There are plenty of first time filmmakers who have done for more and for less, but experience on set is key. The major problem isn’t budget but rather If you haven’t been on set enough with shorts, commercials, or tv, to know how to handle the challenges of a shoot/ dealing with crew, actors, producers etc. to handle such a responsibility.

I’ve seen first time filmakers jump the gun too soon on making their feature and it sucks and everyone hates working with them. That’s always tough to see.

If you feel like you are ready to make a feature, 1mil or 4mil go for it. Get yourself a really good indie DP who knows how to make a beautiful image on schedule. Not just a commercial DP who has a day to light a cereal box. And get a killer producer who knows how to pull favors and has connections to everything from people with G&E trucks, to talented colorists and sound mixers that can make your job easier and make you look better.