Make sure not to include any large images or other large files inside your project.
Working with a real device instead of the slow emulator will fix this problem.
You can however increase the timeout value.
It is configured in the INI file. Change the ProcessesTimeoutSeconds value.
On windows XP it is located under:
C:\Documents and Settings\<user>\Application Data\Anywhere Software\Basic4android
Vista / Windows 7:
C:\ProgramsData\<user>\Roaming\Anywhere Software\Basic4android