Switch to entrepreneurship from corporate job

I can't answer point 2 & 3. I will tell you what will happen if you jump into entrepreneurship as a first gen person.

Money and freedom.. even the smallest successful business will earn more than a mid level SDE.

Freedom .. of being truly busy. You don't have to pretend to look busy like a corporate employees do.

But what they don't know is, unless you are in the right place AND right time by the time your business get to critical mass, you would have suffered endless pain, probably a heart attack. You will find only a few moral support and Every support you had on day one will vanish slowly.
You will realise those " mentors" are basically as usefull as sunglass during a power off night. When cash inflow stops and cash outflowflow keeps on going up, things will get hot. Many sleepless nights will lead to panic attacks. You will decide to apply for jobs and go back to corporate world but without contacts they won't take you. Or they will low ball you. You will come to realise you are trapped. The last person in the world to stop the support will be your mother. Looking at your pathetic condition will probably say " go back to office, atleast you will be happy". This is the final bullet. People either decide to wind up things and go back to the job aval. Or convince themselves for 6 more months depending on funds.

But once tasted entrepreneurship, corporate job will not be enough. It's a matter of time before you come up with the "next great idea". Cycle repeats untill you find the working idea.

Welcome to the entrepreneurship.