A lot of twentysomethings share Mr. Riggs's desire to forgo a corporate job with its steady paycheck and guaranteed benefits. But while entrepreneurship can bring the chance for a big payoff, it also brings the risk of financial and professional meltdown.

Five years ago, it seemed as if everywhere you turned a twentysomething was starting a dot-com business with millions of dollars of venture-capital financing. Though they aren't in the headlines as much these days, many young people continue to forge paths as business owners. According to the U.S. Census Bureau, some 9% of business owners were age 34 or under in 2002, the most recent year for which figures are available.

Twentysomethings who decide to go it on their own face the same challenges as any business owner, from getting financing to getting the word out to potential customers. But they also have to work harder to earn people's respect.