While rare cases do exist of entrepreneurs who've become successful following this risky process, it's highly unlikely that you'll win following a similar model.
Reason being is that most people have to work a regular full-time job to pay bills even when contemplating entrepreneurship, especially since most start-ups are not profitable at first.
Therefore, to put everything on the line without gathering data and doing the appropriate homework is unnecessarily risky.
With this in mind, I recommend a slow and steady approach to win the entrepreneurial race.
To me, one of the best approaches to entrepreneurship is the Kaizen model.
For those unaware, the term Kai is defined as "change" and Zen means "better" in Japanese.
In essence, Kaizen basically requests that people take small, comfortable steps for continuous improvement.
It's a business model and philosophy designed to help people take baby steps and make positive changes consistently in an effort to improve overtime.
In essence, Kaizen involves 10 key steps:

1. Defining the problem.
   
2. Analyze and document current situation.
   
3. Visualize the ideal situation.
   
4. Define measurable targets.
   
5. Brainstorm on solutions to the concerns noted.
   
6. Develop Kaizen plan for continuous improvement overtime.
   
7. Implement plan.
   
8. Measure, record, and compare results to targets.
   
9. Prepare documents with summarized results.
   
10. Create short-term action plan; ongoing standards; sustaining plan.
    

Remember, the changes do not have to be drastic.
In fact, it should be kept minimal so that you're not intimidated by it in any manner, thus allowing you to rewire your nervous system to calmly complete the critical business activities required to improve productivity, efficiency, etc.
Before starting a business, I also recommend that entrepreneurs follow the same Kaizen philosophy.
To illustrate, you must first define the problem(s) that you're trying to solve with your business.
Next, analyze and document the current situation of your selected industry through effective market research and envision the ideal outcome.
Continue to work your way through the list of 10 steps and be sure to include timelines for each step to ensure that you remain on track with your business goals and objectives.
By putting in an hour each night, or even each week, to work on a new project that you are passionate about and believe in, you'll soon realize the power of compound.
Before you know it, you'd have invested hundreds of hours and accomplished much more than anticipated.
If you continue to have this discipline, that essentially means that you really enjoy it and all that work will eventually pay off much more than what your current day job pays.
As we're aware, it's much more risky to work on someone else's dreams who may end up making the wrong decisions and getting rid of you one day.
At the same time, it's also risky to dive right into entrepreneurship without doing your due diligence, especially when you have bills to pay and lives to support.
To balance your risks, it's vital that you take consistent baby steps towards your business goals while you're still employed.
By compartmentalizing and breaking simple tasks into small intervals, you'll ultimately achieve your grand vision without having to put everything on the line.
Plus, each time that you accomplish these simple tasks it'll not only raise your confidence but also fuel your momentum to achieve more.
In the end, Lao Tzu was correct when he stated that "a journey of a thousand miles must begin with one step.
" Since entrepreneurship is a marathon and not a sprint, taking consistent baby steps forward will eventually get you all the way to the finish line!