Peter is right. If your business is generating equal to or more revenue than you full time job, then you may think about quitting. Also this is common sense, but you have to think about the sustainability of the biz. Nothing like quitting your full time and your business going downhill for whatever reason. I'd be sure to leave my job in good terms. You also have to think about things like taxes, health insurance, retirement, etc..
Im a second year business student, and I would think any college student would jump on the opportunity to do the less critical work of the business whlle you're at work. so you would have time to deal with the most important things from the 5-11 period.
If the business is doing well financially, this may be a very cost efficient solution.
May I ask in what kind of business are you involved?