As an employee, I would advise positioning yourself not to be the one that gets hurt. For example, if you want to be an entrepreneur, then be one and start a company (ideally with other people's money). But if you want to be a programmer, then focus on that. Work in interesting places with interesting people. Build your career based on the work you are doing. If the work you are doing is crap, do everything in your power to move to a place where it is not crap.

The golden handcuffs are more handcuffs than gold. Ask for a reasonable wage and make sure you get it. Anything else is gravy. Understand when you join a start up that it might disappear under your feet and make sure you have a plan B. But, always, always make sure that you are building the career you want.

In startups I have seen so many people (employee #single-digit, usually) who get promoted out of the job they want to do. They hang around doing stuff they hate because, "It might be a big deal in a few years". If there is a downturn, then they are the first ones to be asked to work months (or years!) with no salary because, "I'm sure we can turn it around and they are giving me equity!"

Obviously, it's up to the person, but if I could sum up the antidote for the misery I've seen in my career: 1. Cash on the barrel head, 2. freedom to do good work, 3. interesting co-workers. As a programmer, I never ask for more (or less). (and seriously... if you miss payroll... I'll still be your friend, but I won't be working for you... sorry. See rule 1.)