Marc Andreessen (founder of Netscape) nails it describing the good and the bad. Here's a taste of his post...
First, and most importantly, realize that a startup puts you on an emotional rollercoaster unlike anything you have ever experienced.
You will flip rapidly from a day in which you are euphorically convinced you are going to own the world, to a day in which doom seems only weeks away and you feel completely ruined, and back again.
Over and over and over.
And I'm talking about what happens to stable entrepreneurs.