For my first venture, PayCycle, I minimized the risk of the new venture by joining up with my co-founder, Martin Gates. I also had been socking away money for just this time. We started the business in my house, as we developed the business plan and ironed out the details of the product. Once we had a prototype, we brought in other people (both backers and possible employees).
It was a cautious way to start up, but it worked out in the end.