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Khevna Shah  |16 Answers  |Ask -

HR Expert - Answered on Feb 06, 2023

Khevna Shah is the head of human resources at Coverfox Insurance. She has 14 years of experience in human resources across industries like manufacturing, banking & financial services and insurance. Her expertise includes talent acquisition, retention, employee engagement and developing a performance focussed culture.
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Asked by Anonymous - Feb 06, 2023Hindi

Hi Khevna, From an HR perspective, does it pose an issue or conflict of interest for my boss and me to start an unrelated side business together (a totally different industry than our place of employment, never using work resources for this)?

Ans: It may not pose conflict of interest but it is in good stance to declare it to your current company of any other business interests / ventures you get into. It is not only an ethical practice but a must since irrespective of the nature of business, it is imperative that you let your employer know of any other commercial activities that you are involved in (even if it is pro bono).

You may like to see similar questions and answers below


Mayank Rautela  |238 Answers  |Ask -

HR Expert - Answered on Dec 05, 2022

Dear Mayank, I'm amidst a peculiar situation in my professional journey. I work for a private limited company as AGM sales (Industrial) for past 4 years & my contribution to the company's top-line constitutes almost 70% of the company's yearly revenue since I am a KAM of a big strategic account. Over the past 8-9 years, while I have changed my employers on couple of occasions, my client has remained the same (its the same big account that I refer to). However, in the past I have never joined a direct competitor where there has been a conflict of interest. Always I chose to move to an organization with different product line and thereby expand my exposure, while at the same time keeping intact the integrity as well as dignity of during job changes. Now, our direct competitor has approached me with a job opportunity in the same market. My present organisation is relatively small,whereas the competitor is a big MNC with better brand value. I tried to stay away for past 2-3 months citing ethical issues, but they still keep approaching. Please suggest whether it will be a good decision to change. I'm 41 years of age, with 17-18 years experience in Industrial Marketing. Regards, Ashish

Hi Ashish,

The large MNC is approaching you for your strong connections and they want to capitalise on that for their growth.

If you are happy with your role and the culture of the current organisation, then my suggestion will be to continue with them.

Changing a job is always a risk, particularly in the current economic scenario.


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Abhishek Shah  |76 Answers  |Ask -

HR Expert - Answered on Jul 17, 2023

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.

Abhishek Shah

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Latest Questions

Moneywize   |122 Answers  |Ask -

Financial Planner - Answered on Jun 25, 2024

Asked by Anonymous - Jun 13, 2024Hindi
Ours is a family of 3 people -- My wife, I and my daughter who is 15. I am 39, my wife is 37 and our monthly expenses are Rs 90K. I own my house and expect to have no fixed income after 65 years, and expect to live till 75. Considering the ever increasing price rise what should be my corpus at 65 for me to continue living the life style I am living today?
Ans: Calculating your retirement corpus:

Here's how to estimate the corpus you'll need to maintain your current lifestyle after retirement:

1. Retirement period:

You plan to retire at 65 and expect to live till 75. So, your retirement period is 75 - 65 = 10 years.

2. Inflation adjustment:

You've rightly considered inflation. To estimate future expenses, we need to factor in inflation. A safe assumption for India is 5-7% inflation. Let's take an average of 6%.

3. Current monthly expenses:

You spend Rs 90,000 per month currently.

4. Future monthly expenses:

To find the monthly expense at retirement (at 65), we need to consider inflation for 26 years (39 years till retirement + 10 years retirement).

You can use an inflation calculator online or a simple formula:

Future monthly expense = Current monthly expense * (1 + Inflation rate)^number of years

In your case, Future monthly expense = Rs 90,000 * (1 + 0.06)^26 ≈ Rs 3,28,550 (approximately Rs 3.29 lakh)

5. Total corpus calculation:

Now you can calculate the total corpus needed. Here's a common approach:

Total corpus = Monthly expense * Number of years in retirement * 12 (months)

However, this method doesn't consider the fact that you'll be withdrawing money every month, reducing the corpus. A more accurate method is using the Time Value of Money (TVM) concept. There are online TVM calculators or Excel functions you can use.

Here's an alternative approach that provides a reasonable estimate:

Multiply the future monthly expense (Rs 3.29 lakh) by a factor considering inflation over the period. This factor can vary depending on your risk tolerance and investment strategy. A factor of 200 is often used as a conservative estimate.
Total corpus = Rs 3.29 lakh/month * 200 (factor) = Rs 6.58 crore (approximately Rs 658 million)

Additional factors to consider:

• Daughter's future expenses: Your daughter will be an adult by the time you retire. While she won't be financially dependent, consider any potential future support you might want to provide for her education or marriage.
• Healthcare costs: Healthcare expenses tend to increase with age. Factor in potential medical needs during retirement.
• Debt: If you have any outstanding debt by the time you retire, you'll need to account for its repayment in your corpus calculation.
• Investment returns: The corpus amount assumes a certain rate of return on your investments. Research different investment options and their potential returns to refine your calculations.


Consult a financial advisor for a personalised retirement plan considering your specific financial situation, risk tolerance, and investment goals. They can help you create a more comprehensive plan and suggest suitable investment strategies to achieve your corpus target.

Remember, this is an estimate. Regularly review your plan and adjust it based on changing circumstances.

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Mayank Chandel  |1003 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Jun 24, 2024

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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