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, 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.