Is there such a thing as a part-time entrepreneur--someone who builds a side business, but still works as an employee?

The number of part-time entrepreneurs is bigger than you might think. The number of American entrepreneurs recently hit record highs. A whopping 15-20% of the workforce is engaged in some form of entrepreneurship. Most of these are kitchen table businesses, and few are burgeoning into tomorrow's Apple or Google. But the statistics point to something unshakably real: Part-time entrepreneurship is possible.

Possible? Yes. Desirable? Maybe.

It's a decision that you have to make. Can you succeed at your day job, while building a business from scratch?

If you want to make a go of entrepreneurship, and cling to the income-generating security of a full-time job, I applaud you. The journey is full of rewards, but not without risks. Here are nine things you need to know about the road ahead.

1. Make sure your legal ducks are in a row.

You don't want to start out your venture on the wrong foot--in legal trouble. Many employers require that their employees sign a non-compete agreement. What is a non-compete agreement? Basically, it means you can't use your job skills for anyone but your current employer.

The whole issue is a bit more complex, so make sure you understand your limitations before launching your business.

2. Your existing job will help you to become a full-time entrepreneur.

On the one hand, you're making a smart move. Why? Because money. That's why.

Entrepreneurship can be expensive. Rarely does a business materialize out of the absence of dollars and cents. Many entrepreneurs have been able to bootstrap their business, and drum up clients using nothing but sweat equity and rumbling stomach.

Most entrepreneurs, however, prefer to eat, have a roof over their heads, and keep the lights on. In the absence of a massive nest egg or a rich relative, you may need to keep your day job in order to keep the lights on during your moonlighting days.

3. You will feel limited.

There is brutal handcuffed feeling that you will undoubtedly experience: Massive limitation. Instead of drumming up business, spiffing up your website, or generating sales, you're chained in the confines of your cubicle.

This is the reality of the part-time entrepreneur. There is always more you can do on your business. But due to the constraints of time, there is only so much you will do.

4. You might burn out.

It's coming for you--burnout. As sure as death and taxes, entrepreneurs struggle with burnout. Those who are the greatest risk for burnout are the ones who are trying to do juggle a full-time position with a part-time entrepreneurial venture.

There are ways to avoid it, and avoid it you should. Burnout can bring your fledgling business to the brink of destruction, and will jeapordize your day job, too. Work hard, but don't burn.

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