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Dear there is no specific time as all it depends on your project idea that is needed to be completed on the field as it is called a dream at this time. I would recommend to set SMART way of revising it before you approach to this decision
It depends from individual to individual. If the person who is working at a management level will have a good grasp of knowledge and skills and about the industry. He at that time can leave the job and start his own business utilizing his connections aswell. That's what most of the executives do and create their own enterprises. While the percentage of who do after retirement is less compare to those who quit during their peak period.
1. Be true to yourself. No matter how much money someone else makes, if you don't enjoy the business, wouldn't be proud to show your relatives what you are doing and how you are doing it, then don't do it. If you run a business you don't like or don't believe in, even if you have temporary success, it will come back to haunt you one way or another.
2. Find a need and fill it. Yes, you've heard that a million times. But it still works. The easiest business to run is one that produces products or services that people already know they need. The reason: you don't have to spend a lot of time and money convincing prospects they need what you sell. You can focus on why you are the best source to satisfy their need. Just be sure the "need" is one people will spend money to satisfy.
3. Choose products or services that you can sell for a lot more than it costs you to make or buy them. If the difference between your cost and selling prices is too low, you will have difficulty growing the business. When profit margins are too low, you won't have enough money to hire employees, pay for rent (when you need to move the business out of the house), advertise more, and do other things needed to expand.
4. Make realistic estimates of your expenses... then double them. Most new businesses either forget about marketing, fulfillment, overhead costs, income taxes and self-employment or greatly underestimate them.
5. Be true to your customers and prospects. Don't promise what you can't deliver. Don't lie or exaggerate the benefits of what you sell and always deliver a quality product or service. Word-of-mouth marketing has always been one of the primary ways small businesses find customers. The Internet and social networking sites spread the word (good or bad) to even more potential customers.
6. Understand the importance of marketing and learn how to do it effectively. The world won't beat a path to your door just because you build a better mousetrap or write a great ebook about how to grow tomatoes or teach a child to read. To get customers you will have to market your products or services effectively and continually.
7. Treat your vendors, manufacturers and service providers with respect and let them know you appreciate them. They are an important part of your team and your success. If you speak down to them, pester them with questions you could answer yourself, imply that they don't' do a good job, nickel and dime them to death, or are an ongoing pain in the neck, they'll never go out of their way to help you -- and might drop you all together. No business needs picky, annoying, time-consuming customers.
8. Embrace the web. No matter what you sell or to whom, your customers will turn to the web to research and/or buy. They may turn to online yellow pages to find a florist in Florence, SC; use voice recognition on their smart phone to find a nearby restaurant, or use their computer to go to Google, MSN or Yahoo to search for a phrase like "Elder law attorney Farmington Hills MI", or "plumber weekends Astoria NY." If customers can't find you in their queries, they are likely to give their business to one of your competitors.
Once you make the decision to leave your Job............
Dear Brother ,
Profit always originated uncertainty; to start your own business you need to be a risk taker otherwise you will continue as salary employee because you are risk averter no timing at all.
Self confidence and focus a plan as a businessman . Taking responsibility in any obstacle , with the faith in God..
A very good question.
It is a difficult transition and is a dream come true for quite a few only. It needs a forethought and cannot be done in one go. A proper planning , foresightedness and preparation in the right earnest should be a precursor to such a big change. You need years of education and skills to be an employee and likewise you need some time to understand, prepare and kickoff to be an employer or a businessman yourself. It is a step by step process of conceptualizing, researching, facilitating, funding and starting it. I think the appropriate time to shift is when you are already there. A very conservative approach though!!
