Are his savings dwindling because his business is struggling and he is not making a profit, forcing him to live on his savings? Or are they dwindling because he's pumping more money into his business to make it grow faster?
On what basis is he extrapolating his experience to all entrepreneurship in general? Entrepreneurship is a complex and difficult field, being a VC doesn't make you qualified to be an entrepreneur any more than being a programmer, engineer or manager does.
Seems like he's having a rough day, and I sympathize having been through a very similar process of watching my savings dwindle to zero. However I believe it's important to realize that effect happens primarily due to a lack of understanding of the process of starting a business and is generally not representative of a good startup.
If you are really interested in entrepreneurship, I highly recommend taking a look at the lean startup concepts - they are specifically geared toward helping people to avoid exactly this cycle.
Entrepreneurship is not about taking the plunge, living on your savings, and hoping you become profitable before you run out of money. That's just a wing and a prayer.
Anyway, sorry for the longish rant, but I get tired of these types of posts.