May 27, 2010 / 9:35 AM / in 8 years

Be wary of entrepreneurship downsides

(Reuters Life!) - The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (www.hbr.org). Any opinions expressed are not endorsed by Reuters.

<p>A trader works on the floor of the New York Stock Exchange, May 20, 2010. REUTERS/Brendan McDermid</p>

“There are many rewarding things about being an entrepreneur: the autonomy, the recognition, the creativity, not to mention the fact that you are pursuing your dreams. But starting a business is never easy and not everyone is cracked up to be their own boss. Before you embark on a solo venture, remember that there are downsides too. Being an entrepreneur requires high risk, hard work, and many, many tradeoffs. The glamour of the got-rich-quick entrepreneur is often a far cry from what it’s really like in the trenches. Take a hard look at your life and be sure you know what you are risking before you set up your own business.”

- Today’s Management Tip was adapted from “20 (More) Reality-Checking Questions for Would-Be Entrepreneurs” by Seth Kravitz.

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