Part of being an entrepreneur is knowing when to change directions or abandon an idea all together. Spending a decade on an idea that is not working and won't possibly work is not all that smart.
This type of life is definitely not for everybody.
The fact that you know people who have failed also doesn't mean anything. I know a lot of people who haven't even tried and that, to me, is a lot worse.
Spending 10 years chasing one pipe dream after the next isn't smart, either. My point is that 'doing it' or 'not doing it' are not inherently smart, brave or whatever. "It Depends"(TM) on the circumstances. The sweeping generalizations about how great the entrepreneurial life is that are made here are unwarranted.
"The fact that you know people who have failed also doesn't mean anything."
Of course not, it's just anecdotal. But it does disprove the notion (your notion even, maybe) that no matter what happens, if you start your own business you're always going to be better off.
"I know a lot of people who haven't even tried and that, to me, is a lot worse."
Depends. If whatever they'd like to try (assuming they'd even like to) is not going to work, they're better off not doing it. Obviously there's no way to knowing up front if something is going to work or not. Still, being realistic about your prospects and deciding that objectively and realistically you're better off not trying, then that's a valid and honorable decision.
This type of life is definitely not for everybody.
The fact that you know people who have failed also doesn't mean anything. I know a lot of people who haven't even tried and that, to me, is a lot worse.