No worries at all so long as you are certain you have nothing that needs to be backed up before you do it.
Without installing a better recovery (the issues involved and doing it are both something you may want to take a look at later but should probably skip for now) the best procedure is to stop all running apps on the phone. Plug into your computer and delete everything on the phone. Make sure you are deleting the phone and not the sd card if you have one mounted. Do not worry about losing anything, this is all stuff that was installed by apps or that will be reinstalled when you do the reset if its something android needs. Go ahead and unplug and navigate directly through the main menu to factory reset and perform the reset without opening any other apps.
Do not be alarmed when it takes much longer than normal to boot, this is expected and will happen. Its a good idea to be where wifi is available to get yourself up and running faster.