Entrepreneurship can be a beautiful journey.
Many individuals enter the workforce and work for several years before striking out on their own. Some individuals go straight into entrepreneurship before working for anyone else. There are several questions/scenarios that an aspiring entrepreneur(s) considers when deciding to stay in the current job (if working) to going completely in on their business opportunity/venture.
Few of the questions that can come up during this transition phase are:
Is this the right time to quit the job and focus completely on the business opportunity/venture?
Do I really need to quit my job to work on this business opportunity? Can I do both at the same time if I prioritized my time better?
What is the minimum monthly revenue I should be earning from my business before leaving my job to do the venture full-time?
How will I manage my daily/monthly/yearly expenses before the business really takes off?
When will I realistically get my first customer?
At what point will I actually make more money from doing entrepreneurship than when I was working for someone else?
There’s no exact science or art in when the best time is to launch a business. People launch businesses at all different times/seasons/economic cycles etc. Companies have started in recessions, economic growth cycles, pre-Covid era, during Covid era, post-Covid era. Here are some numbers around Small-Business Statistics. Note that 4.3 million new business applications were filed in 2020.