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I honestly believe that most people who haven’t started their own businesses yet underestimate some of the emotional swings that the pendulum of entrepreneurship throws at people.

But Spencer Fry puts it a lot more eloquently than I’ll ever be able to:

One day you’re on the top of the world — you’ve hired the person you dreamed about, you received your first term sheet, you pocketed your first revenue, etc. — and the next moment the world feels like it’s crumbling down around you — traction is slowing, you have to fire an employee, revenue is slowing, employees are losing morale, your shipping deadlines are not being met, etc.

Read the rest of Spencer’s excellent post here: Startups: Stress and Depression.