What I have learnt so far..

It's been two months now and I have learnt many things on BHW (big thanks to everyone) and still learning n also taking actions.

One important thing that I learnt is that the ranking of any new websites is dependant on (most imp points for long term projects):
1 - Excellent content (unique n relevant)
2 - Onsite optimization
3 - A good combo of PBN n Web 2.0 links (slow n drip feeding). Also, it is good to have aged PBN n Web 2.0 with related niche.
4 - Google Quality Guidelines
5 - KWD Research (most imp part)

Please let me know if I am wrong anywhere in this.

Perfect! every thing you mention seems good, do as you have mention for your site. You can see good results for your site.

Those 1,2,4,5 are the best basic things you should remember on doing SEO. If you follow those things and applying it to your site perfectly in the long run you can see success.

All is correct. Here are couple of things though: 1) keep an eye on your competitors activity, their backlink profile expansion etc; 2) use google analytics, its a very powerful tool and it can give you insights on identifying the keywords and traffic sources with best conversion. Re-evaluate the situation in the target niche once a month or a couple.

You have got everything cover, pretty much yes.

Pretty much the tip of the iceberg, all the right things here. But it's how you do each one of those which is going to make the difference

There is so much more to SEO than just those things. Good SEOs understand website architecture, types of content, rich snippets, white hat linking strategies, content marketing, etc.

There are infinite things to learn about SEO - if you're trying to just rank some websites for a few keywords - ya, those things will work. But consider it in the facet of the web.