What intellectual property difficulties can I get into if I start a startup in a field related to work that I did while working for a large tech company?

Context of Question
Right now I'm working for a big tech company as a SWE. If I quit my job and start a new company writing software that is similar to what I did for my job, could that present any problems?
Answer

The first stop really is to go through the employment contract you signed with your previous employer. Is there a clause there pertaining to the type of work you can or cannot do after working with them? 

The concept normally is that employers own the result of your work. Plus they would not like it if you start competing with them. Or if you start making money and they want a cut of your profits.

Do you have a different answer that might help the questioner? How would you answer this question?


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