I think the answer to the above question is an emphatic yes.

So, imagine my suprise when I read an article in the latest issue of Real Simple Magazine, "Five work rules you should break". According to the article, the second rule made to be broken is Climb the Career Ladder.

First some background: Real Simple is almost like a Life Handbook for me. I have dog-eared copies going back to the very first issue that was published. I'm a working mom and nearly every article resonates with me. Also, I'm a media relations guru consultant, and I recommend pitching Real Simple to nearly all of my consumer clients. A hit in the magazine is a sure way to drive awareness.

The author quotes Michelle Goodman, the author of the Anti 9-5 Guide. Michelle is also a career columnist for ABCNews.com.  Here's the answer verbatim:
There’s pressure in our culture to earn more money and to have important titles. But not everyone wants more responsibility and power. And what we don’t hear often enough is that it’s OK not to want a promotion. So move laterally, or choose self-employment if you think that will make you happy. It won’t hold you back; on the contrary, having a nonlinear career path can make you more intriguing to bosses in the future, not less. They’ll view you as having broader experience.

I saw the "choose self-employment" line and nearly choked.

If you don't want more responsibility, self-employment is not the right fit for you. As CEO of this tiny agency, I do everything from make the coffee to prospecting to billing. Not to mention the work, managing the employees, etc.

I'd love to hear feedback from other self-employed entrepreneurs out there. Call it a gut check!