Students will often drop by and say they want to be an entrepreneur, or acquaintances will say that they are thinking of leaving their current employment and starting their own business. I will ask what their business idea is and they will sometimes respond that they don't have an idea but they would sure like to be an entrepreneur.

I don't want to discourage them, but I always have to point out that there are some harsh realities of entrepreneurialism that they need to consider seriously.

First is the absolute need for a workable idea. Simply wanting to be an entrepreneur and looking around for an idea sometimes works but often leaves you with someone else's business and a pile of troubles. It is essential that an entrepreneur have a great idea that he or she is passionate about, makes economic sense, attracts sufficient funding and provides distinct competitive advantages.

Second is the need for at least a basic understanding of business. This should be combined with the instincts, skills and leadership to watch what is happening, make changes when necessary, and sell not only the product and service but also the idea itself to potential sources of funding. Often these skills can be taught, but there is frequently an innate "gut instinct" that great entrepreneurs seem to be born with.

And that's for the successful ventures. For the unsuccessful ones, it might also entail the agonizing pain of failure or even bankruptcy. Almost all of the successful entrepreneurs who support the Center for Entrepreneurship here at BYU have experienced business failure.

Next is the illusion that the entrepreneurial life provides freedom, time flexibility and no demanding bosses. I have yet to meet an entrepreneur who did not work much longer hours than a "normal" job for years until the business reached a point where the entrepreneur could step back a little. You will find that for long periods your business "owns" you much more than an employer ever could. If you only have a handful of customers, each one is critical. When one of them needs something that will unexpectedly cause you to miss an important personal commitment, you will discover that you really don't control your life. In a new startup, you will not have just one boss; you will have many bosses, all of which might demand something of you at the most inconvenient time.

Think of watching an Olympic athlete on the podium after winning an Olympic medal. It would be a great feeling to be there. What you don't see in that moment of glory are the years dedicated to the pain and effort of practice, training and preparation. Nor do you see the hundreds of athletes who spent just as much time and effort who are not standing on the podium.

Behind every entrepreneur who has money, freedom, time and generous wallets are years of extraordinarily long hours at work, sacrifice and stress. Out of sight are probably more than a few wannabe entrepreneurs who put in the same years of work, sacrifice and stress with nothing to show for it.