Smaller, cheaper, faster

I've come to believe in this philosophy for starting something, and here's some more support for the cause. (From Getting Real - a book by 37Signals) (Thanks Sid, for the link)

The main advantage that I think comes from working under constraints:

"Constraints also force you to get your idea out in the wild sooner rather than later — another good thing. A month or two out of the gates you should have a pretty good idea of whether you're onto something or not. If you are, you'll be self-sustainable shortly and won't need external cash. If your idea's a lemon, it's time to go back to the drawing board. At least you know now as opposed to months (or years) down the road. And at least you can back out easily. Exit plans get a lot trickier once investors are involved."

From even a product management pov

"Think hard and determine what's really essential and what you can do without. What can you do with three people instead of ten? What can you do with $20k instead of $100k? What can you do in three months instead of six? What can you do if you keep your day job and build your app on the side?"

Give it a read - the whole book's available online - free. Of course, there's a world of effort, training and belief between knowing it and living it. But there's always somewhere you start....