Resilient Mumbai: Innovators, hustlers share practical advice to follow in 2023

By Aastha Atray Banan Jane Borges Yusra Husain Heena Khandelwal and Nidhi LodayaLearn to raise funds for harsh wintersSays Pranay Mathur Partner and CEO Real Time Accelerator Fund targets cybersecurity fintech SaaS sectors and investor in emerging marketsThe first of the three most important things founders can do in the startup world is build a sustainable model inside their business A part of their business should be profitable so that it can keep making money without burning it This is so that they can fund themselves if a recession does hitSecond enter into profitable collaboration Two or three companies should come together and help each other And third focus on angel investors a highnetworth individual who provides financial backing for small startups or entrepreneurs typically in exchange for ownership equity in the company Venture capitalists may have a hard time explaining returns and profits to their investors but angel investors are willing to bet on startupsAttitude wise entrepreneurs have to become smarter than ever before They have to know how dynamics are changing Even if they have to lay people off it has to be done sensitively Collaboration is key and goes a long way in creating a healthy ecosystemActively learn to thriftSay Sana and Alfiya Khan Founders Bombay Closet Cleanse who propagate a sustainable lifestyle through their thrift store where you can sell buy and donate clothesEasy on the pocket fashionable and environmentfriendly thrifting is a viable option to stick to when entering the new year since the thought of a possible recession is looming at the back of our minds And if you have the skill to hoard but not utilise all thatrsquos in your wardrobe in equal measure then selling your clothes to thrift stores for upfront payment or store credit is the way to make money while staying fashionableWhile buying preloved pieces from thrift stores yoursquoll realise that often branded wear is available for unbelievable prices helping you keep your closet budget in check It is important to keep a few tips in mind when thrifting though Be mindful of what you are buying and how much you really need it Ask yourself this question when you find yourself attracted to any piece of clothing or accessory How many times am I going to wear this Will I wear it at least 30 times over say five years Let it go if the answer is no Look at your wardrobe as an investment not a storeroom to hoard stuff Fast fashion that you wear only a couple of times and discard tends to end up in the trash taking a toll on the environment tooPicPradeep DhivarWhen choosing clothes put your money behind versatile basic pieces An example of this would be a well cut white shirt or a smart pair of black trousers Using these with other pieces you can create multiple mixandmatch looks making one piece of clothing last you long while still allowing you to maintain variety in your OOTD outfit of the day It will make a sizeable reduction in your fashion spends and budgetFor weddings special occasions and grand parties actively consider checking out sites that let you rent fashion Itrsquos an affordable and accepted solution for the modern aspirational dresser We donrsquot like to repeat party clothes or wedding attires after posting pictures in them on social media so why spend thousands on an ensemble you are likely to wear again only after a year or even never Most thrifting labels including ours accept all clothes even those that are not fit for resale We donate them to charity or to organisations that use the fabric for making other goods making sure that even these pieces donrsquot reach the landfillsInvest in digital upskillingSays Mayank Kumar Cofounder and MD of online learning platform upGrad who thinks data science machine learning AI and digital marketing will continue to be valuable skillsThe year 2023 will be a sort of trailblazer for all industries as recruiters will continue to consider techskilled talent for driving business growth According to upGrad Data Labs MBA remained the most preferred hiring domain for recruiters during the year 2022 followed by data science machine learning and AI and digital marketing respectively and this will continue to grow even in 2023 It is important for professionals to understand the market specs that are making the cut and then accordingly strengthen their expertise This will help them translate corporate problems into tangible business resultsThe learners should select a programme that is in line with their longterm goals taking into account both their professional and personal interests The decision should be based on a combination of elements rather than just being dependent on one so as to make an informed learning choice The primary factor should be the length of the programmemdashone with a longer duration offering indepth learning exposure and handson training accelerate the employability quotient Secondly choosing a course that is affiliated with renowned institutions or that has received accreditations from national or international bodies is important to establish credibility Thirdly it is recommended to weigh balances on the cost incurred from the programme and its return on the value gained before making the final call The ongoing economic slowdown has impacted working professionals and their purchasing power significantly Hence online courses must be designed to offer concrete career ROI Fourthly the kind of career opportunities the course offers is critical in the decisionmaking processBuild a side hustleSays Richa Singhal a banker by profession she rekindled her passion for baking during the pandemic and began hawking her creations on richkcraft InstagramIt was sheer curiosity and intrigue about the working of the finance world which led me to pursue a career in banking Irsquove been with HDFC Bank for the last 10 years and grateful for how it has helped me grow as a professional Baking on the other hand was something I was exposed to as a child through my mother and it continued to be a hobby I enjoyed on the side I found the science of baking fascinating but it was never a career optionAs cliched as it sounds it was during the pandemicinduced lockdown that I started taking baking more seriously While I continued to work from home I now had