I moved from a start-up in the pre-IPO phase to a start-up in the pre-we-have-checks-with-our-names-on-them phase, and it didn't work out. I took a small pay cu

I moved from a start-up in the pre-IPO phase to a start-up in the pre-we-have-checks-with-our-names-on-them phase, and it didn't work out. I took a small pay cut and the increased risk, and a learned a ton on the job, but in the end the mismanagement and inability to accept feedback, I think, led to their demise. At the high point, there were about eight of us working there. I should have started looking for a way out when the paychecks started coming late and I didn't find out until payday that I wasn't going to be paid. I got laid off three months later. My salary has never recovered. Would I do it again? Apart from the fact that my wife would probably leave me, for sure. The long hours and tough projects were really challenging, but both in a good and bad way, and I worked with some pretty passionate people there. You just have to make sure that the founders are someone who deserves your absolute faith. Finally, if you're employee #1, you probably deserve some equity (if you want it - you might not). I don't know what phase this company is at, but it should be anywhere from 5 to 10 percent (closer to 5 than 10). If a company offers you anything more than 10% equity, that's probably a warning sign.