I decided to start a consultancy instead of going into the startup world. For me, it was an easy decision.
I enjoy working with clients, and have been fortunate enough to cultivate a great client base. The clients I work with are involved in various public-interest areas. To me this is much more motivating and fulfilling than 98% of startup ideas. (That said, the other 2% are breathtaking).
The income side is quite nice. I'm consistently pulling down $30-$50k monthly. Much of what I don't spend gets invested and generates additional investment income. I have another muse business that I put some time into and I also invest in the businesses of a few friends.
Better still is that I took no outside money. I have complete control over the company and our decision-making.
I can be honest with the people around me about how things are going. I don't need to keep up appearances that "we're crushing it". When things are challenging I can share that with the people around me. I have an incredible group of mentors and people who provide support in various ways.
I have control over my time. I work a lot of hours, usually in the range of 70-90/week, but it's all of my own choosing. Nobody pressures me to pull all-nighters, or do death marches for deadlines. I can take time off during the days. It's great to be able to go for a hike or our for a drive on a Tuesday afternoon. I usually start my workday around noon, take a break in the evening and do another block of work in the night.
This lifestyle is much more compatible with having a fulfilling personal life. I'm able to spend more time with my family and friends, and really be present for the people that I care about when they need me. Dating and relationships are orders-of-magnitude easier.
I'm able to personally capture the value that I create. No fractional equity wing-and-a-prayer. No hoping that my work gets recognized come bonus time.
I have complete location independence. I was in 20 countries in 2012. So far this year (mid-august), I've been in 11. I'm writing this from São Paulo.
One of the most amusing things to me is that I still get contacted by recruiters telling me about "exciting opportunities" at "well-funded" startups with "competitive salaries" and such benefits as foosball tables and free snacks.
I have many friends in the startup scene. Once in a blue moon, I consult for startups. Mainly in the healthcare and knowledge management spaces. I respect the game, the hustle, and particularly the challenge of building something new and breaking into the market. I'm a big fan of Eric Ries, Steve Blank, and HN. I also find that many of the insights from lean startup, customer development thinking are equally applicable or adaptable to the world of consulting.
Maybe some day, I'll get the infection of a startup idea so inspiring that I decide to drop everything to pursue it. So far, I seem to be well-immunized against that.