I won't argue if I had a bunch of other activities consuming most of my bandwidth that weren't bringing in any money. If you really need cash though, I might consider lower risk, lower reward options on at least a part-time basis as well though. Doing a startup isn't exactly a high ROI activity in general--especially in a max-hype area.
Very true—for a software developer, part-time consulting is probably the quickest path to making some money. It's a lower-risk, but much lower-leverage option than a 0-1 startup. Building a startup has a high risk of going to zero, but if you've chosen the right customer, the potential upside is dramatically higher than any other option.