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I think the narrative comes from the cases where it's true - i.e. the really successful acquisitions and IPOs.

I think the issue is that overly optimistic companies (and probably some unscrupulous ones) estimate the likelihood of such an outcome to be greater than it is. But that doesn't mean that's never true (like it sounds like you found out).

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Don't forget as a startup noob you also don't have much experience, so when your manager/CEO says you'll get a big payoff eventually, you probably believe them.

There's also an aspect of optimism to it, I think, not just naivete. I have enjoyed the startups that I've worked at, but I feel very out-of-place when I'm around many serial entrepreneurs because they seem to latch on to an idea and think it has extreme potential far more easily than I do. If you're optimistic and actually ENJOY being motivated by potential more than a paycheck, you'd probably trade salary for it. Just not who I am, nor a bet I think is sensible. But each to his own.

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