Yes, you should accept. If you don't, you're not a "team player", and that's the kiss of death at any company. Then, if the pay cut was significant, start thin

Yes, you should accept. If you don't, you're not a "team player", and that's the kiss of death at any company. Then, if the pay cut was significant, start thinking about other employment. If you have no benefits and no equity, it should make your decision easier. is this a bad sign for the company? Not necessarily. Many startups go thru uneven growth.