Prep for curtailed lifestyle change at start: Entrepreneur Munish Randev

Munish Randev, founder and CEO, Cervin Family Office and Advisors, shares what it takes to start a new business

Munish Randev
Munish Randev, founder and CEO, Cervin Family Office and Advisors.
Sanjay Kumar Singh New Delhi
2 min read Last Updated : Aug 21 2022 | 9:21 PM IST
Munish Randev, who has worked for four start-ups before launching one of his own, offers some advice to those planning to embark on this journey

On advantages of an early start
When you are younger, you have fewer responsibilities. You may be single. Even if you're married, your spouse may be working. You wouldn’t have the expenses related to kids or a home loan.

If you shift later, you would have a family, which would have got accustomed to a certain lifestyle. The only positive of starting late is that you may have accumulated some wealth, which could make the transition easier.

On planned versus accidental shift
If it is a planned shift, save and invest systematically and avoid taking on a large liability. But if you are forced into it at short notice—either by a job loss, or because an opportunity has arisen—the only thing that is under your control is to keep expenses under check.

On impact on lifestyle
Your salary as a start-up founder must be lower than what you drew in your last job. Expensive holidays and the purchase of a house may have to be deferred. Your family and you must be prepared to live in more straitened circumstances. Maintaining equanimity and taking care of your mental health becomes important.

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :EntrepreneurshipStartupsprivate companies

Next Story