Start me up ... or not.

• Position: Enterpreneurship - Startups

"While many Americans love the idea of being their own boss, we consistently find that 95% of those who are in between jobs do not take that route. Most don't even consider it to be a viable option and those who do contemplate entrepreneurship often conclude that the risks are way too numerous and significant to pursue," says John A. Challenger, chief executive officer of global outplacement and coaching consultancy Challenger, Gray & Christmas, Chicago, Ill.

Challenger lists just some of the necessities required for those considering a start-up venture:

* A plan. Having one can help the would-be entrepreneur map out his or her vision. It does not have to be the 50- to 70-page formal plan taught in MBA programs. It can just be a few pages, though something more detailed and formal might be required when it comes time to seek funding from banks or investors. The key benefit of the plan is that it helps to focus one's efforts.

* Savings. It takes money to make money, as they say. Not only is there the initial investment associated with starting a business, whether it is buying computers or business cards, but the fact is that it could take several months before the new business makes any money. Unless one is trying to get a business up and running while holding down another full-time or part-time job, which is an entirely different challenge altogether, substantial savings are absolutely necessary to make up for the loss of income that occurs during the initial phases of the start-up.

* Time. The reason it would be challenging to start a business while holding down a traditional job is that most new businesses require a substantial amount of time to get up and running. Entrepreneurs can expect to log 60 to 80...