a couple of extra hours on hand due to the time saved on commuting As most of the bakeries were shut then I decided to bake for myself as it helped with my sweet cravings One thing led to another and today baking has become an important part of my life but so is my jobPicNimesh DaveThis is something we need to remember when building a side hustlemdashdonrsquot give up on your fulltime job immediately A side hustle is called a side hustle for a reason You canrsquot go all vagabond and say I will quit my job to follow my dreams We need to do a reality check first because there are bills to pay and a home to run A day job serves as a cushion especially if something goes wrongWhat I suggest is to first find your passion not with the intention to make money but something that will bring you joy and what you wonrsquot see as a chore I personally feel that therersquos a latent passion in everyonemdashfinding it and putting it to good use is all upon you You could love driving and want to become an Uber driver by night and thatrsquos really fine But most crucial to nurturing a side hustle is making time for it Of course itrsquos difficult when you have a fulltime job But itrsquos not impossible So if a meeting has got cancelled or delayed use that time to squeeze in doing what you like Or if you have a long weekend which is not hectic or doesnrsquot come in the way of your personal life use it to your advantage It could just be an extra hour every dayThat being said donrsquot compromise on your day job or use company resources to pursue the side hustle I canrsquot cancel a meeting to bake a cake Side hustles donrsquot yield results immediately but at some point it will reap rewards including monetary You have to be patient persistent and motivated The most valuable gift of a side hustle is that it helps increase your selfworth It will make you feel good about yourselfStrengthen relationshipsSays Dr Varkha Chulani Clinical psychologistpsychotherapist who specialises in the psychology of peak performance in personal professional and organisational challengesParadoxically the more we prepare for the unknown the more insecure we become All anxiety usually stems from us seeking guarantees And life today has become more uncertain than ever Learn to embrace uncertainty As couples itrsquos important to remind yourselves that anything can happen to any one of us at any time Letrsquos make our existence together as calm and loving as possible Ignore the inconsequential minimise the irrelevant and build an environment thatrsquos free from drama Rewire your brain to enjoy peace together ldquoBoringrdquo is goodPicShadab KhanCultivate a love marital relationship or friendship where the foundation is built on authenticity In todayrsquos fake world train yourself to showcase the real you Nothing is more vital to relationship building than genuineness Be interdependent but not obsessively dependent Let togetherness not be an act of favour to the other or an act of rescuing but of mutual interdependence where both believe that the relationship gives them joy and adds value to their already valuable existence No one completes us Itrsquos best that we are all ldquofinishedrdquo products who donrsquot need to have a partnerto feel completeFrom a financial perspective do not spend more than you earn Itrsquos a simple but vital rulemdashnot today not ever Emphasise needs over wants The fullfillment of desires can be delayed Finances are a very important part of relating Money at the end of the day is an enabler Will you allow your monies to facilitate your relationship or destroy it Common money values are essential to healthy lovingFamilies are built on trust Ask if your family ideologies are driven by dominance and control or by mutual growth and development Every action comes from purpose Once we are able to discern the intent behind suggestions advice guidance allegiance comes by default Toxicity is often a result of motives driven for the self Often jealousy and grudges drive families rather than genuine consideration for one another Be aware that the most common yet hardly acknowledged emotion within families is jealousy Understand and accept your own feelings of jealousy and those of the members you engage with Do not consider marriage with any and every partner you fall in love with There are many facets to a healthy longlasting relationship Love is only one of themStrategise spendingsavingSays Nisreen Mamaji Certified financial planner and life insurance advisor who suggest investing in mutual funds over RDsFollow the 503020 rule where half of your salary goes into utilities bills rent school fees etc The remaining 50 per cent should be divided into recreational activities 20 to 30 per cent and savings 20 to 30 per cent To increase savings cut down on recreational activities such as going for shoppingBefore we go further understand that savings is money you didnrsquot spend today but will spend tomorrow Your savings portfolio should comprise an emergency fund covering six months of expenses in case you lose a job or for any other emergency This should be in the form of a fund that can be liquidated easilyPicSameer MarkandeStart a retirement plan even in your 20s and 30smdashthe sooner you start the better it is due to compounding interest Herersquos how compounding works Akbar and Birbal were playing a game of chess where the latter asked for a grain of wheat for the first square two for second four for third and so on for all the 64 squares We all know how that story ended and thatrsquos the power of compoundingAlso recognise and label your priorities Are you looking at a short term goal or long term Do you want to buy an expensive gift go on a foreign vacation buy a car or a home Once that is set and put on a timeline start saving for it If you donrsquot have a goal start wealth creation which can be used to actualise your dreamRecurring deposits RD do not keep up with inflation and deteriorate your purchasing capacity Invest in mutual funds and if you are a novice start with large caps like ICICI Prudential Bluechip Fund or Kotak Bluechip Fund The best approach would be to reach out to a professional and allow himher to guide you through various kinds of mutual funds and build a diverse portfolioIf recession does hit and the market goes for a correction do not panic As an investor