HN has been shedding light on lot of startup related stuff which are really helpful. But if someone still wants to know about the basics like how to get in to the correct mindset, Howto know whether I'm actually ready to leap etc. it'll be great if the experienced folks here can share some ideas/sources. Care to share?
Read, network events, and start building something that you care about. "Founders at Work", like anuraggoel suggested, is a good place to start. "The Art of the Start" is another good place.
Focus less on the legal side of things at this stage and more about the entrepreneurial mindset.
Thanks for clearing up one point I was worrying about.
>Focus less on the legal side of things at this stage and more about the entrepreneurial mindset.
I completely agree. After working for a startup for over year, I have witnessed behaviors, actions and decisions that create progress as well as the ones that hold it back. You begin to see all of the mantras and advice trickled throughout the web actually applied (or at least attempted).
You see what works for you and what doesn't. You identify your strengths and whether you can handle stress or not. Consider it getting paid to learn about the things that interest you (startups, hacking, marketing, etc).
Other Tips:
To get a basic overview of funding strategies, read http://www.venturehacks.com. Attend events like http://sf2.startupweekend.com and be in a room full of people you can ask questions to (let me know if you would like a discount code for this).
As ScottWhigham mentioned, "The Art of the Start" is a great place to start. But if you don't want to wait until you're able to get your hands on the book, you can check out a presentation the author did on it: http://blog.guykawasaki.com/2006/06/the_art_of_the_.html
Step 2: Start with a project that would take less than a week to prototype, and then extend it gradually. Release early, release often. Apply feedback and improve. Evolve it into a startup.
Focus less on the legal side of things at this stage and more about the entrepreneurial mindset.
Good luck!