"...the joy of life is great, but all these two hour lunches over a bottle or two of great wine and general unwillingness to do whatever it takes to compete and win is the reason why all the big public Internet companies are U.S. based. And those European startups that do manage to break through cultural and tax hurdles and find success are quickly gobbled up by those U.S. companies.

The crowd jeered but the stark reality of it all is unavoidable. And the fact that the panelists on stage, all either American or living in America, suggested that you can somehow succeed with a startup while maintaining a healthy work-life balance is unfortunate. Too many people choose to be entrepreneurs as a lifestyle, without realizing that it takes everything you have and more to win. And if you aren't in it to win, why not just take that nice job down the street that gives you five weeks of vacation."

---TechCrunch's Mike Arrington, reflecting on his experience at LeWeb and European mores and his view of the entreprenurial mindset and what it takes.

Update: Sarah Lacy's thoughts: "couldn't agree with Michael more. I think we're going to see entrepreneurship explode globally over the next decade; but as of now, there are very, very, very few examples of startups that have become billion dollar, stand-alone companies that are not at least headquartered in the Valley. So as a result, sharp entrepreneurs around the world who I've met want to know what the Valley does well. And what the Valley does well is tireless work."

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