It works for some people, but most small businesses fail. I knew one guy who desperately wanted to run a radio control model hobby shop, a very competitive business. Took out loans on his house to open it, ended up losing his home, and his wife left. But he was undercapitalized and never did have the store fully stocked. He was last seen selling Ford pickup trucks and looking very sad.
Another opened a clock shop that looked very nice but it ultimately failed too. Fortunately he had sense enough not to quit his day job.