No. There should be a file in your WhatsUp Small Business installation directory named "trial_rt.exe." By default, the file installs to "C:\Program Files\Ipswitch\WhatsUp Small Business 2004," however, you may have altered the installation path during the install.
Execute that file. You will only briefly see an hourglass cursor when it runs. There will be no display whatsoever. After executing the file, launch "WhatsUpSB.exe" either directly or from the Start menu shortcuts.
By any chance are you running a debugger application of any type? If so, it can not be running.