Sean is absolutely right on. Too many people think a "fun" culture means Xboxes, free drinks and fooze-ball or a really "fun" cool market space. That's a mistake. I don't think that's the fun Sean is talking about. I think that for creative people - esp. developers and product people - it is intrinsically fun to simply build something awesome, even in a less than "fun" space. The main reward is real people loving your awesome creation because you've solved their problem. I've found that even talking about the money can be de-motivating because it makes the problem solving feel less pure, more instrumental, less meaningful. Nothing is more fun or sustaining in the tough times than a simple email from a user saying "I love your product, thanks!". When the team lives for that, you've got a great team.