Is moonlighting a good strategy? As they say, IP creation for your startup is like being pregnant (IP creation) while being married to someone else (the employer). It raises ownership issues and other legal rights. [Working On Your Startup In Stealth-mode While Being Employed?], this episode of Whiteboard Friday discusses points you need to keep in mind while doing moonlighting.
The eLagaan team explains the areas you need to be aware of and watch out before starting to Moonlight or do a side business. It also has a good recommendation for a movie that every entrepreneur should watch before moonlighting.