Yes, possible, and well worth your time and effort required, yet…
You have a huge challenge ahead. After living myself through 7 startups, here a couple of words of wisdom that you should have in mind before you dive in:
Strategy wins hard work – always!
What do I mean by that? You can work 24/7 and after a few months down the road notice you are getting nowhere. So my advice is to ALWAYS invest time analyzing where you are going and most importantly how you will get there. It’s extremely painful to invest so much time and energy into something and start from zero again… (been there done that)…
Forget your business plan – focus on your business model.
Business plan is a paper that will be out of date the moment you finish it… as a startup finding your business model is critical. Testing and iteration is always needed. Be strategic. I like the business model canvas, yet there are many good tools and methodologies that help you with the subject.
You need support from your family
The entrepreneurial journey demands a lifestyle that is commonly overlooked. Your decision has huge implications to everyone that surrounds you so I would suggest that you make this a family decision. You will take risks and make enormous sacrifices to make your dream happen. It requires teamwork. Make sure that your wife understands and supports your entrepreneurial dreams and the price it demands. I’m not only talking about the financial risks but mostly about your time investment. Many families are torn apart on the process… protect your priorities.