Would love to quit my “nice paying but no advancement in sight Faang job” and take on the entrepreneurial journey. However I am the sole bread winner and we are a family of 4 with preteen children. Is this possible ? Have others done it ? Would like to hear about how you did it? What you gained? What you gave up? Were you able to maintain your lifestyle? How would you do it again?
In your situation, it takes effort to take the leap of faith. I did it 10 years ago, and it was tough even if I had savings and no debts/mortgages. The main issue is managing the 24/7 mental stress for years; back then, I had two teenagers, and life was expensive. Most of the time, the founder's salary is not enough to support your family—at least in the Bay Area—and, besides, when you work 7 days a week, the situation becomes even harder to sustain. That puts much pressure on you and your partner for years before you can get something back.
My suggestion:
a) If you want to do that, be sure you have at least 2 years of savings, and not just to survive, but to live a good life.
b) Be sure that your partner is truly happy with your choice.
c) Startup vs life-style business. Creating a startup when you have a family and financial obligations is much more challenging than becoming an entrepreneur and creating a company to make a living. Be entirely sure that is the road you want to pursue. If you have doubts, wait.
d) Some people have a positive—and balanced—approach to life that can help a lot when your launch your startup. If you are one of those, maybe it's a Yes.
Start it on the side and slowly grow it until you reach your family’s minimum income requirements, then go FT. That’s how I did it. It's a long journey.
Save money for a year or two of financial stability, and talk to your partner about it. If you’ve got some runway, you’re in good shape to experiment.