Through some inventive masochism, of course, but, well, so it goes.
Let's look at this picture:

Yeah, I've got a challenging game and I lost it. Green isn't my color.
How?
You just need to edit a race.
I prefer starting as humans, I call them in this "challenging" template "The Worst Guys", but it works for any race.
Government - totalitarion
Growth rate - low
Planet size - small
Set all aptitudes to poor.
Uncheck all special abilities.
Remove all technologies, except grey ones.
Have you done it? Ok.
- * Easy mode - add "transient" trait.
* Normal mode - start the game as it is.
* Hard mode - add "repulsive" trait.
Easy mode makes for quick scout exploration.
Exploration will be your primary source for techs.
Hard mode makes for early wars with races like Varaians, Kamzaks and, suddendly, Barbecks, who get offended if you don't talk with them.
And repulsive means you can't really talk with races who aren't already friendly with you.
How does it work - your population quickly gets down to ~700m and your initial profits bite the dust. You may very well go in the red, by the way.
Your colonial population grows really slow, so it can't contribute much to your budget.
You'll have to make decisions, decisions, and then some decisions, on what to spend money (food, industry, trade), will it be worth it and so on.
Regardless of the "difficulty" you choose, you'll have to think fast about two problems:
1) how to make your budget profitable
2) how to develop comms tech in time to prevent a likely war
Have fun.