do in life. It can also be the scariest. According to the latest statistics on the percentage of businesses that fail in the United States, we see that of the 678,135 new businesses that were started in 2015, more than one-fifth (20.4 percent) closed after their first year in operation.The percentage of businesses that fail increases to 30.9 percent in the second year and 38.6 percent in the third year. By the fifth year in 2020, the new business failure rate reaches 50.0 percent. Needless to say, it's hard! The ones that succeed do so not only because they work hard and get lucky. These entrepreneurs spend an immense amount of time creating a plan and execution strategy. It takes a lot of discipline to overcome the challenges. In this episode I'll discuss the basic questions you want to ask yourself when starting a business.

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