you will be able to buy more units in the same amount and once the market bounces back you are likely to see a better returnExploit monetary benefits of recyclingSays Amishi Parasrampuria Cofounder Upcyclerrsquos Lab which hopes to change mindset and behaviour around the environmentThe first thing to overcome is the mental barrier around reusing and recycling Many assume itrsquos difficult and expensive Itrsquos also why we prefer working with children because adults often donrsquot have the time One can start by making small changesFor starters you could have green and blue bags at home to distinguish dry and wet waste All your dry waste can be recycled and there are organisations that come to your doorstep to collect waste Similarly you can wash clean and store all your milk tetra packs and donate them to NGOs that recycle Around 70 per cent waste in any Indian household is wet waste and unlike dry waste it is not easy to store for composting at home You could carry out composting at the building levelThose living on their own or in nuclear setups tend to order in more when compared to those living in joint families When you are doing something like that be mindful about how often you order in Try to cook at home whenever possible and eat out instead If you do end up ordering in wash the plastic containers and reuse themWhen shopping for food essentials try and buy in bulk directly from the store and in your own container Donrsquot toss clothing and footwear if they have a slight defect or a rip Unfortunately due to affordable fast fashion old products have now become easily replaceable when they can be fixed by a tailor or a cobbler Itrsquos all about going back to what we used to do traditionallyLive healthy Quit cigarettes drugs boozeSays Subah Saraf Founder of Satvic Movement a holistic health education collectiveWe are what we consume and Ayurveda divides food into three categories Satvik rajasik and tamasik Satvik foods such as fruits vegetables sprouts grains and nuts up our energy and happiness levels Stimulants such as alcohol cigarettes and even tea and coffee fall under the tamasik category and bring distress diseases and lethargy and impact our liverI donrsquot think anyone is unaware anymore of what stimulants do and why we should quit them But let me illustrate how they affect us Once a man was riding a horse After a point the horse got tired and sat down the man whipped him the horse got up and strode again This happens a couple of times While the man views the lashes as something that energises the horse soon irrespective of the number and intensity of the lashes the horse will not be able to continueStimulants are like lashes to our nervous system They give us a high a kick or blast of energy but make our nervous system weaker and weaker to the point that it loses vitality Satvik food gives authentic and sustained energyWe think selfcontrol and motivation are key to quitting stimulants but they both are overrated After a few days or weeks we go back to our routine Altering the environment brings lasting change We reach out to whatrsquos within range so make changes at home and the workplace such that your exposure to stimulants becomes zero Thatrsquos the only way to get rid of them If you canrsquot pluck them out of your surroundings completely at least reduce them Keep the packs of cigarettes in an hardtoaccess drawer or cornermdashanything that demands effortGrow your own greensSays Diipti Jhangiani Urban farmer and lowwaste life proponentFirst identify a space in your home or office that gets sunlight two to three hours is good enough Start with whatrsquos easiest to grow Microgreens They require the least amount of watering and sunlight and are ready to harvest within 10 days The seeds can come from our kitchen cabinets Mustard fenugreek fennel sesame etc The microgreens can go into salads or into dals and sabzis if you donrsquot like them rawThe next easiest things to grow are herbs such as basil lemongrass chives and mint Herbs require just two to three hours of sunlight so even a windowsill will do and they go into chai and chutneys Leafy greens the foundation of salads stirfrys and sabzi come next Yoursquoll need to procure seeds for these Some easytogrow greens include spinach the sturdier Malabar spinach radish onion greens lettuce bok choy and kale These need the same amount of sunlight as herbs but not necessarily direct sunlight filtered sunlight will doComing in fourth if you have the space are essentials such as chillies brinjals tomatoes and a small lemon plant These require at least four to five hours of sunlight and larger pots minimum of 10 x 10 inches in size They do not require direct sunlight If you have a balcony thatrsquos open to the sky then you can even try your hand at nuanced vegetables that grow on climbers and creepers such as gourds These balconies also open opportunities to grow fruit trees such as chikoo custard apple papaya banana and mulberryFew things to keep in mind Maintain a good mix of soil and manure and feed good manure to the plants once a month as it keeps them alive and healthy Most urban plants die due to overwatering Typically they need to be watered on alternate days check the soil before you turn on the tap Study the kind of plant you are growing to know the amount of water it requires instead of listening to different people Lastly choose edible plants over decorative ones

Resilient Mumbai: Innovators, hustlers share practical advice to follow in 2023

Learn to raise funds for harsh winters
Says Pranay Mathur, Partner and CEO, Real Time Accelerator Fund, targets cybersecurity, fintech, SaaS sectors and investor in emerging markets

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Home / Sunday-mid-day / / Article / Resilient Mumbai: Innovators, hustlers share practical advice to follow in 2023

Resilient Mumbai: Innovators, hustlers share practical advice to follow in 2023

Learn to raise funds for harsh wintersSays Pranay Mathur, Partner and CEO, Real Time Accelerator Fund, targets cybersecurity, fintech, SaaS sectors and investor in emerging markets

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Learn to raise funds for harsh winters
Says Pranay Mathur, Partner and CEO, Real Time Accelerator Fund, targets cybersecurity, fintech, SaaS sectors and investor in emerging markets