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Abhishek

Abhishek Shah  | Answer  |Ask -

HR Expert - Answered on Jul 17, 2023

Abhishek Shah is an experienced tech and HR leader. He has over 10 years of experience in helping create sustainable thriving businesses, leveraging technology and mentoring people. He founded Testlify, a talent assessment platform in 2022. He is passionate about helping founders build high-performing tech teams. ... more
Vivek Question by Vivek on Jul 15, 2023Hindi
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Career

How to start a business while already in a job.

Ans: Starting a business while already being employed can be an exciting and challenging endeavor. I can provide you with some valuable insights and steps to help you navigate this journey:

Evaluate Your Idea: Before you begin, assess the feasibility and potential of your business idea. Conduct market research to understand your target audience, competition, and the demand for your product or service.

Create a Business Plan: A well-structured business plan is crucial for any venture. Outline your business objectives, strategies, financial projections, and marketing plans. This plan will act as a roadmap for your business and can also be helpful when seeking funding or partnerships.

Time Management: Balancing a job and a new business requires excellent time management skills. Set aside specific hours each day or week dedicated to your business. Be disciplined and committed to utilizing this time effectively.

Avoid Conflicts of Interest: Make sure your new business idea doesn't conflict with your current employer's interests. Review your employment contract and company policies to ensure there are no restrictions on starting a side business.

Secure Funding: Determine how much capital you need to start your business. You might consider bootstrapping, seeking investors, or applying for loans. Adequate funding is essential to get your business off the ground.

Build a Support Network: Surround yourself with mentors, advisors, or a supportive entrepreneurial community. Networking can provide guidance, advice, and potential business opportunities.

Test the Waters: Consider starting your business as a part-time venture initially. This will allow you to validate your idea and get real-world feedback while minimizing the risk.

Legal and Tax Implications: Register your business with the appropriate government authorities and obtain any necessary licenses or permits. Be aware of your tax obligations and keep your personal and business finances separate.

Delegate and Outsource: As your business grows, you may need to delegate certain tasks or outsource work to manage your time efficiently. Focus on core activities that require your expertise and delegate the rest.

Maintain Work-Life Balance: Starting a business alongside a job can be demanding, so it's crucial to maintain a healthy work-life balance. Take care of your physical and mental well-being to avoid burnout.

Be Patient and Persistent: Building a successful business takes time and effort. Be prepared for challenges and setbacks along the way, but remain persistent and focused on your goals.

Remember, every business journey is unique, and success depends on various factors, including market conditions, competition, and your dedication to the endeavor. With proper planning, commitment, and the right mindset, you can successfully start and grow your business while maintaining your job.

Regards,
Abhishek Shah
Career

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Ramalingam

Ramalingam Kalirajan  |8317 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 11, 2024

Money
Hi, I am 42 yrs old and have 21 years of experience in sales and marketing. I have approx. 60 lacs of savings including PF and 10 lacs equity portfolio and 1 cr of real estate assets. I want to quit my job and start business. I had done some home work also in some products. I have 15 lacs of medical policy. 30 lacs of term plan and approx. 7 lacs of traditional plan of insurance. How can I go ahead. Pls advise
Ans: Your 21 years of experience in sales and marketing have led you to build a solid financial foundation. You have Rs. 60 lakhs in savings, Rs. 10 lakhs in equity, and Rs. 1 crore in real estate assets. Additionally, you have a medical policy worth Rs. 15 lakhs, a term plan worth Rs. 30 lakhs, and a traditional insurance plan worth Rs. 7 lakhs. This is a strong base to start from as you contemplate beginning your own business.

Evaluating Your Decision to Start a Business
Starting a business is a significant decision that requires thorough evaluation. Your experience in sales and marketing is a great advantage, and it's crucial to leverage this as you transition into entrepreneurship. Ensure your business plan is comprehensive, covering market research, product demand, competition, and financial projections.

Ensuring Financial Security
Before you quit your job, it’s important to secure your and your family’s financial future. Here are a few steps to ensure financial security:

Building an Emergency Fund
Ensure you have an emergency fund that covers at least 12 months of living expenses. This fund will act as a safety net in case your business takes longer to generate profits.

Reviewing Insurance Coverage
Your medical policy of Rs. 15 lakhs and term plan of Rs. 30 lakhs are essential for protecting your family. Consider increasing your term plan coverage to match your current income and liabilities.

Evaluating Traditional Insurance Plan
The traditional insurance plan of Rs. 7 lakhs may not provide the best returns. Consider surrendering it and reinvesting the proceeds into mutual funds for better growth potential.

