Agreed, rather than waiting for the business to be big starting at the earliest with the resources available is the best choice. This will help with development of business over time.
The best way to start a business is to start small. When you start small you'll get you'll gather a lot of experience and that will prepare you for when the business is big. If a person has never handled a business, it's going to be very difficult to handle a big business as your first business. Learning theories is not all there is to succeed in a business, experience is very necessary.
Nowadays the business is much about how we market our product and stand away from the rest of the business people is what makes you the best.
What you have said is very good and can help, bits it's easier said than done. If you're in a line of business that is very popular and has so many competitors, it's going to be very hard to stand out. It's going to need a lot of work and maybe, funding.
Being the best requires a lot from you because you're not the only one trying to be the best in that business. People going into a business have to know this.