I noted this in my comment above, pasted here again:
Equity is a lotto ticket, not an IOU.
Join startups because it's a thing you are so passionate about making, a thing that you think the world needs so badly that you are willing to make personal and professional sacrifices to bring it to reality. Join a startup because you love thr team, really want to work with them and really think that what your building is good for you, your community, the world.
The equity piece is just there so folks like us don't feel "Walter Whited" when our passion project makes a big impact, and the world rewards that impact with financial gains.
I agree with the lottery ticket analogy, and I also use it in another comment below. However, I think the other points that you (and others) mention can be satisfied at more stable companies. And in fact, those same points are also sometimes used by manipulative people to squeeze undervalued work out of undervalued starry-eyed early employees. Not saying you're doing that, just that they are co-opted by manipulative people.
In my opinion and experience, if the equity piece goes away, it is not worth it to work at a startup. It's also very likely that you'll pick up a lot of dysfunctional behaviors, depending on how (im)mature a startups employees are. You're better off getting experience at a more stable company.
100% if a person can satisfy those things in a more stable company that is absolutely what they should do. No doubt, and I'd say it over 100 times.
For those that can't find those things at a large established company, I would recommend tp others, and have chosen startupsyself at times in my career.
Equity is a lotto ticket, not an IOU.
Join startups because it's a thing you are so passionate about making, a thing that you think the world needs so badly that you are willing to make personal and professional sacrifices to bring it to reality. Join a startup because you love thr team, really want to work with them and really think that what your building is good for you, your community, the world.
The equity piece is just there so folks like us don't feel "Walter Whited" when our passion project makes a big impact, and the world rewards that impact with financial gains.