Planning Your Business Finances
Starting a business requires careful financial planning. Here are steps to help you get started:

Creating a Business Budget
Prepare a detailed budget for your business. Include initial setup costs, monthly operating expenses, marketing costs, and other miscellaneous expenses. This budget will help you understand your financial needs and plan accordingly.

Securing Initial Capital
You have Rs. 60 lakhs in savings, which is a good starting point. Decide how much of this amount you are willing to invest in your business. Keep a portion of your savings intact as a safety net.

Exploring Funding Options
Consider exploring funding options such as business loans, angel investors, or venture capital if your business requires additional capital. Ensure you understand the terms and conditions of these funding options.

Diversifying Investments
While starting a business, it's essential to continue growing your personal wealth. Diversifying your investments will help you achieve this. Here are some options to consider:

Mutual Funds
Mutual funds are an excellent way to diversify your investments. They offer the potential for higher returns through professional management. Consider investing in a mix of equity and debt funds based on your risk appetite.

Types of Mutual Funds
Equity Funds: Invest primarily in stocks. Suitable for long-term goals due to their growth potential.

Debt Funds: Invest in fixed-income securities. Suitable for short to medium-term goals with lower risk.

Hybrid Funds: Combine equity and debt investments. Provide a balance of risk and return.

Benefits of Mutual Funds
Professional Management: Funds are managed by experienced fund managers.

Diversification: Spread your investments across different securities, reducing risk.

Liquidity: Easy to buy and sell units as per your needs.

Power of Compounding: Long-term investments can grow significantly through compounding returns.

Risks of Mutual Funds
Market Risk: Returns depend on market performance.

Credit Risk: Risk of issuer default in debt funds.

Interest Rate Risk: Changes in interest rates can affect debt fund returns.

Power of Compounding
Investing in mutual funds for the long term allows you to benefit from compounding. Reinvesting your returns helps your investments grow exponentially over time. This is a powerful tool for wealth creation.

Strategic Investment Approach
Here's a strategic approach to investing in mutual funds:

Asset Allocation
Equity Allocation: Given your moderate risk appetite, allocate 60-70% of your investments in equity funds.

Debt Allocation: Allocate 20-30% in debt funds for stability.

Hybrid Funds: Allocate the remaining 10-20% in hybrid funds for a balanced approach.

Regular Investments
Set up systematic investment plans (SIPs) to invest regularly in mutual funds. This approach helps in averaging out the cost of investments and reduces market timing risk.

Review and Rebalance
Regularly review your investment portfolio. Rebalance your portfolio to maintain your desired asset allocation and adjust based on market conditions.

Managing Business and Personal Finances
Balancing your business and personal finances is crucial. Here are some tips to help you manage both effectively:

Separate Business and Personal Finances
Keep your business and personal finances separate. Open a separate bank account for your business transactions. This will help you track your business expenses and income more efficiently.

Budgeting for Personal Expenses
Create a budget for your personal expenses. Ensure that your personal expenses are covered by your emergency fund and any income generated from your investments.

Monitoring Cash Flow
Regularly monitor your business and personal cash flow. This will help you identify any potential financial issues early and take corrective action.

Financial Goals
Set clear financial goals for your business and personal life. This will help you stay focused and motivated. Review your goals periodically and adjust them based on your progress.

Seeking Professional Advice
While you have done commendable homework, seeking professional advice can provide valuable insights. A Certified Financial Planner (CFP) can help you with detailed financial planning and investment strategies tailored to your goals.

Final Insights
Your solid financial foundation and prudent planning are commendable as you embark on your entrepreneurial journey. Balance your business ambitions with personal financial security. Diversify your investments, keep your emergency fund intact, and regularly review your financial goals. Your experience in sales and marketing will be invaluable as you start your business. Wishing you the best of luck!

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Latest Questions
Nayagam P

Nayagam P P  |4474 Answers  |Ask -

Career Counsellor - Answered on May 02, 2025

Asked by Anonymous - May 02, 2025
Career
Can I get NIT Trichy ECE with 98%ile in JEE MAINS 2025 ?? EWS rank 4146
Ans: Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories both Home State (HS) i.e. State you belong to & also Other State (OS).
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in, separately for HS & OS Categories for a quick reference.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.

Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, preparation strategies, and engineering career options, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your admissions!

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Dr Nagarajan Jsk

Dr Nagarajan Jsk   |360 Answers  |Ask -

NEET, Medical, Pharmacy Careers - Answered on May 02, 2025

Asked by Anonymous - Apr 30, 2025
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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