I found it incredibly difficult to provide the value I'd expect out of an employee at a "day job" while building my business on the side. Ultimately, I took a different route. Note that this plan works best for young, single folks. This is also not a "get rich quick" scheme. Positioning myself took about three years on its own, much less getting going on a start-up. Keep in mind that this was my plan. It is not the only (or best) plan, but it worked for me.
* Position yourself for minimum cash outflow. Minimizing your cash needs means you can take bigger risks. I found a decent 500 sq ft apartment and drove a cheap car. Without a family, all my other expenses were dirt cheap.
* Save up a three month buffer and strike out on your own gig, but not your start-up yet. I chose consulting because the income potential is so high and it provided a great networking opportunity. I doubled my annual income (from my old salary) within a year, but far more importantly, I was able to accomplish a few transitional steps in getting my start-up going:
- I built a relationship with a great developer by feeding him work from consulting clients.
- I built relationships with other business owners and took a lot of time to understand their business.
- Ultimately, I met the person who would connect me with the greatest team I've ever worked with.
By the time I found the right team and opportunity, I had a year's worth of expenses saved up, and a small amount of money to contribute to the operational expenses of the company. Coming to the table with cash in-hand gained me a lot of respect from other team members. Because everyone came to the table with their own income streams, we were able to bootstrap and now, 100% of our equity is founder owned. That's a pretty exciting reality for us.