Hi, Srikanth. Isn't it great to pick up illustrator and be slapped in the face with all those buttons and gizmos and try to figure the whole thing out? It can truly be a daunting task. I have been using it for 5 years now and I am amazed at the power of the application...I learn something new almost every day, sometimes by accident....but I also surf for tutorials that will teach me a few tricks and tips, veerle comes to mind:
Veerle's blog 2.0 - Archive summary .
Learning that pen tool has been tricky...still am trying to figure it out.

Still learning to use the correct brush (and create my own) and playing with different widths for outlines and highlights.....
Another area which I believe is crucial is typography. Still learning alot about this as well. I think it can make or break a design. In my opinion, it's not only an art, but a talent in selecting the right typeface and even moreso when you alter them. Take a look at i love typography for some interesting fonts/typefaces and articles:
fonts, typefaces and all things typographical ? I love Typography (ILT) And learn to kern....some free fonts have terrible kerning and cheapen the design. Autokerning is good sometimes, but you may need to manually kern to get it right.
One thing I have learned is that your design should work just as well in black white as it does in color. I used to design in color and with all the fancy effects such as gradients and reflections, only to have to strip it down because I needed it to work in black and white. I found that some of my designs just didn't work well and regretted spending all that time trying to adjust effects instead of making the design work well. So, now, I work in black and white first. When I am happy enough, I copy and paste it and start working with COLOR. Again, still learning about color theory and which colors work well within each industry......hmm....I don't think I get it yet, but I am a little better now. This helped me understand a little:
Color Matters - Design and Art - Color Theory Check out the site for other interesting information. In addition, check
kuler for wonderful color palletes that can help you in your selection process. And you need to understand about when to use RGB, CMYK, Spot colors/Pantone.....yes, lots to learn

And if you must, then use effects, but not to make your design, just to enhance it.
With all that said, I think the hardest, toughest part is conceptualizing. Coming up with a symbol or an idea that fits and works can take many days....if not longer....at least for me. Sometimes the idea is instant, but implenting it, in a way that is unique and/or different, can take me a while. I take cues from nature, tv, books/magazines, online inspirations sites such as logopond.....be inspired, but don't plagerize because trust me, as big as the world is, it is quite a small world online and most of us frequent the same sites....you are going to definately exercise the brain in this area, but I love the challenge.
And simplicity works best (but I sometimes don't know where to stop).....in your design, maybe using one egg would be enough? Maybe you don't need a hardboiled egg? Check different options, but don't delete what you have created....you may need to revert to it.....keep all your versions/revisions....
Hope this helps you a little.....