Kelly Smith did an informal survey with a dozen entrepreneurs to find out what is the most stressful moments in a entrepreneur life, primarily focused on the first few months. The answers are great and you should check it out.
He used this on his talk on NWEN Friday morning and as Brent Lamphier (Athleon Sports) and I were going down the elevator we were discussing how good it is for somebody to bring up the "tough side" of being an entrepreneur, because we usually hear a lot of the great things, but not as much as the tough reality.
Brent compared that to a talk from Glenn Kelman (Redfin) he attended at the UW a few days ago, and how Glenn is all cheerful and optimistic, without telling you the real pain it will be.