Sramana has a post on venture compensation, but I found the part at the end more interesting:

I would go so far as to submit, working for a VC-funded startup is more like having any other job, than true entrepreneurship where you actually are your own boss. Entrepreneurs / CEOs answer to a Board. There is a compensation committee that decides how much you make. You get fired and washed out of your equity stake based on the VC’s whims. This may be perfectly legitimate at times, since not all entrepreneurs scale to become good CEOs of larger companies. But often, these decisions are gut reactions, not legitimate, and entrepreneurs get slaughtered due to the VCs’ lack of experience or seasoned intuition.

Personally, I have found this topic of what leads people to entrepreneurship fairly interesting. For some it is the ability to create something truly big. For others, it might be the money. And for others, being one’s own boss. The last one is certainly not the one with which you want to chase venture investment. VCs, whether experienced or otherwise, are fairly driven by the economic incentive, and hence by their desire to maximize their economic opportunity in a startup. As entrepreneurs, you need to be (a) aligned to that objective, (b) be able to protect your own objectives.