Things to consider before launching Your Own Business while keeping day job ..

ref: 

• http://www.entrepreneur.com/article/245763 
• http://www.entrepreneur.com/article/228183
• http://www.entrepreneur.com/article/225937
• http://www.entrepreneur.com/article/246755

1. Consider your job in the right light
    No matter what kind of job you have, make sure you consider it as a blessing, not a curse. It isn’t holding you back, it’s keeping you afloat. 

2. Plan your days well
    It’s the little, consistent daily things you do that add up to make or break a startup. Stop the busywork, get rid of distractions and give both your job and your venture the laser focused attention they deserve.

3. Maximize your time
    You have the same hours as the PrimeMinister of India. Maybe you already know your job takes up 40 hours of your time each week, so account for it and figure out how to maximize all those other remaining hours. Sleep should still be a priority, as should some daily exercise. Still, there are 72 hours(40hours left in workdays and 32hours in the weekend) in a week to do with as you wish beyond your 40 hours of work, so spend them smartly. Successful entrepreneurs manage their time, they don’t wish for more of it.

4. Make sure this is really what you want
    Is this going to make me happier? Before leaving your job for uncharted territory, make sure this is really what you want – not just what you think you want or a way to escape your current job.“Too many people suffer silently in their job, but before you go out to be your own boss, you have to believe you're going to be happier. If you can't say that you believe it will make you happier, don't do it.”

5. Practice your dream
    Test the waters without giving up my current job. 'Beta Test' their dream job before leaving a stable situation to pursue it full-time. You might find you don't like the new career as much as you thought you would. “Before you quit your accounting job to open a coffee shop, it might be good to work at a Starbucks part-time for six months to see if you hate coffee and humans,” .. 

6. Get a second opinion.
    Even the most level-headed entrepreneurs should ask for a second opinion before moving forward. You might also tap a trusted colleague or friend for an opinion. Have someone(a devil's advocate) who you trust take a look at your financial projections to ensure you're not being overly optimistic.

7. Outsource, outsource, outsource
    You know what your time is worth (if you don’t, calculate it!). Could you hire someone to do it better, faster and, ultimately, break even or make more money during that time? If so, do it.

Keep Startup Alive <=> Keep Creating Value

ref: 

• http://www.entrepreneur.com/article/238779 
• http://www.entrepreneur.com/article/240480
• http://www.entrepreneur.com/article/237422

value proposition = creating enough incentive for someone to take action

A business valuation is a set of processes and procedures used to determine the economic value of an entity or set of assets. You must have strong value for your customers or, well, you won’t have any. But beyond that, you must provide substantial value to multiple other parties involved in the life cycle of your business in order to attract and retain employees, partners and capital.

1. Create value
The first stage in the value cycle is to design and market a product that consumers are eager to use because it meets their most important NEED better than competing products.

2. Capture value
The second stage of the value cycle is choosing business activities so that customers are willing to pay for a product at a price high enough above the company's costs to generate sufficient PROFIT and create a return for shareholders after compensating employees and suppliers.

3. Renew value
The final stage in the value cycle is filtering out the noise from the market signals (from changing customer needs, upstart competitors and changing technology) to identify how a company must ADAPT to stay ahead of competitors.This value renewal is the most difficult part of the value cycle for startups trying to survive over the long term.

5 Essential Reads for Startup Entrepreneurs

ref: http://www.entrepreneur.com/article/235508

1. The Advantage: Why Organizational Health Trumps Everything Else In Business by Patrick Lencioni

2. Principles by Ray Dalio

3. In The Plex: How Google Thinks, Works, and Shapes Our Lives by Steven Levy

4. The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz

5. The Four-Hour Work Week: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss

Tips to help make your part-time business a success ..

Tips to help make your part-time business a success:

ref: http://www.entrepreneur.com/article/217685

1. Know your customers and competition

2. Have big dreams that can scale but always focus on your niche at the initial stages

3. Get your family involved

4. Be ready to give up personal time

5. Focus on the task in front of you

6. Make the most of every minute

7. Don't overstep your boundaries

8. Be honest

How to Make Part-Time Entrepreneurship Work for You:

ref: http://www.entrepreneur.com/article/238169

If you decide to keep your day job, here are some pragmatic recommendations on how to make the most progress in your startup, while simultaneously juggling your other critical family and employer roles: 

1. Key to success is 'learn, unlearn and relearn'

2. Channelize all your energies and learn to say "no" whenever is necessary

3. Find a co-founder who can keep you balanced.

4. Schedule fixed times and days for the startup, working with the team.

5. Get better at saying "no" to your friends.

6. Set realistic milestones and take them seriously.

7. Select a business idea that has a longer runway.

8. Prepare yourself for a longer journey to success.

ref: 

Learn, Unlearn and Relearn - http://www.forbes.com/sites/margiewarrell/2014/02/03/learn-unlearn-and-relearn/

Mistakes that kill your StartUp - http://www.paulgraham.com/startupmistakes.html

How to run a Business successfully !

1. Do what you love


2. Start your business while you're still employed


3. Work Terribly Hard & Sacrifice, Sacrifice, Sacrifice


4. Make Optimism your Watchword


5. Write a Business plan


6. Know your customers first & Determine how you'll make a profit


7. Start with as much of your own money as possible


8. Start Small , keep your edge & Get it working

ref:

How to start Business - http://www.elertgadget.com/palert/tips_on_how_to_run_a_business_successfully_207822.htm

How to start Business - http://sbinfocanada.about.com/cs/startup/a/10startingtips.htm

Tips to start Small Business - http://smallbusiness.findlaw.com/starting-business/starting-business-overview/starting-business-overview-tips.html

Sam Walton: 10 rules of running a successful business - http://www.powerhomebiz.com/vol76/walton.htm

10 tips to run a Successful Business - http://smallbiztrends.com/2006/11/ten-quotes-to-run-your-business-by.html

Key questions for a successful 'Business Plan'

Key Questions to be asked as part of 'Business Plan':

* What product or service does your business provide today?

* How does your business produce or provide the product or service right now?

* How will customers use your product or service as it exists right now?

* How will your business generate immediate revenue?

* Who are the primary clients your business will target immediately?

* How will you market your startup to prospective clients with the resources currently at your disposal?

* How are you different than your competitors right now?

* What secondary and tertiary client bases you will target once you’ve achieved success with your primary base?

Once each above question, evaluate your findings with these six questions:

* What worked and what didn’t?

* What was the result of each action step?

* Was the overall experience positive or negative? Why?

* What did you learn during the process?

* Which steps can be modified or improved for better results? How?

* Which need to be deleted all together?

ref:

http://entrepreneurindia.in/the-one-paragraph-startup-plan/8022