$100k for 5% implies a valuation of $2M. Is the business (with no customers and no product) worth $2M RIGHT NOW? But it isn't 5%. If it's typical 4 year vest

$100k for 5% implies a valuation of $2M. Is the business (with no customers and no product) worth $2M RIGHT NOW? But it isn't 5%. If it's typical 4 year vesting 1 year cliff, you can be fired after 11 months or 2 years. You will be diluted when they raise money. As a minority shareholder, there are too many ways to be diluted. For example, your shares have no liquidation preference, but shares from investors usually have a liquidation preference. So you're in a worse spot than a typical angel investing $100k cash.