I disagree quit your job if you can't take it anymore. If you do not have anyone but yourself to worry about you will always survive.
The first day of "unemployment" I got a call from someone who stumbled across one of my sites asking for consulting service.
Things just seem to work out, just have faith and go for it.
I know some of you will think I am crazy but if a job is sucking away at your soul and leaves you no time to pursue something else, I rather go into debt than put up with BS.
Go big or go home.
I was going to post something like this, as that's the precise strategy I follow - however although it's worked for me, I wouldn't want to be responsible for someone else following it and tanking with it. :eek7:
I'm a great believer in getting your intention clear about what you want, creating a vacuum for it to happen, then pursuing the opportunities that come up to fill that vacuum like crazy. Hence I've never had a full time job in since I was 18 (quite some time ago).
Having thought about this some more, the first thing to ask yourself is "what's the worst thing that can happen? can i live with it?"
I'm guessing in your situation, the worst thing that can happen is you have to eat humble pie and go cap in hand to your parents asking for some cash, because your venture didn't work out.
Believe it or not, fear of looking stupid to other people if they fail is one of the top things that stops people taking risks and living the life they should do. Get over it now.
The only caveat I would add is make sure you have a clear goals, and plan which includes actions you will take, and somebody to regularly kick your ass when you're letting things slip. I know a fair few talented people who went freelance, only to fail and go back to employment because they ended up sitting in their underpants all day watching their bank balance go down. I've been there myself - although I didn't go back to employment because I know nobody with any sense would hire me.
EDIT - I also agree with 7figures. Learning to trust your gut is right up their with getting over your fear of failure in 'things you'll need to make it in business'.