Looking for insights from folks who have been in the startup world.
- Chaotic, energizing environment
- Massive payoffs
- Low-stakes politics, informal environment
- Being around an eclectic group of people
You face basically no risk, not in any real sense (like being sued, owing someone money, public embarrassment). You might have opportunity cost, but really only if you're a Bogglehead/Blind/FIRE-type, in which case you probably wouldn't pass the culture fit anyway. Someone people thrive in these early environments.
It's like weighing the pros and cons list of skydiving "Hm... I get only 14 seconds of pleasure for every 2 micromorts? I could get 2 minutes of pleasure from roller coasters for only 0.5 micromorts!" As soon as you bring "risk-reward ratio" into the conversation, you've lost the plot.
Watch Halt and Catch Fire (cheesy show, but in a good way), read about the very early SpaceX days when everything was going wrong.
Other than that, it's all a function of compensation/risk, safety, and effort compared to their other options.