Starting Own Shop as a Fee Developer?

I see many young peopler working in Development wanting to eventually start their own shop and being told (mostly rightfully so) that doing so is incredibly difficult and statistically unlikely. Often times when I read the explanations from older, experienced naysayers, they cite monetary risk tolerance and industry knowledge as being the highest barriers to entry. My question is — wouldn’t it make the most sense to start a business of your own as a fee developer (i.e. no equity participation in your first deal, essentially just a well-paid project manager)? I would imagine you could execute a DMA with a smaller LP or Family Office and have 2-5 years of income lined up, without the need to raise millions of dollars or hire anyone other than yourself. While executing on the DMA during your first few years as an entrepreneur, one could feasibly start kicking tires on equity GP deals to take their Dev Shop to the “next level.” 
 

Does this rationale make sense in the real world? Open to hear any commentary or criticism